Tesla Model S Insurance Cost for 2022

Does the technology embedded in the Tesla Model S translate into higher insurance rates? We compare Model S insurance cost to the rest of the midsize luxury market to find out.

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How much does Tesla Model S insurance cost?

Tesla Model S car insurance rates average $2,434 annually for full coverage, or around $203 a month. If the average policy is broken down into individual coverages, comprehensive coverage is an estimated $714 a year, liability/medical is around $588, and the remaining collision coverage will cost approximately $1,132.

The chart below details how average Tesla Model S insurance prices changes based on the age of the driver and coverage deductibles. Rates range from $1,796 per year for a driver age 60 with high physical damage deductibles to the most expensive rate of $5,626 annually for a driver age 20 with $250 comprehensive and collision deductibles.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Chart shows average insurance cost for a 2022 Tesla Model S with safe driver and claim-free discounts applied. Rates are for full-coverage insurance and averaged for all U.S. states and all Tesla Model S trim levels.Data last updated on September 13, 2022
Tesla Model S Car Insurance Cost Summary
Tesla Model S Insurance Cost by Driver Age and Deductibles
Driver Age Deductible Annual Cost Monthly Cost
20$1,000$3,968$331
$500$4,776$398
$250$5,626$469
30$1,000$2,126$177
$500$2,584$215
$250$3,060$255
40$1,000$2,014$168
$500$2,434$203
$250$2,870$239
50$1,000$1,828$152
$500$2,206$184
$250$2,598$217
60$1,000$1,796$150
$500$2,164$180
$250$2,550$213

A liability-only policy for a Tesla Model S in the cheapest areas of Maine or Idaho can cost around $208 a year, while a newly-licensed teen driver with a few accidents and violations in specific Detroit, Michigan zip codes could get an insurance bill for $44,108 a year for a full coverage policy.

That is a massive amount of variability and should help illustrate why it’s important to get accurate rate quotes when shopping for insurance on a Model S. Quotes help eliminate the guesswork and can get you on the road to finding the cheapest rates.

The following table shows average Tesla Model S insurance rates for the 2013 to 2022 model years. Average car insurance prices range from $1,738 per year for a 2013 model to $2,434 per year for a 2022 Tesla Model S.

Tesla Model S Insurance Cost for 2013-2022 Models
Model Year and Vehicle Annual Rate 6-month Rate Monthly Rate
2022 Tesla Model S$2,434$1,217$203
2021 Tesla Model S$2,336$1,168$195
2020 Tesla Model S$2,286$1,143$191
2019 Tesla Model S$2,030$1,015$169
2018 Tesla Model S$2,088$1,044$174
2017 Tesla Model S$2,034$1,017$170
2016 Tesla Model S$1,982$991$165
2015 Tesla Model S$2,032$1,016$169
2014 Tesla Model S$1,938$969$162
2013 Tesla Model S$1,738$869$145

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates assume clean driving record and no at-fault accidents. Full coverage physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on September 13, 2022
Tesla Model S Insurance Cost by Model Year

Tesla Model S Insurance Price: How does it rank?

The Tesla Model S ranks #34 out of 38 total comparison vehicles in the midsize luxury car class. It costs an estimated $2,434 per year for full coverage insurance and the category average cost is $2,018 per year, a difference of $416 per year.

When compared to other popular midsize luxury cars, Tesla Model S car insurance costs $640 more per year than the Lexus ES 350, $544 more than the BMW 530i, $210 more than the Infiniti Q50, and $652 more than the Mercedes-Benz CLA250.

The table below shows how Tesla Model S insurance prices rank against the entire midsize luxury segment for affordability.

Insurance Cost Comparison: Tesla Model S vs Midsize Luxury Cars
Rank Make/Model Insurance Cost Difference
1Acura ILX$1,404-$1,030
2Lexus RC 300$1,690-$744
3Mercedes-Benz AMG CLA35$1,732-$702
4BMW i4$1,740-$694
5Cadillac CT5$1,744-$690
6Audi A3$1,762-$672
7Mercedes-Benz AMG CLA45$1,770-$664
8Mercedes-Benz CLA250$1,782-$652
9Lexus ES 250$1,784-$650
10Lexus IS 300$1,786-$648
11Lexus ES 350$1,794-$640
12Genesis G80$1,832-$602
13Audi S5$1,854-$580
14BMW 530i$1,890-$544
15Lexus ES 300h$1,896-$538
16Mercedes-Benz E350$1,908-$526
17BMW 530e$1,926-$508
18BMW 540i$1,930-$504
19Audi S4$1,938-$496
20BMW M440i$1,940-$494
21Mercedes-Benz E450$1,948-$486
22Audi A6$2,000-$434
23Jaguar XF$2,006-$428
24Lexus IS 500$2,028-$406
25BMW 430i$2,050-$384
26Mercedes-Benz CLS450$2,064-$370
27Audi RS 5$2,166-$268
28Mercedes-Benz AMG C43$2,186-$248
29Audi S6$2,198-$236
30Infiniti Q50$2,224-$210
31Mercedes-Benz AMG C63$2,254-$180
32BMW M550i$2,340-$94
33Audi A7$2,394-$40
34Tesla Model S$2,434--
35Lexus LC 500h$2,464$30
36Audi S7$2,590$156
37BMW M8$2,606$172
38BMW M5$2,636$202

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are based on 2022 model year, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium, which is averaged for all vehicle trim levels. Full coverage physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on September 13, 2022
Insurance Cost Comparison: Tesla Model S vs Midsize Luxury Cars

Model S insurance cost compared to similar models

When average MSRP for every midsize luxury sedan is factored in, we can see how an average car insurance quote compares between the Model S and models with the most similar average purchase price.

With an average MSRP of $112,490, the cost to purchase a 2022 Tesla Model S ranges from $94,990 to $129,990, depending on the model, before delivery charges and documentation fees.

The midsize luxury models that are most similar in purchase price to the Model S for the 2022 model year are the BMW M5, Lexus LC 500h, BMW M8, and Audi S7.

The next list shows how those models compare to a Model S by both average MSRP and the average annual cost of car insurance.

  • Compared to the BMW M5 – The average MSRP for a 2022 Tesla Model S is $5,190 more expensive than the BMW M5, at $112,490 compared to $107,300. The cost to insure a Tesla Model S compared to the BMW M5 is $202 less each year on average.
  • Compared to the Lexus LC 500h – The Lexus LC 500h has an average MSRP of $101,873 ($99,050 to $105,900), which is $10,618 cheaper than the average MSRP for the Tesla Model S. Insuring the Tesla Model S compared to the Lexus LC 500h costs an average of $30 less every 12 months.
  • Compared to the BMW M8 – With an average MSRP of $133,167 ($130,000 to $139,500), the 2022 BMW M8 costs $20,677 more than the MSRP for the Tesla Model S. Insuring a Model S compared to the BMW M8 costs an average of $172 less per year.
  • Compared to the Audi S7 – The Audi S7 retails for an average of $87,550 ($84,600 to $90,500), which is $24,940 cheaper than the average cost for the Tesla Model S. Insuring a 2022 Model S compared to the Audi S7 costs an average of $156 less every 12 months.

Which Model S trim level is cheapest to insure?

The Model S AWD model is the cheapest to insure at around $2,284 per year, while the most expensive insurance is on the Plaid AWD at $2,584 per year.

The table below displays average Tesla Model S insurance prices for yearly and semi-annual policy terms, in addition to a monthly budget estimate, for the Long Range and Performance models.

2022 Tesla Model S Insurance Cost by Trim Level
Tesla Model S Trim Level Annual Policy 6-month Policy Per Month
AWD$2,284$1,142$190
Plaid AWD$2,584$1,292$215

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2022 Tesla Model S, 40-year-old married male driver with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to policy premium. Physical damage deductibles are $500 and rates are averaged for all U.S. states.Data last updated on September 13, 2022
Tesla Model S Insurance Cost by Trim Level

Frequently asked questions

Below are some answers to frequently asked questions about Tesla Model S insurance rates.

What is the average cost per year for Tesla Model S Insurance?

Tesla Model S insurance costs an average of $2,434 per year with rates ranging from $2,284 per year for the Model S AWD to $2,584 for the Model S Plaid AWD.

What is the average monthly cost to insure a Model S?

The average monthly cost to insure a Tesla Model S is $203 for full coverage. Rates range from around $180 per month for a 60-year-old drive to $398 for a 20-year-old driver. Teen drivers pay significantly higher rates.

What if I get a ticket for sleeping while driving?

Sleeping or just inattentive driving in general could get you an careless or reckless driving citation. Either one could increase your Tesla insurance rates by up to 25%, which would be around $609 per year for a 40-year-old driver or up to $1,194 for a 20-year-old driver.

How much does insurance cost for a 2020 Tesla Model S?

For the average driver, expect to pay around $2,286 per year, or about $191 per month, to insure a 2020 Tesla Model S with full coverage and $500 physical damage deductibles.

How much is insurance for a 2019 Model S?

For a 2019 model, plan on paying around $2,286 per year, or about $191 per month, to insure a Tesla Model S with full coverage and $500 physical damage deductibles.

How much does Tesla Model S insurance cost in California?

The estimated annual rate to insure a Tesla Model S for full coverage in the state of California is $2,786, or around $232 per month. California rates are $352 more than the national average rate for Tesla Model S insurance.

Is Tesla Model S or Model X insurance cheaper?

The Tesla Model S has an average car insurance cost of $2,336 and the Model X is $2,042, making the Tesla Model X cheaper by $294 per year for the 2021 model year.