- Tesla Model S insurance costs an average of $2,704 per year, or around $225 per month for full coverage.
- When compared to other midsize luxury cars, the Tesla Model S is one of the more expensive midsize luxury cars to insure, costing $462 more per year on average.
- The cheapest Model S insurance is on the base AWD trim level at around $2,538 per year, while the most expensive insurance is on the Plaid AWD at $2,872 per year.
- Getting a ticket for inattentive driving while using Tesla’s Autopilot could raise rates by up to $676 per year for a 40-year-old driver.
How much does Tesla Model S insurance cost?
Tesla Model S car insurance rates average $2,704 annually for full coverage, or around $225 a month. If the average policy is broken down into individual coverages, comprehensive coverage is an estimated $794 a year, liability/medical is around $652, and the remaining collision coverage will cost approximately $1,258.
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 $1,994 per year for a driver age 60 with high physical damage deductibles to the most expensive rate of $6,254 annually for a driver age 20 with $250 comprehensive and collision deductibles.
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 $29,206 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 2023 model years. Average car insurance prices range from $1,862 per year for a 2013 model to $2,704 per year for a 2023 Tesla Model S.
| Model Year and Vehicle | Annual Rate | 6-month Rate | Monthly Rate |
|---|---|---|---|
| 2023 Tesla Model S | $2,704 | $1,352 | $225 |
| 2022 Tesla Model S | $2,630 | $1,315 | $219 |
| 2021 Tesla Model S | $2,540 | $1,270 | $212 |
| 2020 Tesla Model S | $2,500 | $1,250 | $208 |
| 2019 Tesla Model S | $2,194 | $1,097 | $183 |
| 2018 Tesla Model S | $2,250 | $1,125 | $188 |
| 2017 Tesla Model S | $2,162 | $1,081 | $180 |
| 2016 Tesla Model S | $2,124 | $1,062 | $177 |
| 2015 Tesla Model S | $2,138 | $1,069 | $178 |
| 2014 Tesla Model S | $2,054 | $1,027 | $171 |
| 2013 Tesla Model S | $1,862 | $931 | $155 |
Tesla Model S Insurance Price: How does it rank?
The Tesla Model S ranks 35th out of 38 total comparison vehicles in the midsize luxury car class. It costs an estimated $2,704 per year for full coverage insurance and the category average cost is $2,242 per year, a difference of $462 per year.
When compared to other popular midsize luxury cars, Tesla Model S car insurance costs $802 more per year than the Lexus ES 350, $582 more than the BMW 530i, $246 more than the Infiniti Q50, and $726 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.
| Rank | Make/Model | Insurance Cost | Difference |
|---|---|---|---|
| 1 | Cadillac CT5 | $1,898 | -$806 |
| 2 | Lexus ES 350 | $1,902 | -$802 |
| 3 | Lexus ES 250 | $1,914 | -$790 |
| 4 | Lexus RC 300 | $1,920 | -$784 |
| 5 | Mercedes-Benz AMG CLA35 | $1,924 | -$780 |
| 6 | Audi A3 | $1,928 | -$776 |
| 7 | Mercedes-Benz AMG CLA45 | $1,968 | -$736 |
| 8 | Mercedes-Benz CLA250 | $1,978 | -$726 |
| 9 | Lexus IS 300 | $1,986 | -$718 |
| 10 | Jaguar XF | $1,988 | -$716 |
| 11 | Audi S4 | $2,030 | -$674 |
| 12 | BMW i4 | $2,040 | -$664 |
| 13 | Mercedes-Benz E350 | $2,054 | -$650 |
| 14 | Lexus ES 300h | $2,082 | -$622 |
| 15 | BMW 530i | $2,122 | -$582 |
| 16 | Audi A6 | $2,164 | -$540 |
| 17 | Audi S5 | $2,166 | -$538 |
| 18 | BMW 540i | $2,170 | -$534 |
| 19 | BMW 430i | $2,206 | -$498 |
| 20 | Lexus IS 500 | $2,212 | -$492 |
| 21 | Mercedes-Benz E450 | $2,232 | -$472 |
| 22 | Genesis G80 | $2,238 | -$466 |
| 23 | Mercedes-Benz CLS450 | $2,296 | -$408 |
| 24 | Mercedes-Benz EQE 350 | $2,312 | -$392 |
| 25 | Audi RS 5 | $2,318 | -$386 |
| 26 | BMW 530e | $2,330 | -$374 |
| 27 | Audi S6 | $2,354 | -$350 |
| 28 | Mercedes-Benz AMG C43 | $2,358 | -$346 |
| 29 | BMW M440i | $2,362 | -$342 |
| 30 | Mercedes-Benz EQE 500 | $2,364 | -$340 |
| 31 | Audi A7 | $2,456 | -$248 |
| 32 | Infiniti Q50 | $2,458 | -$246 |
| 33 | Lexus LC 500h | $2,640 | -$64 |
| 34 | BMW M550i | $2,644 | -$60 |
| 35 | Tesla Model S | $2,704 | -- |
| 36 | Audi S7 | $2,720 | $16 |
| 37 | BMW M5 | $2,800 | $96 |
| 38 | BMW M8 | $2,954 | $250 |
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 $112,090, the cost to purchase a 2023 Tesla Model S ranges from $96,590 to $127,590, 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 2023 model year are the BMW M5, Lexus LC 500h, Audi S7, and Mercedes-Benz EQE 500.
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 2023 Tesla Model S is $1,610 cheaper than the BMW M5, at $112,090 compared to $113,700. The cost to insure a Tesla Model S compared to the BMW M5 is $96 less each year on average.
- Compared to the Lexus LC 500h – The Lexus LC 500h has an average MSRP of $103,423 ($100,600 to $107,450), which is $8,668 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 $64 more every 12 months.
- Compared to the Audi S7 – With an average MSRP of $87,567 ($83,500 to $91,500), the 2023 Audi S7 costs $24,523 less than the MSRP for the Tesla Model S. Insuring a Model S compared to the Audi S7 costs an average of $16 less per year.
- Compared to the Mercedes-Benz EQE 500 – The Mercedes-Benz EQE 500 retails for an average of $86,895 ($86,895 to $86,895), which is $25,195 cheaper than the average cost for the Tesla Model S. Insuring a 2023 Model S compared to the Mercedes-Benz EQE 500 costs an average of $340 more every 12 months.
Which Model S trim level is cheapest to insure?
The Model S base AWD model is the cheapest to insure at around $2,538 per year, while the most expensive insurance is on the Plaid AWD at $2,872 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.
| Tesla Model S Trim Level | Annual Policy | Six-Month Policy | Per Month |
|---|---|---|---|
| Base AWD | $2,538 | $1,269 | $212 |
| Plaid AWD | $2,872 | $1,436 | $239 |
Frequently asked questions
Below are some answers to frequently asked questions about Tesla Model S insurance 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 $676 per year for a 40-year-old driver or up to $1,328 for a 20-year-old driver.
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 $3,274, or around $273 per month. California rates are $570 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 $2,704 and the Model X is $2,184, making the Tesla Model X cheaper by $520 per year for the 2023 model year.
