- Tesla Model S insurance costs an average of $2,488 per year, or around $207 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 $160 more per year on average.
- The cheapest Model S insurance is on the base AWD trim level at around $2,404 per year, while the most expensive insurance is on the Plaid AWD at $2,572 per year.
- Getting a ticket for inattentive driving while using Tesla’s Autopilot could raise rates by up to $622 per year for a 40-year-old driver.
How much does Tesla Model S insurance cost?
Tesla Model S car insurance rates average $2,488 annually for full coverage, or around $207 a month. If the average policy is broken down into individual coverages, comprehensive coverage is an estimated $922 a year, liability/medical is around $418, and the remaining collision coverage will cost approximately $1,148.
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 $1,658 per year for a driver age 60 with high physical damage deductibles to the most expensive rate of $5,662 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 $23,933 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 2024 model years. Average car insurance prices range from $1,838 per year for a 2013 model to $2,488 per year for a 2024 Tesla Model S.
| Model Year and Vehicle | Annual Premium | Cost Per Month |
|---|---|---|
| 2024 Tesla Model S | $2,488 | $207 |
| 2023 Tesla Model S | $2,834 | $236 |
| 2022 Tesla Model S | $2,762 | $230 |
| 2021 Tesla Model S | $2,670 | $223 |
| 2020 Tesla Model S | $2,586 | $216 |
| 2019 Tesla Model S | $2,258 | $188 |
| 2018 Tesla Model S | $2,278 | $190 |
| 2017 Tesla Model S | $2,194 | $183 |
| 2016 Tesla Model S | $2,098 | $175 |
| 2015 Tesla Model S | $2,102 | $175 |
| 2014 Tesla Model S | $2,038 | $170 |
| 2013 Tesla Model S | $1,838 | $153 |
Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500 and UM/UIM and medical payments coverages are included. Premiums are averaged for all Tesla Model S trim levels for each model year. Updated February 23, 2024
Tesla Model S Insurance Price: How does it rank?
The Tesla Model S ranks 26th out of 34 total comparison vehicles in the midsize luxury car class. It costs an estimated $2,488 per year for full coverage insurance and the category average cost is $2,328 per year, a difference of $160 per year.
When compared to other popular midsize luxury cars, Tesla Model S car insurance costs $508 more per year than the Lexus ES 350, $182 more than the BMW 530i, $340 more than the Infiniti Q50, and $534 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 and Model | Annual Premium | Difference |
|---|---|---|---|
| 1 | Mercedes-Benz CLA250 | $1,954 | -$534 |
| 2 | Lexus IS 300 | $1,956 | -$532 |
| 3 | Lexus ES 350 | $1,980 | -$508 |
| 4 | Mercedes-Benz AMG CLA35 | $1,988 | -$500 |
| 5 | Lexus RC 300 | $1,994 | -$494 |
| 6 | Jaguar XF | $2,008 | -$480 |
| 7 | Cadillac CT5 | $2,044 | -$444 |
| 8 | Lexus ES 250 | $2,054 | -$434 |
| 9 | Lexus ES 300h | $2,082 | -$406 |
| 10 | Audi A3 | $2,132 | -$356 |
| 11 | Infiniti Q50 | $2,148 | -$340 |
| 12 | Mercedes-Benz AMG CLA45 | $2,174 | -$314 |
| 13 | Audi S4 | $2,184 | -$304 |
| 14 | Mercedes-Benz EQE 350 | $2,206 | -$282 |
| 15 | BMW i4 | $2,214 | -$274 |
| 16 | Lexus IS 500 | $2,242 | -$246 |
| 17 | BMW 530i | $2,306 | -$182 |
| 18 | Audi S5 | $2,330 | -$158 |
| 19 | BMW 540i | $2,336 | -$152 |
| 20 | BMW 430i | $2,386 | -$102 |
| 21 | BMW i5 | $2,396 | -$92 |
| 22 | Genesis G80 | $2,408 | -$80 |
| 23 | Mercedes-Benz EQE 500 | $2,436 | -$52 |
| 24 | Mercedes-Benz AMG C43 | $2,452 | -$36 |
| 25 | Audi A6 | $2,458 | -$30 |
| 26 | Tesla Model S | $2,488 | -- |
| 27 | BMW 530e | $2,510 | $22 |
| 28 | Audi RS 5 | $2,516 | $28 |
| 29 | Audi S6 | $2,534 | $46 |
| 30 | BMW M440i | $2,600 | $112 |
| 31 | Audi A7 | $2,646 | $158 |
| 32 | Lexus LC 500h | $2,842 | $354 |
| 33 | Audi S7 | $2,934 | $446 |
| 34 | BMW M8 | $3,198 | $710 |
Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500 and UM/UIM and medical payments coverages are included. Premiums are averaged for all trim levels for each vehicle from the 2024 model year. Updated February 23, 2024
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 $78,590, the cost to purchase a 2024 Tesla Model S ranges from $71,090 to $86,090, 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 2024 model year are the Audi S6, Mercedes-Benz EQE 350, Audi A7, and Audi RS 5.
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 Audi S6 – The average MSRP for a 2024 Tesla Model S is $277 cheaper than the Audi S6, at $78,590 compared to $78,867. The cost to insure a Tesla Model S compared to the Audi S6 is $46 less each year on average.
- Compared to the Mercedes-Benz EQE 350 – The Mercedes-Benz EQE 350 has an average MSRP of $77,450 ($75,950 to $78,950), which is $1,140 cheaper than the average MSRP for the Tesla Model S. Insuring the Tesla Model S compared to the Mercedes-Benz EQE 350 costs an average of $282 more every 12 months.
- Compared to the Audi A7 – With an average MSRP of $75,633 ($71,200 to $79,750), the 2024 Audi A7 costs $2,957 less than the MSRP for the Tesla Model S. Insuring a Model S compared to the Audi A7 costs an average of $158 less per year.
- Compared to the Audi RS 5 – The Audi RS 5 retails for an average of $82,850 ($78,600 to $87,800), which is $4,260 more expensive than the average cost for the Tesla Model S. Insuring a 2024 Model S compared to the Audi RS 5 costs an average of $28 less 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 $2,404 per year, while the most expensive insurance is on the Plaid AWD at $2,572 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.
| 2024 Tesla Model S Trim Level | Annual Premium | Cost Per Month |
|---|---|---|
| Base AWD | $2,404 | $200 |
| Plaid AWD | $2,572 | $214 |
Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500 and UM/UIM and medical payments coverages are included. Updated February 23, 2024
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 $622 per year for a 40-year-old driver or up to $1,187 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 $2,980, or around $248 per month. California rates are $492 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 $2,834 and the Model X is $2,288, making the Tesla Model X cheaper by $546 per year for the 2023 model year.