Tesla Model Y Insurance Cost for 2022

How much does Tesla Model Y insurance cost? We break down the cost of Model Y insurance to show you how much you can expect to pay.

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  • Tesla Model Y car insurance costs an average of $1,804 per year, or about $150 per month, for a policy with full coverage.
  • The Long Range AWD model is slightly cheaper to insure than the Performance AWD model.
  • The Tesla Model Y is one of the more expensive midsize SUVs to insure, costing $260 more per year on average when compared to other midsize SUVs

How much does Tesla Model Y insurance cost?

Average car insurance rates for the Tesla Model Y cost $1,804 per year, or around $150 per month. When broken down by coverage type, liability/medical will cost around $510 a year, collision coverage will cost around $856, and the remaining comprehensive costs around $438.

The chart below displays average 2022 Tesla Model Y insurance cost using an assortment of different driver ages and risk profiles.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Average rates are for a 2022 model year Tesla Model Y with safe driver and claim-free discounts applied to qualifying risk profiles. Discount Rate includes all possible rate discounts including multi-vehicle, multi-policy, homeowner, and others. Physical damage deductibles are $500 except for low and high deductible estimates which are $100 and $1,000, respectively. Rates are averaged across all U.S. states and all Tesla Model Y trim levels.Data last updated on July 25, 2022
Tesla Model Y Insurance Cost Summary
Tesla Model Y Insurance Cost Summary
Driver Risk Profile Annual Rate Monthly Rate
High Risk Driver Age 30$4,114$343
Safe Driver Age 20$3,602$300
At-fault Accidents Age 40$2,544$212
Low Deductibles Age 40$2,378$198
Safe Driver Age 30$1,912$159
Safe Driver Age 40$1,804$150
Safe Driver Age 50$1,644$137
Safe Driver Age 60$1,614$135
High Deductibles Age 40$1,510$126
Discount Rate Age 40$1,498$125

Some additional key data insights concerning the cost of car insurance for a Model Y include:

  • Your occupation could save you money. The large majority of insurance companies offer policy discounts for having a job in professions like farmers, engineers, police officers and law enforcement, members of the military, nurses, high school and elementary teachers, and other occupations. Getting this discount could potentially save between $54 and $159 on your Tesla Model Y insurance premium, subject to policy limits.
  • Increase deductibles to save money. Boosting your physical damage deductibles from $500 to $1,000 could save around $294 per year for a 40-year-old driver and $576 per year for a 20-year-old driver.
  • Choosing a low deductible may not make good financial sense. Lowering the comprehensive and collision deductibles from $500 to $250 could cost an additional $306 per year for a 40-year-old driver and $608 per year for a 20-year-old driver.
  • Younger drivers pay higher rates. The difference in insurance cost on a Model Y between a 40-year-old driver ($1,804 per year) and a 20-year-old driver ($3,602 per year) is $1,798, or a savings of 49.9%.
  • Gender and age are two big factors. For a 2022 Tesla Model Y, a 20-year-old male will pay an average rate of $3,602 per year, while a 20-year-old female will get a rate of $2,660, a difference of $942 per year. Women get significantly cheaper rates. But by age 50, male driver rates are $1,644 and the cost for a female driver is $1,608, a difference of only $36.
  • Better credit scores yield better car insurance rates. In states that have laws allowing a driver’s credit data to be used for policy pricing purposes, having a good credit rating over 800 could experience savings as high as $283 per year versus a rating of 670-739. Conversely, a subpar credit score could cost around $328 more per year.
  • Bad drivers pay more. Having a few at-fault accidents can really raise rates, potentially up to $844 per year for a 30-year-old driver and as much as $546 per year for a 60-year-old driver.
  • High-risk drivers pay extremely high rates. For a 40-year-old driver, having enough accidents and violations to require a high-risk insurance policy increases the cost by $2,178 or more per year.

Insurance rates vary slightly between models, and the table below shows the difference in car insurance cost between the Performance and Long Range Model Y trim levels for the 2022 model year.

2022 Tesla Model Y Insurance Cost by Trim Level
Tesla Model Y Trim Level Annual Policy 6-month Policy Per Month
Long Range AWD$1,766$883$147
Performance AWD$1,842$921$154

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2022 Tesla Model Y, 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 July 25, 2022
Tesla Model Y Insurance Cost by Trim Level

How does Tesla Model Y car insurance cost compare?

When compared to other midsize SUVs, insurance for a Model Y costs $124 more per year than the Jeep Grand Cherokee, $270 more than the Toyota Highlander, $370 more than the Ford Explorer, and $112 more than the Jeep Cherokee.

The Model Y ranks #28 out of 29 total vehicles in the midsize SUV category. It costs an estimated $1,804 per year to insure a Model Y for full coverage, and the segment average cost is $1,544 annually, a difference of $260 per year.

The table below shows how average insurance cost for a Tesla Model Y compares to the entire 2022 midsize SUV segment.

Insurance Cost Comparison: Tesla Model Y vs Midsize SUVs
Rank Make/Model Insurance Cost Difference
1Honda Passport$1,224-$580
2Subaru Ascent$1,310-$494
3Ford Edge$1,374-$430
4Subaru Outback$1,398-$406
5Nissan Murano$1,416-$388
6Toyota Venza$1,424-$380
7Ford Explorer$1,434-$370
8Kia Sorento$1,444-$360
9Hyundai Palisade$1,462-$342
10Volkswagen Atlas$1,472-$332
11Toyota 4Runner$1,488-$316
12Volkswagen Atlas Cross Sport$1,528-$276
13Mazda CX-9$1,530-$274
14GMC Acadia$1,532-$272
15Toyota Highlander$1,534-$270
16Nissan Pathfinder$1,540-$264
17Honda Pilot$1,546-$258
18Mitsubishi Outlander Sport$1,548-$256
19Buick Enclave$1,562-$242
20Chevrolet Traverse$1,568-$236
21Hyundai Santa Fe$1,590-$214
22Kia Telluride$1,596-$208
23Chevrolet Blazer$1,610-$194
24Jeep Grand Cherokee$1,680-$124
25Jeep Cherokee$1,692-$112
26Mitsubishi Outlander PHEV$1,768-$36
27Dodge Durango$1,788-$16
28Tesla Model Y$1,804--
29Rivian R1S$1,902$98

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 July 25, 2022
Insurance Cost Comparison: Tesla Model Y vs Midsize SUVs

Does where I live affect how much I pay for car insurance?

Auto insurance rates on a Tesla Model Y span a wide range, from lower rates like $1,358 a year in Columbus, OH, or $1,212 in Virginia Beach, VA, to more expensive rates such as $3,486 in Miami, FL, and an eye-popping $7,066 a year in some areas in Detroit.

The insurance cost for a Model Y in some other cities include San Diego, CA, costing $2,028 per year, Minneapolis, MN, at an estimated $1,898, Milwaukee, WI, at $1,824, and Louisville, KY, averaging $2,868.

The bar chart below shows estimated Model Y car insurance rates in the highest populated cities in the U.S. The cost ranges from $1,358 per year in Columbus, OH, to $3,408 in New York, NY, a difference of $2,050.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Chart shows average car insurance rates for a 2022 Tesla Model Y, 40-year-old married male driver with safe driver and claim-free discounts applied. Physical damage deductibles are $500 and rates are the average for all Tesla Model Y trim levels.Data last updated on July 25, 2022
Tesla Model Y Insurance Rates in Large U.S. Cities
Tesla Model Y Insurance Rates by Location
City/State Annual Rate Monthly Rate
New York, NY$3,408$284
Philadelphia, PA$3,006$251
Los Angeles, CA$2,992$249
San Francisco, CA$2,572$214
Jacksonville, FL$2,558$213
San Jose, CA$2,130$178
Phoenix, AZ$2,074$173
San Diego, CA$2,028$169
Chicago, IL$1,962$164
Dallas, TX$1,928$161
Houston, TX$1,916$160
Indianapolis, IN$1,816$151
San Antonio, TX$1,726$144
Austin, TX$1,642$137
Columbus, OH$1,358$113

Which states have cheaper Model Y insurance?

States like Ohio ($1,048), Virginia ($1,164), and Iowa ($1,304) tend to have cheaper Model Y insurance rates, while states like Michigan ($2,876) and Florida ($2,636) tend to be on the higher side.

Insurance cost for the Tesla Model Y in most states aligns closer to the median, with states like Kansas, Maryland, and South Carolina included in this group. These states have average Tesla Model Y insurance rates of $1,816, $1,628, and $1,662 per year, respectively.

Tesla Model Y Insurance Cost by U.S. State
U.S. State Annual Cost 6-month Cost Monthly Cost
Alabama$1,470$735$123
Alaska$1,584$792$132
Arizona$1,606$803$134
Arkansas$1,930$965$161
California$2,068$1,034$172
Colorado$1,926$963$161
Connecticut$1,748$874$146
Delaware$1,832$916$153
Florida$2,636$1,318$220
Georgia$1,744$872$145
Hawaii$1,226$613$102
Idaho$1,424$712$119
Illinois$1,460$730$122
Indiana$1,348$674$112
Iowa$1,304$652$109
Kansas$1,816$908$151
Kentucky$2,098$1,049$175
Louisiana$2,612$1,306$218
Maine$1,248$624$104
Maryland$1,628$814$136
Massachusetts$1,478$739$123
Michigan$2,876$1,438$240
Minnesota$1,586$793$132
Mississippi$1,704$852$142
Missouri$1,914$957$160
Montana$1,758$879$147
Nebraska$1,724$862$144
Nevada$1,978$989$165
New Hampshire$1,088$544$91
New Jersey$1,704$852$142
New Mexico$1,446$723$121
New York$1,920$960$160
North Carolina$1,148$574$96
North Dakota$1,502$751$125
Ohio$1,048$524$87
Oklahoma$1,756$878$146
Oregon$1,510$755$126
Pennsylvania$1,518$759$127
Rhode Island$2,126$1,063$177
South Carolina$1,662$831$139
South Dakota$1,634$817$136
Tennessee$1,426$713$119
Texas$1,700$850$142
Utah$1,490$745$124
Vermont$1,198$599$100
Virginia$1,164$582$97
Washington$1,370$685$114
West Virginia$1,624$812$135
Wisconsin$1,226$613$102
Wyoming$1,656$828$138

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2022 Tesla Model Y, 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 Tesla Model Y trim levels. Physical damage deductibles are $500 and rates are averaged for all zip codes in each state.Data last updated on July 25, 2022
Tesla Model Y insurance rates by U.S. state

Best insurance for a Tesla Model Y

Every Model Y owner wants the best car insurance, but the best insurance for your Model Y may not necessarily be the “best” for your neighbor, someone across town, or even in another state.

Everyone has different needs when it comes to car insurance. Some people just want the minimum amount of insurance to license their vehicle, while others want the best coverage available with high liability limits and excellent physical damage coverage.

Tesla does offer it’s own car insurance, but it’s only available in a select few states. So for most Model Y owners, traditional companies like State Farm, Progressive, GEICO, Allstate, Farmer’s Insurance, USAA, Nationwide, etc. are their best options.

Are you comfortable quoting and buying car insurance online? If so, most major companies can provide free Tesla Model Y insurance quotes without even having to leave your couch. And most offer the services of a local insurance agent as long as you live in an area that is serviced by an agent.

It’s important to note, however, that there are many smaller car insurance companies that do not have the visibility of the major brands. These regional carriers are often smaller mutual companies that mainly sell through independent agents, but often offer very favorable car insurance rates.

In the end, the most important aspect of finding the best Tesla Model Y insurance is being protected both for liability claims against you, and for comprehensive and collision claims, which pay to repair your Model Y.

If cost is your primary concern, then we recommend shopping around for the best rates. If you have homeowner’s insurance already, then your best bet may be bundling your auto insurance policy with your existing carrier.

If you are active or retired military, USAA often has very competitive car insurance rates.

If you want excellent online customer and policy service, then GEICO, State Farm, and Progressive are companies to check out.