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 $1,940 per year, or about $162 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 $413 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 $1,940 per year, or around $162 per month. When broken down by coverage type, liability/medical will cost around $502 a year, collision coverage will cost around $948, and the remaining comprehensive costs around $490.

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 December 31, 2021
Tesla Model Y Insurance Cost Summary
Tesla Model Y Insurance Cost Summary
Driver Risk Profile Annual Rate Monthly Rate
High Risk Driver Age 30$4,414$368
Safe Driver Age 20$3,866$322
At-fault Accidents Age 40$2,728$227
Low Deductibles Age 40$2,576$215
Safe Driver Age 30$2,058$172
Safe Driver Age 40$1,940$162
Safe Driver Age 50$1,764$147
Safe Driver Age 60$1,736$145
High Deductibles Age 40$1,616$135
Discount Rate Age 40$1,612$134

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 $58 and $148 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 $324 per year for a 40-year-old driver and $638 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 $342 per year for a 40-year-old driver and $676 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 ($1,940 per year) and a 20-year-old driver ($3,866 per year) is $1,926, or a savings of 49.8%.
  • Gender and age are two big factors. For a 2022 Tesla Model Y, a 20-year-old male will pay an average rate of $3,866 per year, while a 20-year-old female will get a rate of $2,854, a difference of $1,012 per year. Women get significantly cheaper rates. But by age 50, male driver rates are $1,764 and the cost for a female driver is $1,732, a difference of only $32.
  • 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 $305 per year versus a rating of 670-739. Conversely, a subpar credit score could cost around $353 more per year.
  • Bad drivers pay more. Having a few at-fault accidents can really raise rates, potentially up to $904 per year for a 30-year-old driver and as much as $580 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 $2,324 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$1,904$952$159
Performance AWD$1,978$989$165

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 December 31, 2021
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 $310 more per year than the Jeep Grand Cherokee, $302 more than the Toyota Highlander, $504 more than the Ford Explorer, and $274 more than the Jeep Cherokee.

The Model Y ranks #29 out of 29 total vehicles in the midsize SUV category. It costs an estimated $1,940 per year to insure a Model Y for full coverage, and the segment average cost is $1,527 annually, a difference of $413 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
1Chevrolet Blazer$1,236-$704
2Nissan Murano$1,290-$650
3Ford Edge$1,314-$626
4Subaru Ascent$1,316-$624
5Honda Passport$1,352-$588
6Kia Telluride$1,364-$576
7Honda Pilot$1,402-$538
8Ford Explorer$1,436-$504
9Chevrolet Traverse$1,440-$500
10Subaru Outback$1,452-$488
11GMC Acadia$1,492-$448
12Hyundai Palisade$1,494-$446
13Volkswagen Atlas Cross Sport$1,502-$438
14Nissan Pathfinder$1,514-$426
15Volkswagen Atlas$1,522-$418
16Toyota 4Runner$1,536-$404
17Kia Sorento$1,556-$384
18Toyota Venza$1,566-$374
19Buick Enclave$1,570-$370
20Mitsubishi Outlander Sport$1,600-$340
21Mazda CX-9$1,602-$338
22Hyundai Santa Fe$1,610-$330
23Jeep Grand Cherokee$1,630-$310
24Toyota Highlander$1,638-$302
25Jeep Cherokee$1,666-$274
26Dodge Durango$1,686-$254
27Mitsubishi Outlander PHEV$1,738-$202
28Rivian R1S$1,814-$126
29Tesla Model Y$1,940--

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 December 31, 2021
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 $1,432 a year in Columbus, OH, or $1,270 in Virginia Beach, VA, to more expensive rates such as $3,758 in Miami, FL, and an eye-popping $7,670 a year in some areas in Detroit.

The insurance cost for a Model Y in some other cities include San Diego, CA, costing $2,166 per year, Minneapolis, MN, at an estimated $2,018, Milwaukee, WI, at $1,938, and Louisville, KY, averaging $3,084.

The bar chart below shows estimated Model Y car insurance rates in the highest populated cities in the U.S. The cost ranges from $1,432 per year in Columbus, OH, to $3,670 in New York, NY, a difference of $2,238.

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 December 31, 2021
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$3,670$306
Philadelphia, PA$3,236$270
Los Angeles, CA$3,216$268
San Francisco, CA$2,758$230
Jacksonville, FL$2,746$229
San Jose, CA$2,276$190
Phoenix, AZ$2,212$184
San Diego, CA$2,166$181
Chicago, IL$2,090$174
Dallas, TX$2,052$171
Houston, TX$2,042$170
San Antonio, TX$1,834$153
Austin, TX$1,742$145
Indianapolis, IN$1,568$131
Columbus, OH$1,432$119

Which states have cheaper Model Y insurance?

States like Ohio ($1,146), Virginia ($1,274), and Iowa ($1,426) tend to have cheaper Model Y insurance rates, while states like Michigan ($3,142) and Florida ($2,884) 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 $1,986, $1,782, and $1,818 per year, respectively.

Tesla Model Y Insurance Cost by U.S. State
U.S. State Annual Cost 6-month Cost Monthly Cost
Alabama$1,606$803$134
Alaska$1,732$866$144
Arizona$1,756$878$146
Arkansas$2,110$1,055$176
California$2,262$1,131$189
Colorado$2,106$1,053$176
Connecticut$1,914$957$160
Delaware$2,002$1,001$167
Florida$2,884$1,442$240
Georgia$1,908$954$159
Hawaii$1,340$670$112
Idaho$1,556$778$130
Illinois$1,592$796$133
Indiana$1,474$737$123
Iowa$1,426$713$119
Kansas$1,986$993$166
Kentucky$2,294$1,147$191
Louisiana$2,856$1,428$238
Maine$1,366$683$114
Maryland$1,782$891$149
Massachusetts$1,614$807$135
Michigan$3,142$1,571$262
Minnesota$1,734$867$145
Mississippi$1,864$932$155
Missouri$2,094$1,047$175
Montana$1,922$961$160
Nebraska$1,884$942$157
Nevada$2,164$1,082$180
New Hampshire$1,192$596$99
New Jersey$1,864$932$155
New Mexico$1,582$791$132
New York$2,096$1,048$175
North Carolina$1,254$627$105
North Dakota$1,642$821$137
Ohio$1,146$573$96
Oklahoma$1,920$960$160
Oregon$1,652$826$138
Pennsylvania$1,660$830$138
Rhode Island$2,326$1,163$194
South Carolina$1,818$909$152
South Dakota$1,786$893$149
Tennessee$1,560$780$130
Texas$1,860$930$155
Utah$1,630$815$136
Vermont$1,312$656$109
Virginia$1,274$637$106
Washington$1,500$750$125
West Virginia$1,774$887$148
Wisconsin$1,340$670$112
Wyoming$1,810$905$151

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 December 31, 2021
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.