Tesla Model Y Insurance Cost for 2023

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 $1,970 per year, or about $164 per month, for a policy with full coverage.
  • The Performance AWD model is slightly cheaper to insure than the Long Range AWD model.
  • The Tesla Model Y is one of the more expensive midsize SUVs to insure, costing $246 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 $1,970 per year, or around $164 per month. When broken down by coverage type, liability/medical will cost around $524 a year, collision coverage will cost around $952, and the remaining comprehensive costs around $494.

The chart below displays average 2023 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 2023 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 May 5, 2023
Tesla Model Y Insurance Cost Summary
2023 Tesla Model Y Insurance Cost Summary
Driver Risk Profile Annual Rate Monthly Rate
High Risk Driver Age 30$4,486$374
Safe Driver Age 20$3,930$328
At-fault Accidents Age 40$2,774$231
Low Deductibles Age 40$2,612$218
Safe Driver Age 30$2,090$174
Safe Driver Age 40$1,970$164
Safe Driver Age 50$1,796$150
Safe Driver Age 60$1,762$147
High Deductibles Age 40$1,642$137
Discount Rate Age 40$1,638$137

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 $59 and $178 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 $328 per year for a 40-year-old driver and $642 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 $344 per year for a 40-year-old driver and $678 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 ($1,970 per year) and a 20-year-old driver ($3,930 per year) is $1,960, or a savings of 66.4%.
  • Gender and age are two big factors. For a 2023 Tesla Model Y, a 20-year-old male will pay an average rate of $3,930 per year, while a 20-year-old female will get a rate of $2,904, a difference of $1,026 per year. Women get significantly cheaper rates. But by age 50, male driver rates are $1,796 and the cost for a female driver is $1,758, a difference of only $38.
  • 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 $309 per year versus a rating of 670-739. Conversely, a subpar credit score could cost around $359 more per year.
  • Bad drivers pay more. Having a few at-fault accidents can really raise rates, potentially up to $918 per year for a 30-year-old driver and as much as $594 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 $2,364 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 2023 model year.

2023 Tesla Model Y Insurance Cost by Trim Level
Tesla Model Y Trim Level Annual Policy Six-Month Policy Per Month
Performance AWD$1,964$982$164
Long Range AWD$1,980$990$165

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2023 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 May 5, 2023
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 $94 more per year than the Jeep Grand Cherokee, $208 more than the Toyota Highlander, $466 more than the Ford Explorer, and $56 more than the Jeep Cherokee.

The Model Y ranks 28th out of 31 total vehicles in the midsize SUV category. It costs an estimated $1,970 per year to insure a Model Y for full coverage, and the segment average cost is $1,724 annually, a difference of $246 per year.

The table below shows how average insurance cost for a Tesla Model Y compares to the entire 2023 midsize SUV segment.

Insurance Cost Comparison: Tesla Model Y vs Midsize SUVs
Rank Make/Model Insurance Cost Difference
1Honda Passport$1,368-$602
2Subaru Ascent$1,434-$536
3Ford Edge$1,494-$476
4Ford Explorer$1,504-$466
5Volkswagen Atlas$1,506-$464
6Nissan Murano$1,516-$454
7Subaru Outback$1,518-$452
8Volkswagen Atlas Cross Sport$1,576-$394
9Toyota Venza$1,608-$362
10Kia Sorento$1,618-$352
11Hyundai Palisade$1,638-$332
12Toyota 4Runner$1,654-$316
13GMC Acadia$1,682-$288
14Chevrolet Traverse$1,684-$286
15Honda Pilot$1,696-$274
16Buick Enclave$1,702-$268
17Nissan Pathfinder$1,712-$258
18Mazda CX-9$1,720-$250
19Mitsubishi Outlander Sport$1,744-$226
20Kia Telluride$1,754-$216
21Toyota Highlander$1,762-$208
22Chevrolet Blazer$1,786-$184
23Hyundai Santa Fe$1,810-$160
24Jeep Grand Cherokee$1,876-$94
25Jeep Cherokee$1,914-$56
26Jeep Wrangler$1,952-$18
27Ford Bronco$1,962-$8
28Tesla Model Y$1,970--
29Mitsubishi Outlander PHEV$2,018$48
30Dodge Durango$2,102$132
31Rivian R1S$2,160$190

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are based on the 2023 model year, with the rated driver being a 40-year-old married male with a clean driving record and no at-fault accidents. Safe driver and claim-free discounts are applied to rates, which are averaged for all vehicle trim levels. Full-coverage physical damage deductibles are $500 and rates are also averaged for all U.S. states.Data last updated on May 5, 2023
Insurance Cost Comparison: Tesla Model Y vs Midsize SUVs

Average Model Y insurance rates by location

Auto insurance rates on a Tesla Model Y span a wide range, from lower rates like $1,462 a year in Columbus, OH, or $1,320 in Virginia Beach, VA, to more expensive rates such as $2,840 in Miami, FL, and an eye-popping $4,596 a year in some areas in Detroit.

The insurance cost for a Model Y in some other cities include San Diego, CA, costing $2,122 per year, Minneapolis, MN, at an estimated $1,992, Milwaukee, WI, at $1,922, and Louisville, KY, averaging $2,946.

The bar chart below shows estimated Model Y car insurance rates in the highest populated cities in the U.S.

Get Rates in Your AreaWhy is this important?

Chart Data Details: Chart shows average car insurance rates for a 2023 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 May 5, 2023
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$3,478$290
Philadelphia, PA$3,086$257
Las Vegas, NV$3,076$256
Los Angeles, CA$3,068$256
San Francisco, CA$2,656$221
Kansas City, MO$2,364$197
Oklahoma City, OK$2,364$197
Denver, CO$2,316$193
Memphis, TN$2,316$193
Atlanta, GA$2,288$191
San Jose, CA$2,226$186
Phoenix, AZ$2,168$181
Portland, OR$2,138$178
San Diego, CA$2,122$177
Boston, MA$2,118$177
Jacksonville, FL$2,112$176
Chicago, IL$2,056$171
Dallas, TX$2,024$169
Houston, TX$2,014$168
Seattle, WA$2,006$167
Nashville, TN$1,930$161
Milwaukee, WI$1,922$160
Albuquerque, NM$1,884$157
San Antonio, TX$1,826$152
Omaha, NE$1,774$148
Fort Worth, TX$1,764$147
Austin, TX$1,744$145
Indianapolis, IN$1,586$132
Columbus, OH$1,462$122
Charlotte, NC$1,396$116

States like Ohio ($1,374), Virginia ($1,308), and Iowa ($1,316) tend to have cheaper Model Y insurance rates, while states like Michigan ($2,698) and Florida ($2,454) tend to be on the higher side.

The next table shows average rates in all fifty U.S. states for a 2023 Tesla Model Y.

Tesla Model Y Average Insurance Cost by State for 2023
U.S. State Annual Cost Six-month Cost Monthly Cost
Alabama$1,776$888$148
Alaska$1,492$746$124
Arizona$1,808$904$151
Arkansas$2,064$1,032$172
California$2,386$1,193$199
Colorado$2,114$1,057$176
Connecticut$2,196$1,098$183
Delaware$2,242$1,121$187
Florida$2,454$1,227$205
Georgia$2,016$1,008$168
Hawaii$1,346$673$112
Idaho$1,404$702$117
Illinois$1,728$864$144
Indiana$1,470$735$123
Iowa$1,316$658$110
Kansas$1,942$971$162
Kentucky$2,112$1,056$176
Louisiana$2,348$1,174$196
Maine$1,188$594$99
Maryland$1,832$916$153
Massachusetts$2,148$1,074$179
Michigan$2,698$1,349$225
Minnesota$1,692$846$141
Mississippi$1,924$962$160
Missouri$2,226$1,113$186
Montana$1,810$905$151
Nebraska$1,648$824$137
Nevada$2,358$1,179$197
New Hampshire$1,320$660$110
New Jersey$2,390$1,195$199
New Mexico$1,618$809$135
New York$2,286$1,143$191
North Carolina$1,234$617$103
North Dakota$1,634$817$136
Ohio$1,374$687$115
Oklahoma$2,176$1,088$181
Oregon$1,842$921$154
Pennsylvania$1,896$948$158
Rhode Island$2,444$1,222$204
South Carolina$1,652$826$138
South Dakota$2,026$1,013$169
Tennessee$1,876$938$156
Texas$1,830$915$153
Utah$1,728$864$144
Vermont$1,434$717$120
Virginia$1,308$654$109
Washington$1,780$890$148
West Virginia$1,756$878$146
Wisconsin$1,410$705$118
Wyoming$1,754$877$146

Get Rates in Your AreaWhy is this important?

Table Data Details: Average rates are for a 2023 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 May 5, 2023
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.