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Stefan Gruber/Getty Images November 02, 2022 Cynthia Paez Bowman is a former personal finance contributor at Bankrate. She is a finance and business journalist who has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and TheSimpleDollar.com. Maggie Kempken is an insurance editor for Bankrate. She helps manage the creation of insurance content that meets the highest quality standards for accuracy and clarity to help Bankrate readers navigate complex information about home, auto and life insurance. She also focuses on ensuring that Bankrate’s insurance content represents and adheres to the Bankrate brand. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate logo Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. The Tesla S is the company’s sport luxury model, with a starting price of just over $106,000 for the base model and $137,000 for the Plaid model. The 2022 Tesla Model 3 earns the U.S. Department of Energy’s of the year, getting a combined 132 miles per charge, 138 city miles and 126 highway miles. While gas may not be a cost of ownership with a Tesla Model 3, insurance is a factor to consider. According to Bankrate’s 2021 study of quoted , Tesla Model S car insurance averages $3,802 per year. Compare rates and save on auto insurance today! Get quotes Close X RatesRates keep going up in 2022. Compare rates and save on auto insurance today! Get quotes Close X This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More RATE INCREASE ALERT Rates increased up to 12% this year
Shop for a better rate before you renew your current policy. This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto insurance with quotes from trusted providers like: Drivers switch & save an average of $750+/year Arrow Right Are you overpaying for auto insurance? Arrow Right Safe drivers choose Allstate Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. See more providers in Choose from insurers in Show More There are many factors that go into determining how much you might pay for Tesla Model S insurance, including customizable features and safety scores, your age, driving and claims history, your ZIP code (in most states) and the insurance company you choose to insure your electric vehicle. Here’s a closer look at the factors that could affect your premiums. How much does it cost to insure a Tesla Model S
The Tesla Model S insurance cost is $3,802 per year for full coverage, based on quoted annual premiums. Rates may be higher or lower depending on the insurance provider you choose. Teslas are likely more expensive to insure because of the manufacturing cost and materials used. Besides the personal factors mentioned that could affect the cost of car insurance, model-specific items that can have a significant impact to vehicle coverage rates include: Crash rate stats per make/model: The Model S earned the , getting a good, or green, rating in all categories except for the ease of use for seat belts and child restraints, which earned an acceptable rating. This is in line with previous years, where the Model S earned , except for headlamps, which the IIHS believes do not provide sufficient visibility in curves. Price of parts: Tesla manufacturer parts can be pricey, with few aftermarket alternatives available. Repairing a Tesla provides an additional level of complexity; there are limited authorized repair shops and dealers. In addition, Teslas are manufactured using . Minor damage to part of a front panel, for example, could mean a whole major section must be replaced. Cast frames are generally safer, but much more expensive in case of damage to isolated areas, which can also drive up insurance rates. For example, owners have received to fix a small dent and scratch with no need for parts, while another got a $30,000 estimate to repair minor damage on the door and fender. Safety features: Tesla Model S vehicles come with a number of that may offset the cost of coverage. Multiple cameras monitor surroundings to alert the driver of any hazards or vehicles in potential blind spots. There are air bags throughout the cabin including knee and overhead air bags. Traction control keeps the car safely on the road. Car insurance for a Tesla Model S
Bankrate’s review of quoted 2021 annual premiums from Quadrant Information Services indicate minimum coverage for a Tesla Model S is not far off from the for an economy sedan. However, most Tesla drivers will likely opt for full coverage due to the value of the vehicle, which provides comprehensive and collision coverage. Compared to the national average, full coverage for a Tesla Model S is quite a bit higher than the 2021 national average of $1,674 per year (average based on a 2019 Toyota Camry). Given the fact a Tesla Model S is considered a high-end, luxury vehicle, this difference in coverage cost is to be expected. Model S car insurance Average annual premium Minimum coverage $525 Full coverage $3,802 Cheapest car insurance companies for a Tesla Model S
Bankrate collected quotes from a few of the for a better idea of how Tesla Model S car insurance rates can vary from one carrier to another. While these averages may be useful for the sake of comparison, actual rates will be different for each Tesla Model S driver. Average annual premium for full coverage
The five following insurance companies have different rates for the same level of coverage, based on the Tesla Model S. Keep in mind that personal factors could affect your premiums, such as your location and driving record. Car insurance company Model S $2,646 $1,901 $3,378 $2,761 $2,248 Tesla Model S features that impact insurance costs
Some of Tesla’s unique features may help reduce the cost of car insurance, while other aspects may cost more to insure. The features that may most significantly affect pricing are: Tesla’s own insurance: in Arizona, California, Illinois, Ohio and Texas to keep rates competitive for drivers. Tesla Insurance assigns you a monthly out of 100 points. The higher your Safety Score, the lower your monthly premium will be. If you’re a safe driver, Tesla Insurance could help save you money. Autopilot mode: You may qualify for a safe driving discount by using Tesla’s autopilot mode, which is similar to driver assistance technology and designed to help your Tesla drive safer by automating steering, accelerating and braking under your supervision. Exact discount availability and savings may vary by provider. Bioweapon Defense Mode: This setting turns on a state-of-the-art filtration system that siphons toxins out of your Tesla. This technology could help keep you safe during wildfires or other unsafe air conditions. However, it may be expensive to repair and could increase your car insurance costs. Sentry Mode: This anti-theft system activates cameras that record if anyone stands near your vehicle for an extended length of time. This surveillance may help deter potential car thieves, but cameras can be costly to repair and may increase your insurance costs. Other car insurance coverage for a Tesla Model S
Few Tesla owners would likely opt for just the minimum amount of vehicle insurance required by their state due to Tesla’s luxury cost. Most states only mandate that drivers carry . Liability insurance only pays for damages and injuries you cause to third parties. In case you are at fault in an accident, liability coverage does not reimburse you for damages and repairs to your car. Given the cost to repair or replace a Tesla Model S, full coverage is likely the preferred option for Tesla owners. includes comprehensive coverage and collision coverage. pays out to cover damages incurred when your vehicle collides with an object such as another vehicle, a tree or a light pole. pays out to cover damage caused by issues such as extreme weather, flooding, vandalism or hitting an animal. You may want to consider your individual needs when deciding what other coverage options you want. If you are financing a new Tesla, may be useful. It’s designed to pay the difference between the amount outstanding on the loan and the actual cash value of your new vehicle if the car is declared a total loss. Rental reimbursement coverage may also be helpful. While a standard policy may already provide some funds for a rental car in case your vehicle is in the shop following a covered loss, you may benefit from adding rental reimbursement due to the complexity of repairing and rebuilding a Tesla. Otherwise, you could potentially exceed the days included in the coverage while you are without your vehicle. Methodology
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits: $100,000 bodily injury liability per person $300,000 bodily injury liability per accident $50,000 property damage liability per accident $100,000 uninsured motorist bodily injury per person $300,000 uninsured motorist bodily injury per accident $500 collision deductible $500 comprehensive deductible To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2019 Tesla Model S, commute five days a week and drive 12,000 miles annually: These are sample rates and should only be used for comparative purposes. SHARE: Cynthia Paez Bowman is a former personal finance contributor at Bankrate. She is a finance and business journalist who has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and TheSimpleDollar.com. Maggie Kempken is an insurance editor for Bankrate. She helps manage the creation of insurance content that meets the highest quality standards for accuracy and clarity to help Bankrate readers navigate complex information about home, auto and life insurance. She also focuses on ensuring that Bankrate’s insurance content represents and adheres to the Bankrate brand. Related Articles