Cost of Tesla Model S car insurance varies significantly depending on which insurer you select, so we suggest drivers compare rates before selecting their insurer and also research customer reviews and complaints to find an insurer with whom to go with.
As you get older, the cost of Tesla Model S car insurance drops and becomes more cost-effective when choosing full coverage. Comparing rates online will also yield cost-cutting quotes that offer discounted quotes.
Costs
Costs associated with Tesla Model S car insurance will depend on several variables, including vehicle model and trim level, driver location, amount of coverage selected and its deductible - these all play an integral part in pricing out the policy. As is often the case, more comprehensive coverage and higher deductibles result in more expensive policies.
Insurance premiums also depend on both state and insurer, with premiums differing significantly depending on both variables. To get the cheapest auto insurance rates possible, the best strategy is shopping around with multiple companies - some of the more competitive providers include MetLife (who offer liability only coverage from as little as $29/month), Sun Coast, Mile Auto, Safeco and Clearcover being amongst them - however personal driving records will also impact pricing, so drivers must always compare quotes carefully in order to secure their ideal rate.
Additions or modifications to a Tesla may increase its insurance costs as well. Including self-driving capability or selecting another paint color other than white may add thousands of dollars to its purchase cost, as may opting for extras such as electronic key replacement, roadside assistance, rental reimbursement or gap insurance policies.
Gap insurance is a specialized type of car insurance designed to cover any differences between what is owed on your car and its worth in case of total loss. Available from numerous insurers - such as Tesla - gap coverage can save drivers significant sums over time.
Cost of Tesla Model S car insurance depends on various factors, including age and location of its driver. Teenagers and young adult drivers generally face higher rates; older drivers can often receive discounts through improving driving habits. Cost can also differ based on state with rates in New York being significantly higher than in Seattle.
Tesla car insurance premiums also depend on the value of your vehicle, with high-end cars typically incurring greater repair costs and leading to higher rates than lower-end models. But Tesla drivers can still obtain affordable coverage by choosing an appropriate policy with minimum required limits in place.
Discounts
Owning a Tesla Model S can be costly, but purchasing insurance through Tesla itself could save money. Their policies tend to be around 20 percent cheaper than traditional auto insurers - though you should always compare quotes from multiple providers before making your decision. Also consider your type of coverage selections and your driving habits which may impact how much you owe in Tesla car insurance costs.
As an eco-friendly driver, reducing mileage could earn you a discount. Another way is bundling Tesla insurance with other policies - home or business insurance for example - in order to save more. Tesla also offers discounts to drivers with no accidents or violations within five years, or those who maintain good driving records without accidents or violations in recent times.
Save money by opting for a higher deductible on your policy; though if an accident does happen, this could mean paying more upfront for repairs. Furthermore, comprehensive and collision coverage could prove more cost-effective. It's also wise to opt for comprehensive and collision coverage instead of simply liability. Another key consideration is which body shop you use; many Teslas require specific skills and tools when repairing them.
Tesla vehicles have earned top safety ratings, and its recent move toward in-house insurance underwriting may help bring premiums down. Unfortunately, their high prices and complex technology make them more costly to insure than other cars - especially given that Autopilot and Full Self-Driving features increase risk factors and could increase premiums further.
Insurance costs associated with Teslas tend to be more costly than for other cars due to their complex technologies and expensive replacement parts, particularly electric models with additional charging infrastructure costs. Furthermore, their high value makes them prime targets for theft.
MoneyGeek has compiled a list of the cheapest insurers for Tesla drivers, such as USAA and MAPFRE, that provide lower estimates for 2022 Tesla Model S models; they serve both current and former military personnel along with their families; however, other third-party insurers also offer competitive rates depending on age, gender and credit score estimates.
Customer reviews
Tesla drivers tend to enjoy positive relationships with their insurance providers. They typically report lower premiums than drivers of other cars and are able to easily select coverage via an app - making it simple and affordable for any situation. Furthermore, many drivers appreciate how easily switching insurance providers works for them.
Cost of car insurance for a Tesla Model S can differ considerably by state and insurer. Therefore, it is essential that you understand which factors influence its rate so that you can make an informed decision regarding which policy best meets your needs. These may include factors like your age, driving record and credit history. It is also wise to take into account both type of vehicle as well as coverage needs; most Tesla owners opt for full collision and comprehensive policies which cover damage to property as well as medical expenses in an accident.
One other factor influencing the cost of Tesla auto insurance is your annual mileage. Drivers covering under 12,000 miles annually could save on their premiums; those covering more may face increased rates.
Your Tesla Model S' model may also have an effect on its price. Older ones usually cost less to insure because their value depreciates more quickly; additionally, policies with superior safety ratings may bring down insurance premiums further.
MoneyGeek's car insurance comparison tool can help you locate the cheapest options. In our study, USAA proved to be the cheapest option with annual premiums at approximately $2,414, followed by Progressive at $1,660 and Nationwide with $1,733.
Insurance companies
As a Tesla owner, it's essential that you understand how much it will cost to insure your car. Your rate may depend on several factors including location, age and marital status; good drivers often save money by choosing higher deductibles or increasing coverage levels; furthermore, vehicles equipped with Autopilot or similar driver assistance features may qualify for discounts on premiums.
Your choice of Tesla Model S car insurance provider can have a major effect on its cost. On average, coverage averages out to an annual premium of $2,402, with USAA offering some of the cheapest rates at just $1648 annually. Always shop around and compare quotes before selecting one - be sure to also look into their customer service ratings to ensure reliability before making a final decision.
There are various factors that could impact your Tesla Model S car insurance rates, such as your driving history and type of coverage you select. Most insurers will charge more if you rack up many miles on your car while others offer discounted premiums for drivers with clean driving records. Selecting appropriate coverage could help lower rates as well as prevent unnecessary repair or medical charges down the line.
Tesla provides insurance through its app, which monitors driving habits to create a monthly Safety Score that can either lower or raise premiums depending on how safe your driving habits are. According to Tesla, data like hard braking and turning patterns, lane departures, and speeding are used when calculating this score; as more safely you drive, the higher your Safety Score will be and therefore lower insurance costs will be.
Tesla also provides other services, including roadside assistance and gap insurance - which covers any differences between what you owe on the car and its value in an accident. Other providers may offer similar policies; just make sure that the terms and conditions are satisfactory before signing any policy! Also remember that many states don't mandate full coverage.