Best Car Insurance for Tesla 2022
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Tesla cars are electric, which means they have zero tailpipe emissions. That makes Tesla the best car going. Let's
face it- Tesla defies convention. It doesn't look like any other car on the road and it doesn't drive like one
either. It's a technological marvel that redefines what it means to drive.
So, no wonder, it costs an average of $1,865 per year for Tesla drivers to insure their cars. The price of insurance, however, can vary significantly depending on the model. A Model S 70D costs $1,831 more per year to insure than a Model 3.
Here's what drivers pay when they switch with Carlay
Here are some real quotes from people who saved money when insuring their Tesla.
|Quote Date||Car||City, State||Zip Code||Age||Carrier||BeforeCarlay||AfterCarlay|
|August 3, 2021||Tesla Model 3||San Francisco, CA||94129||28||ClearCover||$120/mo.||$62/mo.|
|February 13, 2021||Tesla Model 3||Sterling, VA||20165||31||Mercury||$150/mo.||$102/mo.|
|July 24, 2021||Tesla Model 3||West Valley City, UT||84119||22||Progressive||$264/mo.||$104/mo.|
|September 21, 2021||Tesla Model 3||Gillsville, GA||30543||26||Progressive||$138/mo.||$113/mo.|
|September 20, 2021||Tesla Model 3||Irvine, CA||92612||37||Bristol West||$205/mo.||$180/mo.|
Best insurance carriers for your Tesla
- Pricing and Reviews
There are many factors that come into play when calculating your auto insurance rate. Some of these may be within your control, such as where you live and the driving record on your license. Other factors like the type of car you drive, or your age and gender might not have anything to do with how safe you are behind the wheel—but they do impact what an insurance company will charge you. The most affordable Tesla insurance is provided by Metlife, at an annual cost of $1,737.
Other popular Tesla auto insurance providers are as follows:
Nationwide is a safe bet if you're looking to save money on auto insurance. They have great discounts and a stellar reputation among consumers. They do tend to be slightly more expensive than the average provider, but their generous discounts can make up for the difference. Their robust online platform, mobile app, and website earn them 4.6/5 stars from Carlay.
Progressive is an auto insurance provider that was founded in 1937. Known for its financial strength and numerous coverage options, the company is a good option for tech-savvy drivers or those with a history of accidents. Progressive is also known for its excellent discounts and features, including usage-based insurance policies. Carlay gives Progressive a 4.6/5 rating for its large fleet and for being a reputable carrier.
Kemper is a no-frills company that caters to drivers who may have trouble getting insurance with other companies. As the second-largest personal lines insurance company in the country, Kemper offers a wide range of auto and home insurance policies, including special coverage for drivers with high-risk profiles like SR22 forms and salvage titles. Carlay gives Kemper a rating of 4.3 out of 5.
If you're looking for a safe, affordable option to cover your vehicle, check out Safeco. This car insurance provider offers benefits like a claims-free cashback program and discounts for safety features like anti-theft devices. Carlay points out that it's especially popular with younger drivers. Also, Carlay gives Safeco a 4.5/5 rating, citing the company's perks as one of the reasons for this rating.
If your car is providing more of a headache than it should be, then Allstate is here for you. It offers a great range of digital features such as a rate calculator, mobile app, online bill payment, and online claim reporting. With Allstate, you won't have any trouble finding what you need whether your car insurance needs are simple or complex.
Travelers offers some of the best car insurance deals in the country. This provider also has a 4.7 rating out of 5 with Carlay, which means it's trustworthy and financially strong. Travelers has several add-on packages that can help you save money on your policy, including roadside assistance and rental car reimbursement. It also offers a number of discounts to drivers, such as being a safe driver or a good student.
State Auto is one of the most trusted names in car insurance and has been for over 90 years. The company offers a large range of coverage options, including a number of discounts to help you save money. Customers can easily file claims online, or over the phone for ultimate convenience. Carlay gives State Auto a 4.1/5 rating.
National General is a nonstandard auto insurer with many high-risk auto insurance plans. They specialize in policies for high-risk drivers and focus on claims satisfaction. When you are unhappy with your claims experience, National General will waive your deductible up to $250. Carlay gives National General a rating of 4.1 out of 5.
Dairyland takes its customers seriously, offering the best coverage and payment plans to fit their needs. Dairyland has its cheapest car insurance by keeping the cost of their quotes low while still providing excellent customer service with 24/7 live claims support in almost 40 states. The company also caters to high-risk drivers looking for affordable rates. Dairyland is proud to have ratings of 4.6 out of 5 stars.
Clearcover is a new generation insurer that offers both personal and commercial car insurance policies. Clearcover stands out for its tech-based business model, which enables you to instantly file claims instantly, pay your bill, and view your proof of insurance—all while keeping communication online. Carlay rates Clearcover 4.1/5 stars.
- How to compare prices to find the most affordable coverage
Car insurance rates vary by state and insurer, and they depend on your age, the make and model of your car, where you live, and how much coverage you select. To land a competitive policy with a low premium that fits your budget, compare quotes from multiple insurers.
The most financially sound option for car insurance may not necessarily be the cheapest. It's about finding a company that doesn't just offer fair pricing but has coverage options that give you the protection you need in case of an accident or other incident.
If you're like most people, you don't like to spend your time filling out forms, checking boxes, and answering questions online. You just want to get a car insurance quote and move on with your life.
If you're looking for auto insurance, the quickest, easiest way to make sure you're getting the right coverage for the right price is to compare quotes from different providers using the comparison shopping and broker app Carlay. With a few taps, you can get quotes from multiple companies in seconds.
Carlay is easy, affordable, and on your side. When you find a car insurance plan you like, Carlay handles all the paperwork and phone calls to set up your new policy and cancel your old one. And since Carlay reviews your coverage every 6 months, you can be sure that you're always getting the coverage you need at the best price.
Here are some of the savings drivers have made by switching with Carlay:
|Rank||Company name||Avg. Annual Premium|
Carlay is an insurance comparison app that allows you to find the right insurance policy for your needs. The app quickly and easily shows you quotes from multiple companies, so you can choose the one with the best rates.
Cost of insuring a Tesla
- Cost of insuring with minimum coverage and full coverage
Tesla car owners pay an average of $1,062 per year for minimum car insurance and $2,825 for full-coverage insurance. When you look at all cars, the average insurance premium in the US is $1,783 per year for minimum coverage and $2,485 for full coverage. The amount of money you will have to pay to insure your Tesla depends on the coverage you select. All states have minimum coverage requirements that you must meet in order to legally drive your car on the road.
Your state may require residents to have the following types of insurance:
|Coverage type||Protection offered|
|Bodily injury liability (per person and per accident)||Pays for the costs associated with the injuries you've caused to others|
|Property damage liability (per accident)||Pays for the costs associated with damage you cause to other people's vehicles or property|
|Uninsured motorist protection (per person and per accident)||Applies when a car accident isn't your fault but the at-fault driver doesn't have liability insurance to pay for your injuries or property damage|
|Underinsured motorist protection (per person and per accident)||Applies when the at-fault driver has liability insurance, but it isn't enough to cover your injuries or property damage|
|Personal injury protection (per person and per accident)||Pays for your own medical expenses after a car accident|
These are the minimum coverage amounts that you need to have. However, it's always a good idea to purchase additional protection for your Tesla if you can afford it. You could be liable for thousands of dollars in damages and medical bills if you're in an accident—and if you don't have enough insurance, you'll have to pay them out of pocket.
To protect yourself financially, you may want to consider purchasing full-coverage insurance if you lease or finance your Tesla. You'll also want to consider full-coverage insurance if you can't afford to replace your Tesla if it is totaled in an accident.
|Coverage type||Protection offered|
|Collision||Applies if you get into a collision with someone else's vehicle or an object|
|Comprehensive||Applies when your car is damaged by something other than a collision or rollover, like a weather event or vandalism|
Here's what you pay to insure a Tesla with minimum coverage and full coverage before and after switching to Carlay.
|All Coverage BeforeCarlay||All Coverage AfterCarlay||Minimum Coverage BeforeCarlay||Minimum Coverage AfterCarlay||Full Coverage BeforeCarlay||Full Coverage AfterCarlay|
|All Coverage BeforeCarlay||$2,575|
|All Coverage AfterCarlay||$1,838|
|Minimum Coverage BeforeCarlay||$2,351|
|Minimum Coverage AfterCarlay||$993|
|Full Coverage BeforeCarlay||$2,407|
|Full Coverage AfterCarlay||$1,774|
- Cost of insuring based on age and driving record
You need to consider your age and driving record when purchasing car insurance. A safe driver with a good track record will pay less than someone who's been involved in multiple accidents or has a bad credit score. If you have any claims on your history, expect to see your premium go up. Senior drivers who have been on the road for many years usually enjoy cheaper insurance premiums.
Driving under the influence (DUI) is considered a serious traffic violation and can cause your insurance premium to skyrocket. Beware of other driving habits that could also impact your rates: speeding and failing to stop are usually considered minor violations.
But that's not all! You can keep your rates low by maintaining a clean driving record and paying attention to how you drive. Here's how accidents and violations affect car insurance costs for Teslas of different ages:
Your car insurance premium will be different depending on factors like your driving record, age, and other coverage needs.
- Cost of insuring popular models
Tesla has a wide range of models, and insurance rates will vary depending on the one you own. The reason for this is that repair and replacement costs are different for varying models of the ride. Because more expensive cars tend to be more expensive to repair, they also require bigger payouts from insurers. As a result, the insurance premiums for these cars are higher.
It doesn't matter what type of car you drive—Carlay can help you save on auto insurance. All you need to do is download the Carlay app, answer a few questions, and in less than 45 seconds, you can transfer all of your information from your existing insurer.
Carlay makes choosing the right insurance simple. You can compare rates from up to 45 leading insurance companies, customized to your needs, before deciding on the right policy for you. Carlay users can save an average of $879 a year on their car insurance.
Want to learn more about car insurance costs for popular makes? Find these links useful:
Your car model affects the cost of your insurance. The more expensive the car, the higher the premiums usually are, since newer models have more expensive parts and technologies.
- Cost of insuring your Tesla by year
Most and least expensive years of car
Older Teslas depreciate more than newer ones, making them cheaper to insure. Edmunds reports that a new car loses 23.5% of its value after the first year and 60% of its value in the first five years. If your car is damaged, the less it's worth, the less it will cost to repair or replace it. This usually translates to savings on your insurance bill.
Full coverage auto insurance is typically more expensive than state-mandated minimum coverage, and it's not always required, particularly if your car is on its last legs.
Tesla has a reputation for being expensive. However, according to Carlay's internal data, the cheapest years for Teslas were 2014 and 2013. The most expensive years for Teslas were 2016 and 2019.
|Year||Average Cost||Annual Savings withCarlay|
Older Tesla cars are often cheaper to insure than newer models because repair and replacement costs are lower, and you may be able to buy a policy that only covers damage to your vehicle and not the other one in an accident.
- Cost of insuring a Tesla in your city
The premium on your car insurance can vary depending on where you live, and if you live in a city with higher crime rates, for example, the insurance company may charge you more. When you buy auto insurance, it's partly about risk. Your insurer will charge more if your city has a high rate of car thefts, collisions, or hurricanes.
According to a study we conducted recently, there is a high percentage of Tesla drivers in the following cities, Schaumburg (IL), Lombard (IL), Houston (TX), Atlanta (GA), and Phoenix (AZ). For users of the car-sharing service Carlay, the cheapest car insurance quotes in Fullerton (CA) and Evanston (IL) are for Teslas. The most expensive car insurance quotes in Palm Desert (CA) and Brooklyn (NY) are also for Teslas.
|City||Average Cost||Annual Savings withCarlay|
If you live in an area that has a high rate of theft, collisions, or severe weather events, your insurance company will probably charge you more for coverage. This is because your area is considered higher risk than other areas.