Cheap Tesla Car Insurance in 2024 (Top 10 Low-Cost Companies)
Policyholders can find cheap Tesla car insurance rates from State Farm, Travelers, and Allstate starting at just $64 per month. These top insurance providers offer EV insurance discounts and affordable car insurance policies tailored for electric vehicles (EVs) to keep rates low and provide comprehensive coverage.
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Chris Abrams
Licensed Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Insurance Agent
UPDATED: Sep 27, 2024
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We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
UPDATED: Sep 27, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
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1,731 reviewsCompany Facts
Min. Coverage for Tesla
A.M. Best Rating
Complaint Level
1,731 reviews
11,413 reviewsCompany Facts
Min. Coverage for Tesla
A.M. Best Rating
Complaint Level
Pros & Cons
11,413 reviewsFor reliable and cheap Tesla car insurance rates, our top picks are State Farm, Travelers, and Allstate, with monthly premiums starting at $64.
Our comprehensive guide compares top providers to help you find the cheapest Tesla car insurance rates and electric vehicle (EV) coverage options that meet your needs.
How do I know if I chose the right coverages? From minimum protection to full coverage plans, we break down each company’s strengths and weaknesses.
Our Top 10 Company Picks: Cheap Tesla Car Insurance| Company | Rank | Monthly Rates | A.M. Best | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | $64 | B | Nationwide Coverage | State Farm |
 | #2 | $65 | A++ | Flexible Policies | Travelers |
 | #3 | $66 | A+ | Comprehensive Coverage | Allstate |
 | #4 | $67 | A | Custom Options | Liberty Mutual |
 | #5 | $68 | A | Personalized Service | American Family |
 | #6 | $69 | A | Member Benefits | AAA |
 | #7 | $70 | A+ | Bundling Discounts | Erie |
 | #8 | $72 | A+ | Claims Satisfaction | Amica |
 | #9 | $75 | A+ | Glass Coverage | Progressive |
 | #10 | $80 | A++ | Key Fob Coverage | Geico |
Need the cheapest car insurance possible? Enter your ZIP code above into our free comparison tool to find the most affordable rates for your vehicle.
- State Farm is ranked as the best car insurance company for Teslas
- Allstate has direct partnerships with Tesla-approved body shops
- Tesla insurance rates will be higher to cover the increased cost of repairs
#1 – State Farm: Top Overall Pick
Pros
- Autopilot Discount Program: Enjoy reduced premiums for engaging Tesla’s advanced driver assistance features. Explore more about these benefits in our State Farm insurance review.
- Green Energy Partnership: State Farm offers exclusive discounts for Tesla owners who charge their vehicles using renewable energy sources.
- Over-the-Air Update Protection: Get coverage for potential issues arising from Tesla’s frequent software updates and new feature rollouts.
Cons
- Limited Supercharger Network Knowledge: Agents may lack familiarity with Tesla’s charging infrastructure, potentially affecting travel coverage.
- Rigid Mileage Brackets: State Farm’s mileage-based discounts may not account for the unique long-range capabilities of Tesla vehicles.
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#2 – Travelers: Cheapest Flexible Policies
Pros
- Full Self-Driving (FSD) Beta Coverage: Travelers is a Tesla-friendly insurance company that provides unique protection for drivers participating in FSD beta testing programs.
- Tesla Mobile Service Integration: Get a seamless Travelers insurance claims process coordinated with Tesla’s mobile repair units for minor damages.
- Package discounts: As mentioned in our Travelers homeowners insurance review, bundling your home and auto policies can lower Tesla car insurance premiums.
Cons
- Limited Gigafactory Understanding: Travelers agents may have a lack of familiarity with Tesla’s manufacturing process may affect replacement part valuations.
- Inconsistent Software Version Tracking: It’s difficult to assess insurance risks associated with different Tesla software updates.
#3 – Allstate: Cheapest Comprehensive Coverage
Pros
- Collision Center Network: Allstate has direct partnerships with Tesla-approved body shops. Discover more in our Allstate auto insurance review.
- Battery Health Monitoring: Allstate offers proactive Tesla insurance adjustments based on real-time battery condition data from your car.
- Acceleration Boost Upgrade Protection: Tesla car insurance coverage for performance enhancements can be purchased through Tesla’s in-car upgrades.
Cons
- Smart Shifter Incident Ambiguity: There are unclear liability determinations for accidents involving Tesla’s automatic transmission controls, which can raise rates.
- Outdated Value Assessments: Standard Allstate Tesla insurance policies fail to account for the vehicle’s appreciation in value due to software improvements.
#4 – Liberty Mutual: Cheapest Customized Insurance
Pros
- Pet Insurance Protection: Read our Liberty Mutual insurance review to learn about unique Tesla insurance protection for pets.
- Tesla Key Card Loss Protection: Liberty Mutual has specialized Tesla insurance coverage to replace its high-tech keycards and fobs.
- Roadster Perks: Early adopters get exclusive Liberty Mutual insurance benefits for Tesla while awaiting the delivery of the next-generation Tesla Roadster.
Cons
- Limited Powerwall Integration: Liberty Mutual lacks comprehensive home-auto bundle options for Tesla Powerwall owners.
- Cyberwhistle Confusion: There is an inability to properly categorize Tesla insurance for its unique branded accessories with Liberty Mutual.
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#5 – American Family: Best for Personalized Service
Pros
- Bioweapon Defense Mode Coverage: AmFam offers unique protection for Tesla’s advanced air filtration system against environmental hazards.
- Tesla Referral Program Integration: AmFam customers get Tesla discounts that align with its ever-changing owner referral rewards system.
- Touchscreen Malfunction Protection: These can be common issues in Tesla so make sure you learn how to file a car insurance claim with American Family.
Cons
- Confusing Model Y Heat Pump Policies: American Family is unclear about its coverage terms for Tesla’s innovative heat pump system in severe weather conditions.
- Limited Cybertruck Pre-Order Consideration: American Family cannot provide Tesla truck insurance quotes at this time.
#6 – AAA: Cheapest With Member Benefits
Pros
- Tesla Fleet Management Discounts: AAA is a Tesla-friendly insurance company for businesses operating multiple Tesla vehicles for corporate use.
- Gigafactory Tour Incident Protection: AAA has unique coverage for Tesla enthusiasts participating in official factory tour events.
- Neural Network Rewards: Earn insurance discounts for Teslas by opting to share driving data for AI improvements. Learn more rewards in our AAA car insurance review.
Cons
- Outdated Regenerative Braking Assessment: AAA insurance doesn’t account for the vehicle’s advanced energy recapture when setting Tesla insurance rates.
- Rigid Vehicle Classification: AAA struggles to properly categorize Tesla auto insurance within traditional insurance frameworks, which could raise rates.
#7 – Erie: Cheapest Home and Auto Bundles
Pros
- Tesla Mobile Connector Coverage: Erie customers can buy Tesla car insurance protection for the portable charging equipment often used during travel.
- Bundles for Powerwall: Erie insurance discounts for Tesla consider the unique aspects of home energy storage, which you can explore in our Erie home insurance review.
- CyberRodeo Event Coverage: Erie offers special protections for Tesla owners attending high-profile company events and product reveals.
Cons
- Limited Supercharger Network Familiarity: There is an insufficient understanding of electric vehicle charging infrastructure when it comes to Tesla insurance coverage.
- Inadequate App Integration: Erie lacks mobile and online tools for Tesla car insurance to support some of the smartphone-based vehicle control features.
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#8 – Amica: Best Claims Satisfaction
Pros
- Excellent Tesla Claims Service: Amica is highly rated for efficient Tesla car insurance claims handling.
- Bioweapon Defense Mode Incidents: Amica provides insurance coverage for health-related claims tied to Tesla’s advanced air filtration system.
- Smart Summon Liability Protection: Amica customers can get specialized Tesla auto insurance coverage for remote parking feature incidents in various environments.
Cons
- Mechanical Failures: Amica may not cover mechanical failures with standard electric vehicle car insurance policies for Tesla.
- Inadequate Glass Technology Assessment: Amica does not consider the complex windshield systems in repair estimates if you ever file a Tesla insurance claim.
#9 – Progressive: Cheapest Glass Coverage
Pros
- Tesla-Specific Glass Coverage: Progressive offers specialized Tesla car insurance protection for its unique windshield and roof glass configurations. Read our Progressive review to know more.
- Supercharger Incident Support: Progressive tailors Tesla insurance to cover accidents occurring at Tesla’s high-power charging stations.
- Acceleration Boost Upgrade Coverage: Progressive auto insurance protects performance enhancements purchased through Tesla’s in-car upgrades.
Cons
- Inadequate Easter Egg Assessment: State Farm often underestimates the potential risks associated with the vehicle’s hidden features and modes when setting Tesla insurance rates.
- Poor Financial Ratings: State Farm has a lower A.M. Best rating than other Tesla car insurance companies.
#10 – Geico: Cheapest Key Fob Protection
Pros
- Tesla Key Fob Signal Protection: Geico’s Tesla insurance safeguards against high-tech theft attempts targeting Tesla’s keyless entry systems. Find out more in our Geico auto insurance review.
- Powerwall-Integrated Policies: Geico multi-policy insurance coverage for Tesla considers the interplay between Tesla vehicles and home energy storage.
- Roadster Reservation Holder Benefits: Geico offers special Tesla car insurance perks for early adopters awaiting delivery of next-generation Tesla vehicles.
Cons
- Limited Giga Press Understanding: Geico insurance claims have an insufficient grasp of Tesla’s large casting parts in repair cost estimations.
- Inadequate Firmware Rollback Protection: Geico lacks Tesla insurance coverage for issues arising from software version reversions.
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Tesla Car Insurance Companies With the Best Monthly Rates
The table below presents the best insurance options for Tesla car insurance with our detailed comparison of monthly rates by provider and coverage level.
Tesla Car Insurance Monthly Rates by Provider & Coverage Level| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| $69 | $198 |
| $66 | $192 |
| $68 | $195 |
| $72 | $205 |
| $70 | $200 |
| $80 | $220 |
| $67 | $189 |
| $75 | $210 |
| $64 | $190 |
| $65 | $185 |
Whether you opt for minimum coverage with State Farm at $64/month or full coverage with Geico at $220/month, understanding your options ensures you get the best value for your investment.
Full coverage auto insurance is recommended for Teslas and other EVs since repair costs on these high-tech vehicles are often very expensive. If you choose your state’s minimum liability coverage, you’ll be responsible for repairing or replacing your Tesla out-of-pocket.
Selecting the right EV car insurance for your Tesla is important for your financial security. Ensure your Tesla is properly covered so you can feel secure knowing you have the right protection at a reasonable cost.
How to Reduce Tesla Car Insurance Costs
The high repair costs associated with specialized Tesla parts play a role in determining premiums. The specific model and year of your Tesla affect EV insurance rates, with newer and more expensive models, like the Tesla Model S, generally costing more to insure than the Model 3.
Stuck trying to choose the right coverage? Call State Farm. pic.twitter.com/rwojdNXjFa
— State Farm (@StateFarm) May 7, 2024
On the positive side, owning a Tesla can get you advanced safety features car insurance discounts that help lower your premium. You can unlock significant savings on your Tesla insurance by checking out other discount options from the top insurance companies listed below.
| Insurance Company | Available Discounts |
|---|---|
| Multi-Policy, Loyalty, Good Driver, Good Student, Anti-Theft, New Car, Multi-Vehicle |
| Multi-Policy, Safe Driving Bonus, New Car, Anti-Theft, Good Student, Early Signing |
| Multi-Policy, Steer Into Savings, Loyalty, Safe Driver, Good Student, Defensive Driver |
| Multi-Line, Claim-Free, Loyalty, Good Student, Anti-Theft, Defensive Driver, Autopay |
| Safe Driver, Multi-Policy, Young Driver, Multi-Car, Pay-In-Full, Vehicle Storage (for limited use vehicles) |
| Multi-Policy, Safe Driver, Good Student, Anti-Theft, Defensive Driving, Military, Federal Employee |
| Multi-Policy, Newly Married, Good Student, Anti-Theft, Defensive Driver, RightTrack (usage-based) |
| Multi-Policy, Snapshot (usage-based), Continuous Insurance, Homeowner, Multi-Vehicle, Teen Driver |
| Multi-Policy, Safe Driver, Good Student, Steer Clear (for young drivers), Vehicle Safety, Anti-Theft |
| Multi-Policy, Hybrid/Electric Vehicle, New Car, Safe Driver, Multi-Car, Continuous Insurance |
Remember to review each Tesla insurance company’s offerings and choose the one that best aligns with your needs and driving habits. Stay informed about the latest discount opportunities to ensure you’re getting the most value for your coverage.
Read More: Best Tesla Car Insurance Discounts
Cheap Tesla Car Insurance: Myths vs. Reality
Understanding Tesla auto insurance can be tricky because there are a lot of wrong beliefs about how much EV coverage really costs and what it covers.
Brandon Frady LICENSED INSURANCE AGENT
This guide clears up those misunderstandings and gives helpful tips for Tesla owners to find EV insurance that is both good and not too expensive.
Myth 1: Tesla insurance is always expensive.
Reality: While Tesla insurance can be pricier due to high repair costs and specialized parts, several factors like advanced safety features and a clean driving record can help reduce premiums. Comparing quotes from multiple insurers can also reveal competitive rates.
Myth 2: Only specialized insurers cover Teslas.
Reality: Many major insurance companies offer coverage for Teslas. It’s beneficial to compare rates from both specialized and traditional insurance providers to find the best deal.
Myth 3: All Tesla models cost the same to insure.
Reality: Insurance rates vary significantly between models. For example, Tesla Model 3 car insurance costs less than the Tesla Model S and Model X due to differences in cost and repair expenses.
Myth 4: Tesla’s autopilot reduces insurance costs.
Reality: While Tesla’s Autopilot and advanced safety features can reduce the risk of car accidents, not all insurers offer discounts for these technologies. It’s important to check with your provider to see if they recognize these features in their pricing.
Myth 5: Electric vehicles are always cheaper to insure.
Reality: Insurance for electric vehicles like Teslas can sometimes be higher due to the cost of batteries and specialized repairs. However, other factors like lower accident rates and advanced safety features can help offset these costs.
By debunking these myths, Tesla owners can better understand how to navigate the EV insurance landscape and find more affordable options.
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Finding Affordable EV Car Insurance Companies for Tesla
State Farm, Travelers, and Allstate have cheap Tesla car insurance with special benefits for electric vehicle owners.
It’s important to understand what you should know about auto insurance to make smart choices. To save the most money, it’s a good idea to look at different quotes, use any discounts you can find, and pick an EV insurance company that knows a lot about electric cars.
Take the first step toward cheaper electric vehicle car insurance rates. Enter your ZIP code below to see how much you could save.
Frequently Asked Questions
How cheap is Tesla Insurance?
The average cost of Tesla insurance is $242 monthly, based on a full coverage policy for a Tesla Model 3. That’s above the national average of $192 a month. Tesla car insurance costs are higher than many other cars.
Are Tesla insurance premiums monthly or yearly?
Drivers can choose if they want to pay Tesla car insurance monthly or annually, but you often earn discounts for making annual payments in full.
Do Teslas cost more to insure?
Full coverage car insurance for Tesla vehicles costs an average of $352 each month. This makes Tesla auto insurance premiums approximately 53% pricier than for the average vehicle with full coverage auto insurance.
What is the cheapest car insurance company for Tesla?
State Farm is the cheapest Tesla car insurance family for minimum coverage that starts at $64/month.
Does Geico insure Tesla?
Geico provides affordable insurance solutions tailored to protect Tesla vehicles and provide peace of mind. Ready to shop around for the best car insurance company?
Can you get Tesla Insurance without a Tesla?
Yes, but only California residents can purchase Tesla Insurance.
Does a Tesla safety score affect car insurance rates?
No, Tesla enabled telematics insurance coverage for its driver safety score system for Tesla Insurance customers in California, but it won’t raise rates for poor driving.
Are Teslas expensive to maintain?
Tesla maintenance costs range from around $48 to $69 per month. In general, Tesla vehicles require less maintenance than many other cars, but individual services can be expensive.
Why is Tesla car insurance so high?
Electric cars are more expensive to repair and insure because they have more expensive equipment and technology. Teslas have a longer battery range than other EVs, so they tend to rack up more miles. Compare Tesla Model 3 insurance costs to learn more.
Do you need insurance to drive a Tesla?
Yes, every state requires car insurance. Enter your ZIP code to see how much car insurance costs in your state.
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Chris Abrams
Licensed Insurance Agent
Chris is the founder of Abrams Insurance Solutions and Marcan Insurance, which provide personal financial analysis and planning services for families and small businesses across the U.S. His companies represent nearly 100 of the top-rated insurance companies. Chris has been a licensed life and health insurance agent since 2009 and has active insurance licenses in all 50 U.S. states and D.C. Chr...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.