The cost of Tesla Model Y insurance varies greatly by age. On average, a 16-year-old driver will pay $9,382 per year to insure a 2020 model, whereas a 40-year-old will spend $2,071 per year. For a 2022 model, a 16-year-old will spend an average of $9,897 per year, while a 40-year-old will only pay $2,189 per year.
MoneyGeek also scored different providers based on how they balance affordability and customer service to find the best Tesla Model Y insurance.
Car Insurance CostsTesla Model Y
2024
Table of Contents
Cheapest Insurer
Best Insurer
- GEICO
Runner-Up
- State Farm
Costs by Model Year
Costs by Driver Age
Costs by Location
Why Trust MoneyGeek? We collected thousands of car insurance quotes from Quadrant Information Services to analyze the average rates for a Tesla Model Y.
These rates were updated to reflect the average cost of car insurance for a Tesla Model Y as of 2023.
10Companies Compared
8,964Quotes Analyzed
Average Cost and Cheapest Companies for Insuring a Tesla Model Y
On average, Tesla Model Y insurance costs $2,207 per year, but different providers may offer varying rates. For instance, GEICO provides the cheapest full coverage policy at $1,233 per year, while Farmers has the highest premium at $2,782 per year.
For minimum coverage, State Farm is the cheapest option at $490 per year, whereas Progressive is the most expensive at $881 per year. By comparing multiple quotes, you can find the most affordable car insurance for your needs.
Data filtered by:Results filtered by:
Age:
- 22
- 30
- 70
- 65
- 19
- 29
- 80
- 18
- 85
- 25
- 50
- 55
- 90
- 20
- 26
- 23
- 17
- 60
- 21
- 24
- 35
- 75
- 45
- 16
- 28
- 40
- 27
Age:40
Coverage:
- Full Coverage
- State Minimum
Coverage:Full Coverage
| GEICO | Average Annual Premium$1,233 |
| State Farm | Average Annual Premium$1,548 |
| Nationwide | Average Annual Premium$1,549 |
| Travelers | Average Annual Premium$2,538 |
| Progressive | Average Annual Premium$2,589 |
| Allstate | Average Annual Premium$2,632 |
| Farmers | Average Annual Premium$2,782 |
Is a Tesla Model Y Expensive to Insure?
Insurance companies consider several factors to determine the cost of insuring a given Tesla Model Y. In general, the Tesla Model Y is expensive to insure compared to other models. It has an MSRP of $64,190 for 2022 models, making it a medium-value vehicle. In addition, because it’s an electric SUV, it has higher repair costs than standard vehicles, leading to higher insurance rates.
Best Companies for Insuring a Tesla Model Y
While cost is important, factors like a provider’s customer service and claims management reputation are also worth considering when shopping for the best Tesla Model Y insurance. Based on our study, these companies offer the best car insurance for this make and model:
- GEICO: MoneyGeek score of 90 out of 100 ($1,233 per year)
- State Farm: MoneyGeek score of 88 out of 100 ($1,548 per year)
GEICO is our top pick among the seven insurers we compared because it has the best blend of affordability and service quality. Customers can expect a good customer service experience without paying a high cost.
MoneyGeek Top Pick: State Farm
pros
Offers the cheapest average rate among the providers in our study
Has a high customer satisfaction rating
Offers mechanical breakdown insurance (MBI)
cons
Has a low claims management score
Doesn’t offer original equipment manufacturer (OEM) coverage
COMPANY HIGHLIGHTS
If you’re looking for a balance of affordability and service quality, GEICO offers the best Tesla Model Y insurance. You can also benefit from this company’s add-on coverages, including mechanical breakdown insurance (MBI).
Adding MBI to your policy ensures that all parts and systems on your Tesla Model Y are covered by GEICO, rather than just the specific items covered under most dealer warranties. Your vehicle must be less than 15 months old and have fewer than 15,000 miles to be eligible for this optional coverage.
Other add-on coverages available with GEICO are accident forgiveness and roadside assistance. Accident forgiveness prevents your rate from increasing after your first at-fault accident, while roadside assistance covers the cost of services like tire replacements, jumpstarts and lockout services if you experience a problem on the road.
Read MoneyGeek's GEICO Auto Insurance Review
MoneyGeek Runner-Up: State Farm
pros
Has the second-cheapest rates in our comparison group
Earned an above-average customer satisfaction rating
cons
Has a worse than average claims management score
No gap insurance or original equipment manufacturer (OEM) coverage
COMPANY HIGHLIGHTS
State Farm is our runner-up, providing affordable premiums and excellent customer service. Although it has limited add-on coverages, the ones available are beneficial for most drivers.
For instance, State Farm’s roadside assistance helps cover the costs of various labor services if you are stranded on the side of the road. These include towing and mechanical labor for battery replacement, electrical problems, fluid leaks and other mechanical issues. If your key is lost, stolen or locked inside the vehicle, this add-on coverage will also cover up to one hour of locksmith services.
State Farm also offers rental car and/or travel reimbursem*nt, which covers car rental costs up to chosen limits and travel expenses up to $500. It also repays up to $500 of your deductible if you get into an accident in your rental vehicle.
Read MoneyGeek's State Farm Auto Insurance Review
Cost of Insuring a Tesla Model Y by Model Year
Your average car insurance costs will depend on the age of your Tesla Model Y. A full coverage policy for a 2020 model costs an average of $2,071 per year, but you can expect to pay roughly $118 more per year to insure a 2022 model. A car’s value usually depreciates over time, so rates for older models tend to be cheaper than for newer ones.
Data filtered by:Results filtered by:
Age:
- 40
Age:40
Coverage:
- Full Coverage
- State Minimum
Coverage:Full Coverage
| 2022 | Average Annual Premium$2,189 |
| 2021 | Average Annual Premium$2,129 |
| 2020 | Average Annual Premium$2,071 |
Average car insurance costs also depend on your provider. GEICO is the most affordable option for insuring a Tesla Model Y. A full coverage policy with this insurer costs an average of $1,206 per year and $1,267 per year for a 2020 and 2022 model Tesla Model Y, respectively.
Data filtered by:Results filtered by:
Model Year:
- 2021
- 2020
- 2022
Model Year:2022
Age:
- 40
Age:40
Coverage:
- Full Coverage
- State Minimum
Coverage:Full Coverage
| GEICO | Average Annual Premium$1,276 |
| Nationwide | Average Annual Premium$1,542 |
| State Farm | Average Annual Premium$1,551 |
| Travelers | Average Annual Premium$2,568 |
| Progressive | Average Annual Premium$2,623 |
| Farmers | Average Annual Premium$2,845 |
| Allstate | Average Annual Premium$2,911 |
Cost of Insuring a Tesla Model Y for 16- to 25-Year-Olds
Because of their lack of experience on the road, teen and young adult drivers usually pay significantly higher premiums than those in their 30s and 40s. On average, a 16-year-old driver will pay $9,639 per year to insure a Tesla Model Y, whereas a 40-year-old will only pay $2,130 per year. Car insurance for teens becomes less expensive as they age, with rates stabilizing in their 20s.
Data filtered by:Results filtered by:
Coverage:
- Full Coverage
- State Minimum
Coverage:Full Coverage
| 16 | Average Annual Premium$9,639 |
| 17 | Average Annual Premium$7,878 |
| 18 | Average Annual Premium$6,983 |
| 19 | Average Annual Premium$4,836 |
| 20 | Average Annual Premium$4,405 |
| 21 | Average Annual Premium$3,432 |
| 22 | Average Annual Premium$3,177 |
| 23 | Average Annual Premium$2,960 |
| 24 | Average Annual Premium$2,813 |
| 25 | Average Annual Premium$2,520 |
Adding a teen to a family policy is a great way to save thousands of dollars on premiums every year since individual policies are much more expensive. In addition, teens under 18 are not legally allowed to purchase their own policy without a parent or guardian agreeing to cosign. For 16-year-olds driving a Tesla Model Y released in 2022, State Farm offers the cheapest full coverage policy at $5,027 per year, while Progressive is the most expensive company at $15,020 per year. Compare quotes from multiple providers to find the most affordable teen car insurance option for you.
Data filtered by:Results filtered by:
Age:
- 22
- 30
- 70
- 65
- 19
- 29
- 80
- 18
- 85
- 25
- 50
- 55
- 90
- 20
- 26
- 23
- 17
- 60
- 21
- 24
- 35
- 75
- 45
- 16
- 28
- 40
- 27
Age:16
Model Year:
- 2021
- 2020
- 2022
Model Year:2022
Coverage:
- Full Coverage
- State Minimum
Coverage:Full Coverage
| State Farm | Average Annual Premium$5,027 |
| GEICO | Average Annual Premium$5,876 |
| Nationwide | Average Annual Premium$6,305 |
| Travelers | Average Annual Premium$11,068 |
| Allstate | Average Annual Premium$12,262 |
| Farmers | Average Annual Premium$13,535 |
| Progressive | Average Annual Premium$15,020 |
How Does Location Affect the Cost of Tesla Model Y Insurance?
Another important factor affecting the cost to insure a Tesla Model Y is your location. The cheapest car insurance varies by state — on average, Idaho has the lowest rates, and New York has the highest. When looking for the best car insurance for your Tesla Model Y, it's a good idea to compare multiple quotes from the most affordable insurers in your area.
Data filtered by:Results filtered by:
Age Group:
- 60 +
- 22-29
- 30-59
Age Group:30-59
Coverage:
- Full Coverage
- Minimum Coverage
Coverage:Full Coverage
| Alabama | Cheapest CompanyNationwide | Annual Premium$709 | Monthly Premium$59 |
| Alaska | Cheapest CompanyState Farm | Annual Premium$699 | Monthly Premium$58 |
| Arizona | Cheapest CompanyRoot Insurance Company | Annual Premium$682 | Monthly Premium$57 |
| Arkansas | Cheapest CompanyState Farm | Annual Premium$629 | Monthly Premium$52 |
| California | Cheapest CompanyAAA California | Annual Premium$1,001 | Monthly Premium$83 |
| Colorado | Cheapest CompanyAmerican National P&C | Annual Premium$541 | Monthly Premium$45 |
| Connecticut | Cheapest CompanyGEICO | Annual Premium$693 | Monthly Premium$58 |
| Delaware | Cheapest CompanyState Farm | Annual Premium$881 | Monthly Premium$73 |
Frequently Asked Questions About Tesla Model Y Insurance
It’s common to have questions about affordability and service quality while looking for Tesla Model Y insurance. Here are some answers to frequently asked questions.
What company has the cheapest car insurance for a Tesla Model Y?
The average cost of Tesla Model Y insurance is $2,207 per year, but rates vary by providers. In general, the Tesla Model Y is considered expensive to insure because it's an electric car and has high repair costs. GEICO offers the lowest average rate for a full coverage policy at $1,233 per year, $974 cheaper than the overall average for this car model.
What company offers the best car insurance for a Tesla Model Y?
The best Tesla Model Y insurance is offered by GEICO, which earned a MoneyGeek score of 90 out of 100. It outranked State Farm, Nationwide, Travelers and other major insurers, providing the best balance of affordable premiums and quality service. The average yearly cost of insuring a Tesla Model Y with GEICO is $1,233 per year for full coverage.
