Cheap Tesla Model S Car Insurance in 2024 (Save Money With These 10 Companies)

Finding cheap Tesla Model S car insurance can be daunting, but our guide simplifies the search with insights into the top picks these are Progressive, State Farm, and USAA.

These providers offer robust coverage options tailored specifically for Tesla Model S owners, emphasizing competitive pricing and comprehensive policies.

Our Top 10 Company Picks: Cheap Tesla Model S Car Insurance

Whether you’re looking to maximize savings or ensure extensive protection, this article explores how these insurers stand out in the realm of cheap Tesla Model S car insurance.

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#1 – Progressive: Top Overall Pick

#1 – Progressive: Top Overall Pick

Pros

• Bundling Policies: Progressive offers significant discounts for bundling multiple insurance policies, including for a Tesla Model S. See more details on our guide “Progressive Insurance Review & Ratings.”
• High Low-Mileage Discount: Progressive provides a substantial discount for low-mileage usage, ideal for Tesla Model S owners.
• Wide Coverage: Progressive offers various options tailored to different business needs, including coverage specific to a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of Progressive is lower compared to some competitors, which might impact savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, Progressive’s premiums might still be relatively higher for certain coverage levels, including Tesla Model S insurance.

#2 – State Farm: Best for Comprehensive Coverage

Pros

• Bundling Policies: State Farm offers significant discounts for bundling multiple insurance policies, including coverage for a Tesla Model S. See more details on our article called “State Farm Insurance Review & Ratings.”
• High Low-Mileage Discount: State Farm provides a substantial discount for low-mileage usage, beneficial for Tesla Model S owners.
• Wide Coverage: State Farm offers various options tailored to different business needs, including comprehensive coverage for a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of State Farm is lower compared to some competitors, potentially affecting savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, State Farm’s premiums might still be relatively higher for certain coverage levels, particularly for a Tesla Model S.

#3 – USAA: Best for Military Discounts

Pros

• Bundling Policies: USAA offers significant discounts for bundling multiple insurance policies, including coverage for a Tesla Model S. Read up on the “USAA Insurance Review & Ratings” for more information.
• High Low-Mileage Discount: USAA provides a substantial discount for low-mileage usage, which can benefit Tesla Model S owners.
• Wide Coverage: USAA offers various options tailored to different business needs, including specialized coverage for a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of USAA is lower compared to some competitors, potentially impacting savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, USAA’s premiums might still be relatively higher for certain coverage levels, especially for a Tesla Model S.

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#4 – American Family: Best for Loyal Customer

Pros

• Bundling Policies: American Family offers significant discounts for bundling multiple insurance policies, including coverage for a Tesla Model S.
• High Low-Mileage Discount: American Family provides a substantial discount for low-mileage usage, ideal for Tesla Model S owners. Check out insurance savings in our complete article called “American Family Insurance Review & Ratings.”
• Wide Coverage: American Family offers various options tailored to different business needs, including comprehensive coverage for a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of American Family is lower compared to some competitors, potentially affecting savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, American Family’s premiums might still be relatively higher for certain coverage levels, particularly for a Tesla Model S.

#5 – Nationwide: Best for Accident Forgiveness

Pros

• Bundling Policies: Nationwide offers significant discounts for bundling multiple insurance policies, including coverage for a Tesla Model S. Learn more in our guide titled “Nationwide Insurance Review & Ratings.”
• High Low-Mileage Discount: Nationwide provides a substantial discount for low-mileage usage, beneficial for Tesla Model S owners.
• Wide Coverage: Nationwide offers various options tailored to different business needs, including specialized coverage for a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of Nationwide is lower compared to some competitors, potentially impacting savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, Nationwide’s premiums might still be relatively higher for certain coverage levels, especially for a Tesla Model S.

#6 – Allstate: Best for Safe Driving

Pros

• Bundling Policies: Allstate offers significant discounts for bundling multiple insurance policies, including coverage for a Tesla Model S.
• High Low-Mileage Discount: Allstate provides a substantial discount for low-mileage usage, ideal for Tesla Model S owners. Delve into our evaluation of “Allstate Insurance Review & Ratings.”
• Wide Coverage: Allstate offers various options tailored to different business needs, including comprehensive coverage for a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of Allstate is lower compared to some competitors, potentially impacting savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, Allstate’s premiums might still be relatively higher for certain coverage levels, particularly for a Tesla Model S.

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#7 – Travelers: Best for Hybrid Discounts

Pros

• Bundling Policies: Travelers offers significant discounts for bundling multiple insurance policies, including coverage for a Tesla Model S.
• High Low-Mileage Discount: Travelers provides a substantial discount for low-mileage usage, beneficial for Tesla Model S owners. Discover more about offerings in our article titled “Travelers Insurance Review & Ratings.”
• Wide Coverage: Travelers offers various options tailored to different business needs, including specialized coverage for a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of Travelers is lower compared to some competitors, potentially affecting savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, Travelers’ premiums might still be relatively higher for certain coverage levels, especially for a Tesla Model S.

#8 – Farmers: Best for Customizable Plans

Pros

• Bundling Policies: Farmers offers significant discounts for bundling multiple insurance policies, including coverage for a Tesla Model S. Discover more about offerings in our article called “Farmers Insurance Review & Ratings.”
• High Low-Mileage Discount: Farmers provides a substantial discount for low-mileage usage, ideal for Tesla Model S owners.
• Wide Coverage: Farmers offers various options tailored to different business needs, including comprehensive coverage for a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of Farmers is lower compared to some competitors, potentially impacting savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, Farmers’ premiums might still be relatively higher for certain coverage levels, particularly for a Tesla Model S.

#9 – Liberty Mutual: Best for Bundle Savings

Pros

• Bundling Policies: Liberty Mutual offers significant discounts for bundling multiple insurance policies, including coverage for a Tesla Model S.
• High Low-Mileage Discount: Liberty Mutual provides a substantial discount for low-mileage usage, beneficial for Tesla Model S owners. Discover more about offerings in our article titled “Liberty Mutual Review & Ratings.”
• Wide Coverage: Liberty Mutual offers various options tailored to different business needs, including specialized coverage for a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of Liberty Mutual is lower compared to some competitors, potentially impacting savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, Liberty Mutual’s premiums might still be relatively higher for certain coverage levels, especially for a Tesla Model S.

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#10 – The Hartford: Best for Senior Focused

Pros

• Bundling Policies: The Hartford offers significant discounts for bundling multiple insurance policies, including coverage for a Tesla Model S. Discover more about offerings in our article called “The Hartford Insurance Review & Ratings.”
• High Low-Mileage Discount: The Hartford provides a substantial discount for low-mileage usage, ideal for Tesla Model S owners.
• Wide Coverage: The Hartford offers various options tailored to different business needs, including comprehensive coverage for a Tesla Model S.

Cons

• Limited Multi-Policy Discount: The multi-policy discount of The Hartford is lower compared to some competitors, potentially impacting savings on Tesla Model S insurance.
• Premium Costs: Despite discounts, The Hartford’s premiums might still be relatively higher for certain coverage levels, particularly for a Tesla Model S.

Tesla Model S Insurance Coverage Rates Comparison

When considering insurance for your Tesla Model S, understanding the varying monthly rates based on coverage levels is crucial. Below is a comparison of minimum and full coverage rates from leading providers, offering insights into cost variations across different insurance plans.

Tesla Model S Car Insurance Monthly Rates by Coverage Level & Provider

Among the listed providers, monthly rates for minimum coverage range from $115 with Progressive to $150 with The Hartford. For full coverage, rates vary from $230 with Progressive to $280 with The Hartford. These rates reflect differences in coverage extents, insurer policies, and considerations specific to Tesla Model S drivers.

Understanding these rates helps in making informed decisions tailored to your insurance needs and budget. Delve into our evaluation of “Best Car Insurance Discounts to Ask for.”

Factors That Influence Tesla Model S Car Insurance Rates

Insurance companies consider several factors when determining the cost of insuring a Tesla Model S. Firstly, the vehicle’s high value, owing to its luxury status and advanced technology, contributes significantly to insurance rates, reflecting potential repair or replacement costs.

Secondly, your driving history and previous claims history influence premiums; a clean record often leads to lower rates. Location plays a crucial role too, with urban areas generally seeing higher rates due to increased traffic and theft risks. Age and gender are also factors, with younger and male drivers typically facing higher premiums.

Lastly, credit score can impact rates, as higher scores may indicate lower risk and result in more affordable insurance premiums. If you want to learn more about the company, head to our article called “Which car insurance companies don’t use credit score when calculating rates?”

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Understanding the Insurance Coverage Options for Tesla Model S

When insuring your Tesla Model S, it’s crucial to consider various coverage options tailored to your needs. These include liability coverage, which is mandatory in most states and covers injury and property damage in accidents. Collision coverage protects against damages from accidents with other vehicles or objects, regardless of fault, preserving your Tesla’s value.

Read up on the “Does my car insurance cover damage caused by an overheated engine?” for more information.

Comprehensive coverage safeguards against non-collision damages like theft or natural disasters, crucial for protecting your investment. Additionally, uninsured/underinsured motorist coverage and medical payments coverage ensure you’re financially protected in accidents involving uninsured drivers or covering medical expenses.

Given the higher repair costs of luxury electric vehicles, choosing comprehensive coverage is prudent for complete financial protection.

Comparing Insurance Costs for Different Tesla Model S Models and Trims

Insurance costs for various Tesla Model S models and trims can fluctuate based on several key factors. Firstly, the vehicle’s value varies across different models and trim levels, with higher-priced variants often attracting higher insurance premiums to cover potential repair or replacement expenses.

Secondly, performance enhancements such as increased horsepower or faster acceleration can elevate insurance rates due to heightened accident risks and potentially higher repair costs. Conversely, advanced safety features like collision avoidance systems or autonomous driving capabilities can contribute to lower insurance premiums by reducing the likelihood of accidents.

Lastly, variations in repair costs, influenced by model-specific parts and availability, also impact insurance pricing. It’s essential for prospective buyers to compare insurance quotes for different Tesla Model S configurations to effectively plan and decide on their purchase. Check out insurance savings in our complete guide titled “Compare Car Insurance Quotes.”

The Impact of Tesla Model S Safety Features on Insurance Rates

The Tesla Model S is renowned for its advanced safety features designed to provide enhanced protection for drivers and passengers. These safety features can have a positive impact on insurance rates for the vehicle. Insurance companies often offer discounts for vehicles equipped with specific safety features that minimize the risk of accidents or reduce the severity of injuries. Some key safety features offered in the Tesla Model S that can influence insurance rates include:

• Autopilot: Tesla’s Autopilot is an advanced driver-assistance system that uses cameras and sensors to control acceleration, braking, and steering. It can help prevent accidents by improving vehicle control and reducing the risk of human error. Insurance providers may offer discounts for Tesla Model S vehicles equipped with Autopilot due to the reduced risk of accidents.
• Collision Avoidance: The Tesla Model S incorporates collision avoidance systems that use radar and cameras to detect potential collisions and apply emergency braking if necessary. These systems can significantly reduce the risk of rear-end collisions and other accidents. Insurance companies may consider vehicles with collision avoidance systems as safer, resulting in potential insurance discounts.
• Adaptive Cruise Control: Tesla Model S offers adaptive cruise control, which helps maintain a safe following distance from the vehicle ahead. It adjusts the speed accordingly, reducing the risk of rear-end collisions caused by sudden braking or inattentiveness. Insurance providers may recognize the benefits of adaptive cruise control and offer lower rates for Tesla Model S vehicles equipped with this feature.
• Stability and Traction Control: The Tesla Model S comes with advanced stability and traction control systems that enhance vehicle stability and grip on different road surfaces. These systems help prevent skidding and loss of control, reducing the risk of accidents. Insurance companies may reward vehicles equipped with such safety features with lower insurance rates.

By investing in a Tesla Model S equipped with advanced safety features, not only are you enhancing your safety on the road, but you may also qualify for insurance discounts or lower rates. It is essential to check with insurance providers to understand the specific criteria for discounts related to safety features.

Unlock details in our guide titled “Collision vs. Comprehensive Car Insurance: Which coverage is right for you?”

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Tips for Finding Affordable Car Insurance for Your Tesla Model S

While car insurance for a Tesla Model S may have higher premiums compared to conventional vehicles, there are strategies you can employ to find affordable insurance rates:

• Shop Around and Compare: To ensure you get the best insurance rates for your Tesla Model S, it is crucial to shop around and compare quotes from different insurance providers. Each insurer uses its own algorithms to determine rates, so obtaining multiple quotes allows you to find the best possible coverage at the most affordable price.
• Consider Package Deals: Many insurance companies offer multi-policy discounts. Bundling your Tesla Model S insurance with other policies such as home insurance might result in reduced rates and overall savings.
• Choose Higher Deductibles: Opting for higher deductibles can lower your insurance premiums. However, make sure you are comfortable with the out-of-pocket expenses in case of an accident or claim.
• Utilize Discounts: Insurance companies may offer various discounts that can help lower your Tesla Model S insurance rates. Some potential discounts to inquire about include safe driver discounts, loyalty discounts, or discounts for having a vehicle equipped with specific safety features.
• Consider Usage-Based Insurance: Usage-based insurance programs track your driving habits using telematics devices or smartphone apps. By demonstrating safe driving behavior, such as avoiding hard braking or excessive acceleration, you may be eligible for discounts based on your driving data.

Taking the time to research and explore different insurance options can help you find affordable coverage for your Tesla Model S. It is crucial to strike a balance between cost and adequate coverage to ensure you are protected financially in case of an accident or unforeseen events. If you want to learn more about the company, head to our article called “Safety Features Car Insurance Discount”

Finding Savings on Tesla Model S Insurance

Insurance providers offer various discounts and savings opportunities that can help reduce the cost of Tesla Model S insurance. Here are a few potential discounts to look for:

• Safe Driver Discounts: Insurance companies may offer discounts to policyholders who have maintained a clean driving record without any accidents or traffic violations. Demonstrating responsible driving behavior can help you qualify for lower insurance rates.
• Multi-Vehicle Discounts: If you have multiple vehicles insured with the same insurance provider, you may qualify for a multi-vehicle discount. Insuring your Tesla Model S alongside other vehicles can result in savings on your overall insurance premiums.
• Good Student Discounts: If you or a household member on your policy is a student who maintains good grades, you may be eligible for a good student discount. Insurance companies often reward students for their academic achievements by offering reduced insurance rates.
• Low Mileage Discounts: If you do not drive your Tesla Model S frequently or have a low annual mileage, you may qualify for a low mileage discount. Insurance companies often consider lower mileage as an indication of reduced exposure to potential accidents, leading to potentially lower insurance rates.
• Association or Group Discounts: Some insurance providers offer discounted rates to members of specific professional organizations, alumni associations, or other affiliated groups. It is worth exploring if you are eligible for any association or group discounts that can help lower your Tesla Model S insurance premiums.

It is essential to inquire about all potential discounts and savings opportunities when obtaining insurance quotes for your Tesla Model S. These discounts can help make your insurance premiums more affordable and save you money in the long run. called “My driving record is clean, but my husband has a DUI and suspended license. How can we get car insurance?”

Average Tesla Model S Insurance Premiums Across States

The average annual insurance premiums for the Tesla Model S can vary significantly across different states due to several key factors. State insurance regulations play a crucial role as they influence how insurance companies assess risks and set rates for insuring vehicles like the Tesla Model S.

Population density is another factor, with states experiencing higher population densities often facing increased traffic congestion and higher accident rates, impacting insurance costs. Additionally, states prone to extreme weather or high vehicle theft rates may also see higher insurance premiums due to increased risks of accidents or theft.

Actual annual premiums can vary widely, with approximate ranges for select states including California ($2,500 – $3,500), New York ($2,800 – $4,000), Florida ($3,000 – $4,500), Texas ($2,500 – $3,800), and Illinois ($2,200 – $3,500). These figures provide a general guideline, and obtaining personalized quotes from insurance providers is recommended to determine accurate rates based on individual circumstances.

Read up on the “How does the insurance company determine my premium?” for more information.

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Key Considerations for Tesla Model S Insurance

When selecting an insurance provider for your Tesla Model S, several critical factors should guide your decision. Firstly, assess the insurer’s experience and reputation in handling luxury electric vehicles like the Tesla Model S, ensuring they offer specialized coverage tailored to its unique needs.

Secondly, compare policy offerings, looking for comprehensive coverage that includes protection against specific risks relevant to electric vehicles, such as battery damage or charging equipment liability. Additionally, consider customer service quality and responsiveness, crucial for prompt claims processing and support in case of emergencies. Unlock details in our guide titled “Your Insurance Agent’s Role in the Claims Process.”

Lastly, evaluate pricing and discounts available, ensuring competitive rates without compromising on coverage quality or customer service standards. By considering these factors, you can choose an insurance provider that best meets your Tesla Model S’s insurance needs effectively.

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