How much does insurance cost for a 2024 Tesla Model S?

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When people shop for a car, most focus on the sticker price, fuel economy, or the features that stand out. But insurance is another big part of the total cost of ownership – and it can change quite a bit from one driver to the next.

Full coverage – which includes liability, collision, and comprehensive – costs closer to $5,074 per year ($423 per month) based on limits of 100/300/100 with $500 deductibles.

2024 Tesla Model S insurance premiums by state

Where you live plays a huge role in what you’ll pay. ZIP codes can matter just as much as your driving history. That’s why insuring a Model S in California might be far more expensive – or cheaper – than in Florida.

Here’s a look at the cheapest and most expensive states for 2024 Tesla Model S insurance.

Cheapest states to insure a 2024 Tesla Model S

Hawaii has the lowest average premium for 2024 Tesla Model S drivers at $2,711 per year ($226 per month). Other affordable states include North Carolina, Idaho, Virginia, and Ohio.

Most expensive states to insure a 2024 Tesla Model S

Louisiana is the most expensive states for car insurance at $8,267 a year, followed by Kentucky with an average annual cost of $7,075 and Rhode Island at $6,684. The table below shows which states have the most expensive 2024 Tesla Model S insurance rates.

2024 Tesla Model S insurance premiums by trim level

Insurance costs also shift depending on the trim. Higher trims often bring more horsepower, advanced tech, and higher price tags – all of which can drive up insurance premiums.

Factors that affect 2024 Tesla Model S car insurance premiums

Insurance for a 2024 Tesla Model S doesn’t come with a one-size-fits-all price. Premiums vary based on factors like the vehicle’s age, trim level, driver profile, and the coverage limits selected. Here’s how it breaks down:

Vehicle-related factors

• Vehicle value. Newer or higher-priced models generally cost more to insure since repairs and replacements are more expensive.
• Repair costs. If the Model S has above-average repair or parts expenses, insurers factor that in with higher premiums.
• Safety ratings. Strong crash-test scores and features like airbags, lane assist, and anti-lock brakes can lower rates and may even earn discounts.
• Theft risk. Models that are commonly stolen tend to have higher insurance costs.

Personal factors

• Age and gender. Younger and less experienced drivers usually face higher premiums.
• Location. Living in a densely populated area with more accidents or thefts often leads to higher insurance rates.
• Driving history. A clean record can help lower your costs, while tickets or accidents can quickly raise them.
• Annual mileage. The more time your Model S spends on the road, the greater the risk, and insurers typically charge more as a result.

Policy choices

• Coverage level. Full coverage policies cost more than liability-only, but they offer broader protection.
• Deductible amount. A higher deductible can lower your premium, but it also means paying more out of pocket if you file a claim.
• Optional add-ons. Features like roadside assistance, gap insurance, or rental reimbursement provide extra peace of mind but increase the total premium.

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Cheapest insurance companies for insuring a 2024 Tesla Model S

Nationwide offers the cheapest car insurance rates for a 2024 Tesla Model S, averaging $2,678 per year. Other insurers with competitive prices include State Farm, Progressive, and GEICO. The table below shows the companies with the most affordable 2024 Tesla Model S insurance rates.

How to lower 2024 Tesla Model S insurance premiums

Looking to save? Here are some practical ways to cut your costs.

• Shop around for quotes. Each insurer calculates risk differently.
• Adjust your coverage. If the car is older or you don’t drive often, lowering limits or dropping extras may save you money.
• Raise your deductible. This lowers premiums but means paying more after a claim.
• Take advantage of discounts. Safe driving, bundling home and auto, low mileage, and built-in safety features can all qualify.
• Keep a clean record. Tickets and accidents can send rates soaring, while safe driving helps keep them low.
• Try usage-based insurance. Some companies offer discounts if you opt into telematics programs that track driving behavior.

Model S insurance premiums by model year

Insurance rates also change depending on the model year. Newer vehicles typically cost more to cover because they have higher values and more complex technology, which can make repairs expensive. Industry-wide labor and repair costs have also risen over time, driving premiums higher across all years.

How expensive is it to insure a 2024 Tesla Model S?

It costs an average of $5,074 per year to insure a 2024 Tesla Model S, which is $2411 more than the national average of $2,663.

Insurance premiums are influenced by many factors, including the vehicle’s make and model. The best way to find savings is to compare quotes from several insurers, ensuring you get coverage that balances affordability with solid protection for your 2024 Tesla Model S.

Methodology

Insure.com commissioned Quadrant Information Services to get insurance rates for new and used vehicles. The rates are based on a sample profile of a 40-year-old male driver with a full coverage policy with limits of 100/300/100 and $500 collision and comprehensive deductibles. We’ve compared 1,661 makes and models and 67,566,780 insurance quotes from 57 companies across 510 ZIP codes. The rates are for insurance purposes only; your exact rates may vary.

Shivani Gite

Contributing Writer

 

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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.