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

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When shopping for a new vehicle, most people focus on the sticker price, fuel efficiency or available features – but insurance cost is also an important factor when calculating the cost of ownership.

Car insurance rates for a 2024 Tesla Model S vary based on the coverage level you choose. Costs differ because insurers weigh the amount of protection you’re buying, the risk they take on, and how much you’d pay out of pocket if you file a claim.

For full coverage-which generally includes liability, collision, and comprehensive protection-the average price is $5,074 per year ($423 per month). This estimate is based on coverage limits of 100/300/100 with $500 deductibles for collision and comprehensive.

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.

The table below shows the cheapest states to insure a 2024 Tesla Model S.

State name	Average annual premium
Hawaii	$2,711
North Carolina	$2,986
Idaho	$3,263
Virginia	$3,373
Ohio	$3,389

Most expensive states to insure a 2024 Tesla Model S

On the flip side, Louisiana is the most expensive state, with an average annual premium of $8,267. It’s followed by Kentucky ($7,075 a year) and Rhode Island ($6,684 a year).

The table below shows which states have the most expensive 2024 Tesla Model S insurance rates.

State name	Average annual premium
Louisiana	$8,267
Kentucky	$7,075
Rhode Island	$6,684
Texas	$6,669
Mississippi	$6,599

2024 Tesla Model S insurance premiums by trim level

Insurance rates also vary by trim. Higher trims often come with more powerful engines, luxury tech, and a bigger price tag – all of which can push premiums higher.

Below, you’ll see how car insurance rates for the 2024 Tesla Model S compare across trim levels.

Trim	Average annual premium
Model S	$4,767
Model S Plaid	$5,382

Factors that influence 2024 Tesla Model S insurance premiums

Insurance rates for a 2024 Tesla Model S aren’t set in stone. What you’ll pay depends on things like the car’s age, the trim you choose, who’s behind the wheel, and the coverage limits in the policy. Here’s a closer look at the factors that make a difference.

Vehicle-related factors

Vehicle value. Newer or pricier models cost more to insure.
Repair costs. Higher repair or parts costs drive up premiums.
Safety ratings. Strong crash-test results and advanced safety features may reduce rates.
Theft risk. Models frequently targeted by thieves cost more to cover.

Driver-related factors

Age and gender. Younger drivers usually pay more.
Location. City drivers face higher premiums than rural drivers.
Driving history. Clean records lower costs, while tickets and accidents increase them.
Annual mileage. More time on the road means more risk, and higher premiums.

Policy-related factors

Coverage level. Full coverage costs more than liability-only, but offers broader protection.
Deductible amount. Higher deductibles lower premiums but increase out-of-pocket costs after a claim.
Optional add-ons. Coverage like roadside assistance, gap insurance, or rental reimbursement adds convenience but raises 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.

Company group	Average annual premium
Nationwide	$2,678
State Farm	$3,694
Progressive	$4,933
GEICO	$5,228
Farmers	$5,542
Allstate	$8,099

How to lower 2024 Tesla Model S insurance premiums

Here are some ways to lower your auto insurance rates.

Shop around for quotes. Compare rates from multiple insurers, since each company evaluates risk differently.
Adjust your coverage. If your vehicle is older or you don’t drive often, you may save by lowering your limits or dropping extras you don’t need.
Raise your deductible. A higher deductible means paying more out of pocket after a claim, but it usually lowers your monthly premium.
Take advantage of discounts. Look for savings tied to safe driving, bundling home and auto, low mileage, or built-in safety features.
Keep a clean driving record. Avoiding accidents and tickets is one of the most reliable ways to keep premiums low.
Consider usage-based insurance. Some insurers offer telematics programs that track driving habits and reward safe drivers with discounts.

Model S insurance premiums by model year

Insurance rates for the Model S change depending on the model year. In most cases, newer vehicles cost more to insure because they carry a higher market value and advanced technology that makes repairs more expensive. Rising labor and repair costs over the years have also pushed premiums higher across the board.

Below, you can compare average insurance premiums for the 2024 Tesla Model S by model year.

Model year	Average annual premium
2014	$3,360
2015	$3,674
2016	$3,651
2017	$3,759
2018	$4,061
2019	$4,203
2020	$4,530
2021	$4,769
2022	$5,249
2023	$5,026
2024	$5,074

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

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

Insurance premiums vary widely, but comparing multiple quotes is the best way to make sure you’re paying a fair price while still getting strong protection.

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.

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Shivani Gite

Contributing Writer

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.

On this page

2024 Tesla Model S insurance premiums by state
2024 Tesla Model S insurance premiums by trim level
Factors that influence 2024 Tesla Model S insurance premiums
Cheapest insurance companies for insuring a 2024 Tesla Model S
How to lower 2024 Tesla Model S insurance premiums
Model S insurance premiums by model year
How expensive is it to insure a 2024 Tesla Model S?
Methodology