Best Tesla Model Y Car Insurance in 2024 (Your Guide to the Top 10 Companies)
State Farm, Geico, and USAA are the top picks for the best Tesla Model Y car insurance, offering comprehensive coverage and competitive rates. State Farm leads with rates starting at $120 monthly, making it an ideal choice for Tesla Model Y owners seeking affordability and quality protection for their vehicles.
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Tracey L. Wells
Licensed Insurance Agent & Agency Owner
Tracey L. Wells is a licensed insurance agent and Farmers insurance agency owner with 23 years of experience. He is proud to be a local Farmers agent serving Grayson, Georgia and surrounding areas. With experience as both an underwriter and agent, he provides his customers with insight that others agents may not have. His agency offers all lines of insurance including home, life, auto, RV, busi...
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UPDATED: Aug 12, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Aug 12, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident car insurance decisions. Comparison shopping should be easy. We are not affiliated with any one car insurance company and cannot guarantee quotes from any single company.
Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from top car companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
17,757 reviewsCompany Facts
Full Coverage for Tesla Model Y
A.M. Best Rating
Complaint Level
Pros & Cons
17,757 reviews
19,116 reviewsCompany Facts
Full Coverage for Tesla Model Y
A.M. Best Rating
Complaint Level
Pros & Cons
19,116 reviews
6,434 reviewsCompany Facts
Full Coverage for Tesla Model Y
A.M. Best Rating
Complaint Level
Pros & Cons
6,434 reviews
With monthly car insurance premiums starting as low as $120, these companies provide excellent options to protect your investment. Their comprehensive coverage plans, combined with various discounts, ensure you get the best value.
Company Rank Multi-Policy Discount A.M. Best Best For Jump to Pros/Cons
#1 17% B Customer Service State Farm
#2 25% A++ Affordable Rates Geico
#3 10% A++ Military Savings USAA
#4 10% A+ New Drivers Allstate
#5 20% A+ Customizable Plans Progressive
#6 12% A Flexible Policies Liberty Mutual
#7 20% A+ Personalized Service Nationwide
#8 15% A Customer Loyalty Farmers
#9 13% A++ Hybrid Vehicles Travelers
#10 10% A Safe Drivers American Family
Explore how these top providers can help you secure the ideal insurance for your Tesla Model Y. To see fast, free Tesla Model Y insurance quotes right now, just enter your ZIP code above. We’ll provide you with personal Tesla Model Y insurance rate from top companies right away. (For more information, read our “Compare Best Car Insurance Companies That Insure Teslas“.
#1 – State Farm: Top Overall Pick
Pros
- Affordable Premiums: Known for competitive rates, State Farm offers an economical choice for Tesla Model Y owners, making it easier to manage the overall cost of ownership for such a premium electric vehicle, as highlighted in our State Farm car insurance review.
- Comprehensive Coverage Options: State Farm provides a wide range of coverage plans for Tesla Model Y, including specialized options for electric vehicles, ensuring that owners can get the exact level of protection they need.
- Discounts: Various discounts are available for Tesla Model Y owners, including multi-policy discounts, safe driving discounts, and vehicle safety discounts, helping to further reduce the cost of insurance.
Cons
- Limited Online Tools: Some Tesla Model Y users find the online experience with State Farm less robust compared to other insurers, which might be a drawback for tech-savvy customers who prefer managing their policies digitally.
- Claims Process: There are mixed reviews on the speed and efficiency of the claims process for Tesla Model Y with State Farm, with some customers reporting delays and complications, which can be frustrating during critical times.
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#2 – Geico: Best for Affordable Rates
Pros
- Affordable Rates: Geico is renowned for offering some of the lowest premiums in the industry, making it an attractive option for Tesla Model Y owners looking for affordable insurance solutions, as highlighted in our Geico car insurance review.
- Discounts: A variety of discounts are available for Tesla Model Y owners, including for good drivers, federal employees, and military personnel, helping to further reduce the cost of insurance.
- Usage-Based Insurance: The DriveEasy program can offer additional savings for Tesla Model Y owners with safe driving behavior tracked through the app, promoting safe driving habits and reducing premiums.
Cons
- Customer Service: Some Tesla Model Y customers report inconsistent service quality with Geico, which can be frustrating when dealing with claims or policy questions.
- Coverage Options: Geico may have fewer customization options for Tesla Model Y compared to competitors, potentially limiting the flexibility of coverage to meet specific needs.
#3 – USAA: Best for Competitive Rates
Pros
- Competitive Rates: USAA offers affordable premiums for military members and their families who own a Tesla Model Y, often lower than many competitors, making it a cost-effective choice.
- Comprehensive Coverage: USAA provides extensive coverage options tailored for electric vehicles like the Tesla Model Y, ensuring that owners get the protection they need.
- Member Benefits: USAA offers additional benefits for military members who own a Tesla Model Y, including banking and investment services, providing a comprehensive suite of financial solutions.
Cons
- Membership Restrictions: USAA is only available to military members, veterans, and their families, limiting access for Tesla Model Y owners in the general public, as detailed in our USAA car insurance review.
- Limited Local Agents: USAA has fewer physical locations for in-person support, which might be a drawback for Tesla Model Y owners who prefer face-to-face interactions.
#4 – Allstate: Best for Extensive Coverage Options
Pros
- Extensive Coverage Options: Allstate offers customizable policies for Tesla Model Y owners, including comprehensive and collision coverage, ensuring that owners can get the exact level of protection they need.
- Discounts: Numerous discounts are available for Tesla Model Y owners, including for safe driving, anti-theft devices, and bundling multiple policies, helping to reduce the overall cost of insurance, as noted in our Allstate car insurance review.
- Innovative Tools: Allstate offers tools like Drivewise, which provides usage-based discounts and feedback to encourage safe driving for Tesla Model Y owners, helping to reduce premiums and promote safer driving habits.
Cons
- Higher Premiums: Allstate’s rates may be higher compared to some competitors, making it a more expensive option for some Tesla Model Y customers.
- Mixed Customer Service Reviews: Some Tesla Model Y customers report variability in service quality with Allstate, which can affect overall satisfaction and lead to frustration when dealing with claims or policy questions.
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#5 – Progressive: Best for Competitive Rates
Pros
- Competitive Rates: Progressive is known for offering affordable premiums for Tesla Model Y, especially with the Name Your Price tool, allowing owners to find a plan that fits their budget.
- Snapshot Program: Progressive’s usage-based insurance program, Snapshot, offers potential discounts for Tesla Model Y owners with safe driving behavior, tracked via a mobile app or plug-in device, promoting safer driving habits.
- Multi-Policy Discounts: Progressive offers significant savings for Tesla Model Y owners when bundling home, auto, and other policies together, helping to reduce overall insurance costs, as highlighted in our comprehensive guide titled “Progressive Car Insurance Discounts.”
Cons
- Customer Service: There are mixed reviews on the quality of customer support for Tesla Model Y with Progressive, with some customers experiencing less satisfactory interactions.
- Claims Handling: Reports of slower claims processing times and complications in the handling of claims for Tesla Model Y owners can be frustrating and lead to dissatisfaction.
#6 – Liberty Mutual: Best for Customizable Coverage
Pros
- Customizable Coverage: Liberty Mutual offers tailored coverage options for Tesla Model Y owners, including comprehensive, collision, and liability coverage, ensuring that owners can get the exact level of protection they need.
- Discounts: Multiple discounts are available for Tesla Model Y owners, such as for safe driving, bundling policies, and anti-theft devices, helping to reduce the overall cost of insurance.
- New Car Replacement: Liberty Mutual offers new car replacement coverage, which is beneficial for new Tesla Model Y owners, providing peace of mind in case of total loss.
Cons
- Higher Premiums: Liberty Mutual’s rates may be higher for Tesla Model Y owners compared to other providers, potentially making it less affordable for some customers, according to Liberty Mutual car insurance review.
- Mixed Customer Service Reviews: Some Tesla Model Y customers report inconsistent service quality with Liberty Mutual, which can impact overall satisfaction and lead to frustration when dealing with claims or policy questions.
#7 – Nationwide: Best for Vanishing Deductible
Pros
- Vanishing Deductible: Nationwide offers a unique vanishing deductible feature for Tesla Model Y owners, where the deductible decreases over time with safe driving, providing an incentive to maintain good driving habits.
- Comprehensive Coverage Options: Nationwide provides extensive plans tailored for Tesla Model Y, including options for high-value coverage, ensuring that owners get the exact level of protection they need.
- Discounts: Various discounts are available for Tesla Model Y owners, including for multi-policy, safe driving, and anti-theft devices, helping to reduce the overall cost of insurance, as highlighted in the Nationwide Car Insurance Discounts.
Cons
- Higher Premiums: Some Tesla Model Y customers find Nationwide’s rates higher than average, which might be a drawback for budget-conscious consumers looking for affordable insurance options.
- Limited Availability: Coverage options and discounts for Tesla Model Y can vary by state, limiting uniform access and potentially affecting the overall value of the policy.
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#8 – Farmers: Best for Customizable Coverage
Pros
- Customizable Coverage: Farmers offers tailored policies for Tesla Model Y owners, including comprehensive and collision options, ensuring that owners can get the exact level of protection they need, as noted in the Farmers car insurance review.
- Discounts: Multiple discounts are available for Tesla Model Y owners, including for safe driving, bundling policies, and vehicle safety features, helping to reduce the overall cost of insurance.
- Accident Forgiveness: Farmers offers accident forgiveness to Tesla Model Y owners to prevent rates from increasing after the first at-fault accident, providing peace of mind and financial protection.
Cons
- Higher Premiums: Farmers’ rates may be higher for Tesla Model Y owners compared to some competitors, potentially making it less affordable for some customers.
- Limited Online Tools: Farmers’ digital experience might not be as advanced as other providers, which can be a drawback for Tesla Model Y owners who prefer managing their policies online.
#9 – Travelers: Best for Competitive Rates
Pros
- Competitive Rates: Travelers is known for offering affordable premiums for Tesla Model Y owners, making it an attractive option for those looking to manage the overall cost of ownership.
- Comprehensive Coverage Options: Travelers provides extensive plans tailored for electric vehicles like the Tesla Model Y, including comprehensive and collision coverage, ensuring that owners get the exact level of protection they need.
- Discounts: Various discounts are available for Tesla Model Y owners, including for safe driving, multi-policy, and anti-theft devices, helping to reduce the overall cost of insurance.
Cons
- Limited Online Tools: Some Tesla Model Y users find Travelers’ online experience less robust and user-friendly compared to other insurers, which can be a drawback for tech-savvy customers who prefer managing their policies digitally.
- Coverage Limitations: Certain coverage options for Tesla Model Y might not be available in all areas, limiting accessibility and potentially affecting the overall value of the policy, according to Travelers car insurance review.
#10 – American Family: Best for
Pros
- Customizable Coverage: American Family offers tailored policies for Tesla Model Y owners, including options for comprehensive, collision, and liability coverage, ensuring that owners can get the exact level of protection they need.
- Discounts: Multiple discounts are available for Tesla Model Y owners, including for safe driving, bundling policies, and vehicle safety features, helping to reduce the overall cost of insurance, according to our American Family car insurance review.
- KnowYourDrive Program: American Family’s usage-based insurance program, KnowYourDrive, offers discounts for Tesla Model Y owners with safe driving behavior, tracked via a mobile app, promoting safer driving habits and reducing premiums.
Cons
- Higher Premiums: American Family’s rates may be higher for Tesla Model Y owners compared to some competitors, potentially making it less affordable for some customers.
- Limited Availability: Coverage options and discounts for Tesla Model Y can vary significantly by location, affecting uniform access and potentially impacting the overall value of the policy.
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High Insurance Costs for Vehicles Like the Tesla Model Y
Vehicles like the Tesla Model Y tend to have high insurance costs. Factors such as advanced technology, expensive parts, and repair costs contribute to the higher premiums. Understanding these elements can help you navigate the insurance landscape for such high-end electric vehicles.
Insurance Company Minimum Coverage Full Coverage
Allstate $83 $150
American Family $65 $129
Farmers $54 $140
Geico $60 $133
Liberty Mutual $80 $148
Nationwide $63 $125
Progressive $70 $137
State Farm $75 $145
Travelers $59 $135
USAA $50 $120
Take a look at how insurance rates for similar models to the Tesla Model Y look. These insurance rates for other SUVs like the Ford Mustang Mach-E, Lexus GX, and BMW X7 give you a good idea of what to expect.
Tesla Model Y Car Insurance Monthly Rates vs. Other Vehicles
| Vehicle | Comprehensive | Collision | Liability | Total |
|---|---|---|---|---|
| Honda Pilot | $336 | $470 | $372 | $1,336 |
| Mazda Tribute | $188 | $330 | $390 | $1,044 |
| Buick Enclave | $348 | $594 | $372 | $1,472 |
| Kia Sorento | $322 | $562 | $372 | $1,414 |
| Dodge Journey | $322 | $532 | $372 | $1,384 |
| Dodge Durango | $348 | $562 | $372 | $1,440 |
| Volkswagen Atlas | $376 | $718 | $372 | $1,624 |
| Toyota FJ Cruiser | $282 | $350 | $452 | $1,242 |
In conclusion, while vehicles like the Tesla Model Y offer numerous benefits, it’s important to be aware of the associated insurance costs. By considering these factors, you can make informed decisions and potentially find ways to mitigate the expense. Discover our comprehensive guide to “Calculating Car Insurance Cost” for additional insights.
Factors Influencing the Cost of Tesla Model Y Insurance
The specific Tesla Model Y trim and model you select can significantly affect the overall cost of your insurance coverage. Different trims and models come with varying levels of technology, performance capabilities, and repair costs, all of which can influence insurance premiums.
In addition to the model-specific factors, your insurance rates for the Tesla Model Y will also be influenced by your geographic location. The area where you live can impact the cost due to regional insurance rate variations, local regulations, and the frequency of claims in your area.
Furthermore, your driving history plays a crucial role; a record of safe driving can help lower your premiums, while a history of accidents or violations may increase them. For further details, check out our in-depth “Factors That Affect Car Insurance Rates” article.
Tesla Model Y Crash Test Ratings
Good Tesla Model Y crash test ratings can lower your Tesla Model Y auto insurance rates. You can see Tesla Model Y crash test results here.
Tesla Model Y Crash Test Ratings
| Vehicle Tested | Overall | Frontal | Side | Rollover |
|---|---|---|---|---|
| 2020 Tesla Model Y SUV AWD | N/R | N/R | N/R | N/R |
Lastly, in many states, factors such as your age and gender also affect your insurance rates. Insurance providers often use demographic data to assess risk levels and determine premiums, which means that these personal factors can further influence the cost of insuring your Tesla Model Y.
Strategies for Reducing Tesla Model Y Insurance Costs
Finding ways to save on Tesla Model Y insurance can significantly ease your financial burden while ensuring you maintain adequate coverage.
By leveraging various strategies and exploring available discounts, you can effectively manage your insurance premiums without compromising on the quality of protection for your vehicle. Understanding these methods can help you make informed decisions and potentially reduce your overall insurance costs.
There are several ways you can save even more on your Tesla Model Y car insurance rates. Take a look at the following five tips:
- Ask about discounts for people with disabilities.
- Ask about Tesla Model Y discounts if you were listed on someone else’s policy.
- Buy winter tires for your Tesla Model Y.
- Don’t assume your Tesla Model Y is cheaper to insure than another vehicle. Compare. Compare. Compare.
- Compare apples to apples when comparing Tesla Model Y insurance quotes and policies.
In summary, adopting these strategies to lower Tesla Model Y insurance costs can lead to substantial savings. By taking advantage of available discounts, optimizing your coverage options, and maintaining a clean driving record, you can achieve a more affordable insurance premium while still securing comprehensive protection for your Tesla Model Y.
Staying proactive and informed about cost-saving opportunities will help you manage your insurance expenses effectively. Explore our detailed analysis on “Car Insurance Discounts: Compare the Best Discounts” for additional information.
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Leading Insurance Providers for Tesla Model Y
When selecting insurance for your Tesla Model Y, choosing the right provider can make a significant difference in terms of coverage and cost. Leading insurance companies offer tailored policies that cater to the unique needs of Tesla Model Y owners, ensuring comprehensive protection and competitive rates.
Several insurance companies offer competitive rates for the Tesla Model Y based on factors like discounts for safety features. Take a look at these top car insurance companies that are popular with Tesla Model Y drivers organized by market share.
Top Tesla Model Y Insurance Companies by Market Share
| Rank | Company | Volume | Market Share |
|---|---|---|---|
| 1 | State Farm | $66,153,063 | 9.1% |
| 2 | Geico | $46,358,896 | 6.4% |
| 3 | Progressive | $41,737,283 | 5.7% |
| 4 | Allstate | $39,210,020 | 5.4% |
| 5 | Liberty Mutual | $36,172,570 | 5.0% |
| 6 | Travelers | $28,786,741 | 4.0% |
| 7 | USAA | $24,621,246 | 3.4% |
| 8 | Chubb | $24,199,582 | 3.3% |
| 9 | Farmers | $20,083,339 | 2.8% |
| 10 | Nationwide | $18,499,967 | 2.5% |
In conclusion, opting for one of the leading insurance providers for your Tesla Model Y can enhance your coverage while potentially lowering your premiums. By evaluating and choosing from top-rated insurance companies, you can find the best policy that meets your needs and offers reliable protection for your vehicle.
Evaluating Free Tesla Model Y Insurance Quotes Online
Evaluating free Tesla Model Y insurance quotes online is an essential step in finding the most competitive rates and comprehensive coverage for your vehicle. Read our extensive guide on “Compare Car Insurance Rates by State” for more knowledge.
By comparing quotes from different insurance providers, you can gain insights into the various options available and identify which policies offer the best value for your needs. This process allows you to assess factors such as coverage limits, deductibles, and additional benefits, helping you make an informed decision that balances cost with quality protection.
State Farm excels in providing tailored coverage for Tesla Model Y owners, ensuring both affordability and comprehensive protection.
Daniel Walker Licensed Insurance Agent
In conclusion, taking the time to compare free Tesla Model Y insurance quotes online can significantly benefit you by identifying the most cost-effective and well-suited insurance options. By carefully reviewing and contrasting various quotes, you ensure that you secure the best coverage at the most competitive rates.
This thorough evaluation process helps you make a knowledgeable choice, ultimately leading to better protection for your Tesla Model Y and potential savings on your insurance premiums. You can start comparing quotes for Tesla Model Y insurance from some of the top car insurance companies by using our free online tool today.
Frequently Asked Questions
What are the Tesla Model Y insurance needs?
To determine your Tesla Model Y insurance needs, assess your coverage options, the vehicle’s value, and personal factors such as your driving history and location. Comprehensive coverage is often recommended to fully protect your investment.
How can I estimate the insurance costs for Tesla Model Y?
Estimate the insurance costs for Tesla Model Y by comparing quotes from multiple insurance providers. Key factors include your driving record, location, and specific model features.
What is the average monthly Tesla Model Y insurance in California?
Monthly Tesla Model Y insurance in California can vary widely based on factors such as your coverage levels, driving history, and exact location within the state. For precise figures, obtain quotes from local insurance companies.
Explore our detailed analysis on “Compare Monthly Car Insurance” for additional information.
What are the typical Tesla Model Y insurance rates USA-wide?
Tesla Model Y insurance rates across the USA depend on various elements including state regulations, regional risk factors, and your personal driving profile. Rates can differ significantly by location.
What factors influence the cost of insuring a Tesla Model Y?
The cost of insuring a Tesla Model Y is affected by factors such as the model’s features, repair and replacement costs, your driving history, your location, and the type of coverage you choose.
Does the Tesla Model Y require gap insurance?
Gap insurance for the Tesla Model Y is not mandatory but is recommended if you want protection against the difference between the vehicle’s value and the amount owed on a loan or lease in case of a total loss.
Get more insights by reading our expert “Compare Car Insurance by Coverage Type” advice.
Who are the top Tesla Model Y insurance providers?
Top insurance providers for the Tesla Model Y include companies that specialize in electric vehicle coverage, offer competitive rates, and provide policies tailored specifically for Tesla owners.
Explore your car insurance options by entering your ZIP code below and finding which companies have the lowest rates.
What insurance group does the Tesla Model Y belong to?
The Tesla Model Y falls into an insurance group classification that impacts the cost of premiums based on factors such as safety ratings, repair costs, and risk of theft.
What is the highest insurance group for Tesla Model Y?
The highest insurance group for the Tesla Model Y is determined by the vehicle’s risk profile, repair costs, and safety features. Generally, higher insurance groups result in higher premiums.
Continue reading our full “Finding Free Car Insurance Quotes Online” guide for extra tips.
Why is Tesla Model Y insurance so high?
The high insurance costs for the Tesla Model Y are attributed to its advanced technology, high repair costs, and its status as a high-value, high-performance electric vehicle.
What will Tesla Model Y insurance cost?
The cost of Tesla Model Y insurance will be influenced by updates to the vehicle model, regional insurance rate changes, and adjustments in coverage options.
How can I find out how to get Tesla Model Y insurance?
To get Tesla Model Y insurance, research different insurance providers, compare quotes, and choose the coverage options that best suit your needs.
For more information, explore our informative “Where can I easily finding quick car insurance quotes?” page.
What are the typical Tesla Model Y insurance coverages available?
Typical insurance coverages for the Tesla Model Y include liability, collision, and comprehensive coverage. Optional coverages like gap insurance and roadside assistance are also available.
How can I compare Tesla Model Y insurance quotes online?
Compare Tesla Model Y insurance quotes online by using comparison tools and websites that aggregate quotes from various insurers, allowing you to evaluate coverage options and rates.
What are some reasonable Tesla Model Y insurance rates?
Reasonable Tesla Model Y insurance rates strike a balance between adequate coverage and cost, taking into account factors like your driving profile, location, and the vehicle’s specific needs.
Read our extensive guide on “How do you get competitive quotes for car insurance?” for more knowledge.
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Enter your ZIP code below to view companies that have cheap car insurance rates.
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Tracey L. Wells
Licensed Insurance Agent & Agency Owner
Tracey L. Wells is a licensed insurance agent and Farmers insurance agency owner with 23 years of experience. He is proud to be a local Farmers agent serving Grayson, Georgia and surrounding areas. With experience as both an underwriter and agent, he provides his customers with insight that others agents may not have. His agency offers all lines of insurance including home, life, auto, RV, busi...
Licensed Insurance Agent & Agency Owner
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
