Tesla Model Y Car Insurance Cost 2022

Tesla Model Y car insurance cost – Forbes Advisor

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Overview of Tesla Model Y car insurance:

  • Average car insurance premium for a 30-year-old driver: $2,648
  • Most Affordable Tesla Model Y Insurance: Nationwide, USAA, Erie
  • Cheapest State for Type Y Insurance: Vermont
  • Most Expensive State for Type Y Insurance: California

The Forbes Wheels team says the Tesla Model Y is an all-electric crossover with a powerful suite of advanced driver and entertainment technologies. Unfortunately, Form Y is not eligible for federal tax credits. But you may be able to save money when you buy a car insurance policy. Here we look at the average insurance costs for a Tesla Model Y.

Tesla Model Y insurance costs by company

Tesla Model Y owners can save hundreds of dollars a year by comparing car insurance quotes between several insurance companies. Among the large insurance companies we analyzed, Nationwide offers the cheapest car insurance for Tesla Model Y. The cheapest car insurance in our analysis was USAA. If you do not qualify for USAA auto insurance as a military veteran, individual, or family member, try quotes from Erie and State Farm.

Additionally, Tesla insurance is available directly from Tesla.

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Tesla Model Y insurance costs by state

Government variations on Tesla Model Y insurance costs are usually driven by past claims, medical costs, repair costs, state regulations, and more. California is the most expensive state to insure a Tesla Model Y car ($4,244 per year). Vermont is the cheapest ($1616/year).

Insurance cost for Tesla Model Y based on driver’s age

The cheapest age to insure a Tesla Model Y is 60, according to a Forbes Advisor price analysis.

Women and men between the ages of 30 and 70 pay about the same amount to insure a Tesla Model Y. For example, 40-year-old women pay only $12 less annually than 40-year-old men.

The most expensive Tesla Model Y insurance age is 20 years or younger. Gender is also a cost factor for young drivers. A 20-year-old female driver might pay nearly $800 less annually to insure a Model Y than a 20-year-old man.

There are many factors that go into determining the price of your car insurance. This includes your driving history, your garage address (where you keep the car), annual mileage, credit-based insurance score (bad credit risk pays more), your past claims, type of car, any recent mishap in car insurance coverage and the type and amount of insurance coverage chosen. .

Related9 Factors Affecting Your Car Insurance Rates

Tesla Model Y insurance against similar cars

If you are considering buying a Tesla Model Y, you might also consider buying an Audi e-tron, Ford Mustang Mach-E, or Volvo XC40 Recharge. Of these models, the Tesla Model Y is the most expensive to insure on average.

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How to Save Money on Tesla Model Y Car Insurance

There are several ways you can lower your car insurance costs, such as:

  • Compare quotes. Not every insurance company rates a Model Y policy the same way. The best way to find a good price is to compare car insurance quotes from several different companies.
  • Buy the right amount of car insurance. While you want to make sure you are adequately insured, you also don’t want to overpay for insurance you don’t need. Here is a guide to determining how much car insurance you need.
  • Get rewarded for safe driving. Most insurance companies have a usage-based insurance program, which tracks and records your safe driving habits such as phone use, speed, and harsh braking. If you prove that you are a safe driver, you can get a discount.
  • Keep a good balance. Insurance companies in 46 states can use the credit-based insurance score as a rate factor. But not all insurance companies weigh this factor in the same way, which is why it is so important to compare rates.
  • Increase your discount amount. In general, the higher the discount percentage on your car insurance, the less you will pay in premiums. Common deductibles range from $100 to $1,000 (and higher).
  • Ask about discounts. You may qualify for auto insurance discounts such as safe driver discounts, good student discounts, multi-car and multi-policy discounts, and full-pay discounts.

Related: Model Y Tesla Review

Best car insurance companies 2022

With so many options for car insurance companies, it can be hard to know where to start finding the right car insurance. We’ve evaluated insurance companies to find the best car insurance companies, so you don’t have to.


Prices are based on drivers with a clean record of $100,000 in personal injury liability coverage, $300,000 per accident and $100,000 in property damage liability, uninsured drivers coverage and any other coverage required in the state. The price also includes collision and comprehensive coverage with a $500 discount. Prices are from Quad Information Services as of June 2022.

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