I recently ordered a 2024 Model Y but ended up canceling it due to the high insurance cost. I currently have Progressive with two vehicles, and the Model Y was going to be a third. For my 2012 Ram 1500 and 2023 Subaru Crosstrek Limited, I pay $190 a month. Adding the Model Y with the same coverage would have raised my rate to $503 a month. When I asked the Progressive agent why it was so expensive, she told me ‘Tesla’s are expensive.’ I called State Farm, Farmers, Allstate, and Geico, and Geico was the cheapest at $448 a month.
Is this common for Tesla’s? My wife and I have no accidents or tickets. We live in a less-than-great area, so I understand that contributes to higher rates, but the jump seems extreme. When my wife bought her Subaru, my insurance only increased by $80. Other people I know with Tesla’s say they aren’t paying nearly this much.
EDIT: For those suggesting Tesla Insurance, unfortunately, it is not offered in my state. It seems like they only provide coverage in 12 states.
Unfortunately, this is normal. Insurance rates in general have been rising, and Tesla’s tend to be expensive to fix. Premiums are often based on not just your driving but also the likelihood of claims in your area.
I’m with Allstate and have three cars, a house, and an umbrella policy. My Tesla costs $109 per month, which is less than my Mach-E and Lightning. Location matters a lot.
I’m in Illinois with Tesla Insurance. With a 92 Safety Score and driving 5,000–6,000 miles/year, I pay $106/month. Every point in the Safety Score impacts the cost by about $10. False forward collision warnings are frustrating.
Colorado is expensive for insurance, especially for Teslas. I pay $250–350/month with Tesla Insurance, depending on my Safety Score (88–95). Other insurers quoted me $650–900/month, so Tesla Insurance was still the best option here.
Northern California insurance is crazy for Teslas. I pay $200/month with Geico for a Model Y, which was still cheaper than Tesla Insurance. High premiums seem to be the norm here.