How Much Does 2018 Tesla Model S Car Insurance Cost?

Trying to find lower insurance coverage rates for your Tesla Model S? Wish you could get a refund on overpriced insurance coverage? You’re in good company because many consumers feel financially strained by their insurance coverage policy.

Popular companies such as Allstate, Progressive and Geico persitently shower you with ad campaigns and it is difficult to separate fact from fiction and do the work needed to find the best deal.

How you can control Tesla Model S insurance premiums

One of the most helpful ways to save on insurance is to to have a grasp of some of the elements that aid in calculating your premiums. When you understand what determines base rates, this helps enable you to make changes that could result in much lower annual insurance costs.

  • Liability coverage is cheap – Liability coverage kicks in if you are responsible for physical damage or personal injury to other. It provides legal defense coverage to defend your case. Liability is cheap when compared to the cost of physical damage coverage, so do not cut corners here.
  • Car plus home equals more savings – Most major insurance companies will give better rates to buyers who carry more than one policy, otherwise known as a multi-policy discount. The discount can be ten percent or more. Even with this discount, consumers should still comparison shop to help ensure you have the lowest rates. Drivers may still find a better deal by insuring with multiple companies.
  • Women pay lower premiums – Over the last 50 years, statistics have shown females are less aggressive when driving. It does not mean men are WORSE drivers than women. Males and females are in accidents in similar numbers, but the males tend to have higher claims. Not only that, but men also get higher numbers of serious violations like driving under the influence (DUI).
  • Cut rates and deter theft – Buying a car that has a built-in theft deterrent system can save you a little every year. Anti-theft devices such as vehicle immobilizer systems, General Motors OnStar and LoJack tracking systems can help prevent car theft and help bring rates down.
  • Married people drive safer – Having a significant other may earn you lower rates when buying insurance. Having a spouse may mean you are more stable financially and statistics show married drivers get in fewer accidents.
  • Careless drivers pay higher costs – Careful drivers have lower premiums than their less careful counterparts. Even one speeding ticket or other violation can increase the cost of insurance substantially. People who have multiple tickets such as DUI, reckless driving or excessive speeding may find they need to complete a SR-22 with their state’s licensing department in order to continue driving.
  • Does your job cost you more? – Jobs like doctors, architects and miners are shown to have higher rates than the rest of us because of high stress levels and extremely grueling work hours. On the other hand, careers such as actors, engineers and the unemployed pay the least for Model S insurance.
  • Always have insurance – Having an insurance coverage lapse is a sure-fire way to increase your insurance rates. Not only will rates go up, getting caught without coverage could result in a steep fine or even jail time. Then you may be required to file a SR-22 with your state department of motor vehicles.

How to buy insurance online

To find the best insurance prices, there are several ways to compare quotes from different insurance companies. The recommended way to find the lowest Tesla Model S rates is to get quotes online. This is very easy and can be done in a couple of different ways.

  • If you are pressed for time, the simplest way to get quotes for comparison is to use a rate comparison form like this one (opens in new window). This easy form keeps you from doing separate quotes for each price estimate. One simple form will return quotes instantly.
  • A more time consuming way to compare rate quotes requires visiting each individual company website and go through the quote process again. For example, let’s assume you want rates from Geico, 21st Century and State Farm. In order to compare rates, you need to spend time on each company’s site and enter your policy data, which can get old fast. For a list of links to companies insuring cars in your area, click here.

It’s your choice how you get your quotes, but ensure you are comparing equivalent coverage information for each quote you get. If you have higher or lower deductibles you will not be able to determine which company has the best rates. Slightly different coverage limits can result in a big premium difference. Just remember that comparing more company’s prices gives you a better chance of getting more affordable rates.

Save with these premium-slashing discounts

Some insurance providers do not advertise every available discount very well, so the list below contains a few of the more common and the harder-to-find credits available to you. If they aren’t giving you every credit possible, you are paying more than you should be.

  • Discount for Multiple Policies – When you combine your auto and home insurance with one company you could save at least 10% off all policies.
  • Student Discounts – Getting good grades could provide a savings of up to 20% or more. Earning this discount can benefit you up until you turn 25.
  • Low Mileage Discounts – Low mileage vehicles may enable drivers to earn lower insurancerates due to less chance of an accident.
  • Drivers Education – Make teen driver coverage more affordable by requiring them to complete a driver education course in school.
  • Multi-Vehicle Discounts – Having primary and secondary vehicles with the same company can get a discount on all vehicles.
  • Service Members Pay Less – Being on active deployment in the military could mean lower premium rates.
  • Clubs and Organizations – Being in specific professional or occupational memberships or organizations is a simple method to lower premiums on your policy.
  • Anti-lock Brakes – Cars, trucks, and SUVs equipped with ABS or steering control are much safer to drive and earn discounts up to 10%.
  • Paper-free Discount – A handful of companies will give you a small discount for completing your application over the internet.

Just know that some of the credits will not apply to the overall cost of the policy. Most only cut specific coverage prices like collision or personal injury protection. Even though it appears all the discounts add up to a free policy, you won’t be that lucky.

To view insurers that have a full spectrum of discounts, click this link.

Do I need special coverages?

When choosing the best insurance coverage, there is no best way to insure your cars. Coverage needs to be tailored to your specific needs and your policy should reflect that. Here are some questions about coverages that can help discover if you may require specific advice.

  • Is a blown tire covered by insurance?
  • Should I buy more coverage than the required minimum liability coverage?
  • Is other people’s property covered if stolen from my vehicle?
  • What is the rate difference between pleasure use and commuting?
  • What companies insure drivers after a DUI or DWI?
  • Do I need roadside assistance coverage?
  • Does insurance cover tools stolen from my truck?
  • Does having multiple vehicles earn me a discount?
  • What if I don’t agree with a claim settlement offer?
  • Am I covered if I break a side mirror?

If you can’t answer these questions but one or more may apply to you then you might want to talk to an insurance agent. To find lower rates from a local agent, fill out this quick form or go to this page to view a list of companies.

Detailed coverages of your insurance policy

Learning about specific coverages of a insurance policy can be of help when determining appropriate coverage for your vehicles. The coverage terms in a policy can be confusing and coverage can change by endorsement. Below you’ll find typical coverage types available from insurance companies.

Medical payments coverage and PIP – Med pay and PIP coverage reimburse you for expenses like doctor visits, dental work, X-ray expenses and prosthetic devices. The coverages can be used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. It covers both the driver and occupants in addition to getting struck while a pedestrian. PIP coverage is only offered in select states and may carry a deductible

Comprehensive coverage – Comprehensive insurance coverage pays to fix your vehicle from damage that is not covered by collision coverage. You first must pay your deductible then the remaining damage will be covered by your comprehensive coverage.

Comprehensive coverage pays for things such as a tree branch falling on your vehicle, falling objects, theft and hail damage. The most you’ll receive from a claim is the ACV or actual cash value, so if the vehicle’s value is low consider removing comprehensive coverage.

Liability coverages – This will cover injuries or damage you cause to other’s property or people in an accident. This coverage protects you against claims from other people. Liability doesn’t cover damage to your own property or vehicle.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 25/50/25 which means a $25,000 limit per person for injuries, $50,000 for the entire accident, and a limit of $25,000 paid for damaged property. Occasionally you may see a combined limit which limits claims to one amount and claims can be made without the split limit restrictions.

Liability can pay for claims such as loss of income, legal defense fees, repair bills for other people’s vehicles, repair costs for stationary objects and attorney fees. How much liability coverage do you need? That is your choice, but it’s cheap coverage so purchase as much as you can afford.

Uninsured/Underinsured Motorist coverage – This coverage protects you and your vehicle’s occupants from other drivers when they either are underinsured or have no liability coverage at all. Covered claims include hospital bills for your injuries and damage to your Tesla Model S.

Due to the fact that many drivers have only the minimum liability required by law, their liability coverage can quickly be exhausted. So UM/UIM coverage is very important. Normally these coverages do not exceed the liability coverage limits.

Collision coverage – Collision coverage pays to fix your vehicle from damage resulting from colliding with an object or car. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision insurance covers claims like colliding with another moving vehicle, rolling your car and hitting a parking meter. Paying for collision coverage can be pricey, so analyze the benefit of dropping coverage from older vehicles. You can also raise the deductible to save money on collision insurance.

A penny saved is a penny earned

More affordable car insurance is possible both online and from local agencies, and you should be comparing both to have the best chance of lowering rates. There are still a few companies who may not have rate quotes online and usually these regional carriers only sell coverage through independent agents.

In this article, we covered a lot of tips how to compare 2018 Tesla Model S insurance premium rates online. The most important thing to understand is the more you quote insurance coverage, the higher the chance of saving money. You may be surprised to find that the best price on car insurance is with a lesser-known regional company. Smaller companies can often provide lower prices in certain areas as compared to the big name companies such as Allstate and Progressive.

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Comments About 2018 Tesla Model S Insurance

  1. Kassie Owens

    I found cheap 2018 Tesla Model S insurance in Virginia Beach, Virginia with State Farm.

  2. Luanne Wagner

    Nice post. I live in Cincinnati, OH. Got rates from GEICO, Auto-Owners, and Erie for my Tesla and saved just over $290 a year. Left State Farm to switch. :P

  3. Marcelle Shaw

    In Albuquerque, New Mexico, State Farm auto insurance rates for my 2018 Tesla Model S were good. I increased coverages a little too. I used their website to get prices.

  4. Cassie Gill

    Hope my rates come down. I live in a small town just outside of Philadelphia, Pennsylvania. Don’t remember every company but I ended up saving about $30 each month. Insured with Sentry before. They have a lot of discounts available. Just go online and compare their rates.