How much does Tesla insurance cost?
Average Tesla insurance costs can vary. Based on our customer quote data, the average price of Tesla car insurance is $2,711 per year or about $225 monthly.
Generally, Ontario Tesla car insurance costs can range from $2,000 to $5,000 or more, depending on the vehicle model and features.
Tesla car insurance premiums are higher than the average rate. They also typically cost more to insure compared to other electric vehicles. These vehicles have unique insurance considerations. Drivers typically pay more for electric vehicles because they have a higher value, and cost more to repair. Tesla insurance claims also cost more. For example, not all mechanics are trained to repair Tesla vehicles, which can increase repair costs if the vehicle is damaged or in an accident.
Are Tesla car insurance rates set to go up and get even more expensive in 2025?
Tesla has been in the news a lot to start 2025, and not for the right reasons. Sales have stagnated, the company stock has dropped, and Telsa vehicles have become targets for vandalism. The deliberate and targeted damage to the cars is in response to actions from Elon Musk. This increased risk could cause Tesla car insurance premiums to spike.
Teslas are already among the most expensive vehicle brands to insure. Due to their battery costs and advanced technology, they also have expensive repair costs. This additional threat of vandalism damage could increase rates even more. There have been reports of Teslas being spray painted, set on fire, shot at, having their windows broken, and other forms of damage. Vehicles have been damaged at dealerships, charging stations, parking lots, and driveways.
This unexpected increase in claims could force insurers to raise premiums to cover the cost. Time will tell if vandalism becomes a prolonged issue and how much it will impact how much you pay for Tesla insurance.
Tesla car insurance rate changes by year
The insurance cost for a Tesla changes by the year. Like many other vehicles, rates have increased recently. Here’s a breakdown:
| Year |
Average annual premium |
| 2025 |
$ 2,832 |
| 2024 |
$ 2,727 |
| 2023 |
$ 2,691 |
| 2022 |
$ 2,168 |
***
Tesla car insurance rates by city in Ontario
Your location is important in how much you’ll pay for Tesla insurance. Cities with higher premiums typically have higher instances of theft, fraud, and collisions - increasing risk for insurers. Here’s an overview of how Tesla car insurance premiums vary by city:
| City |
Avg premium |
Monthly |
| Ontario |
$ 2,711 |
$ 226 |
| Toronto |
$ 2,529 |
$ 211 |
| Ottawa |
$ 2,371 |
$ 198 |
| Hamilton |
$ 2,192 |
$ 183 |
| Mississauga |
$ 2,937 |
$ 245 |
| London |
$ 2,955 |
$ 246 |
| Kitchener |
$ 2,798 |
$ 233 |
| Brampton |
$ 3,235 |
$ 270 |
| Guelph |
$ 3,150 |
$ 263 |
| Markham |
$ 2,883 |
$ 240 |
| Barrie |
$ 3,370 |
$ 281 |
| Oshawa |
$ 2,026 |
$ 169 |
| Burlington |
$ 1,867 |
$ 156 |
| St Catharines |
$ 1,931 |
$ 161 |
| Newmarket |
$ 3,699 |
$ 308 |
| Richmond Hill |
$ 2,632 |
$ 219 |
| Milton |
$ 2,275 |
$ 190 |
| Cambridge |
$ 2,642 |
$ 220 |
| Oakville |
$ 2,152 |
$ 179 |
| Whitby |
$ 2,958 |
$ 247 |
| Ajax |
$ 3,389 |
$ 282 |
| North York |
$ 2,855 |
$ 238 |
**
Tesla car insurance rates by model
The type of Tesla you drive affects your premiums. Based on our customer data, the Model Y is the most expensive, and the Model S is the most affordable.
| Vehicle |
Premium |
Monthly payment |
| Model 3 |
$ 2,596 |
$ 216 |
| Model X |
$ 2,605 |
$ 217 |
| Model Y |
$ 2,920 |
$ 243 |
| Model S |
$ 2,438 |
$ 203 |
**
Tesla car insurance by driver type
Demographics and driving history will alter how much you pay. Younger, single, and male drivers have higher Tesla premiums. Those with an accident or ticket on their record will also see a rate bump.
| |
Premium |
Monthly |
| Driver type |
| All drivers |
$ 2,711 |
$ 226 |
| Young drivers (25 and under) |
$ 3,489 |
$ 291 |
| Middle age (25 - 50) |
$ 2,710 |
$ 226 |
| Mature/senior drivers (50+) |
$ 2,062 |
$ 172 |
| High risk drivers |
$ 4,875 |
$ 406 |
| Demographics |
| Male |
$ 2,727 |
$ 227 |
| Female |
$ 2,568 |
$ 214 |
| Married |
$ 2,590 |
$ 216 |
| Single |
$ 2,917 |
$ 243 |
| Driving record |
| Clean driving record |
$ 2,711 |
$ 226 |
| 1 ticket with past 3 years |
$ 3,092 |
$ 258 |
| 1 accident in 3 years |
$ 3,592 |
$ 299 |
| 1 cancellation in 3 years |
$ 3,397 |
$ 283 |
| 1 suspension in 3 years |
$ 3,095 |
$ 258 |
**
What factors impact Tesla auto insurance rates?
Many standard factors impact your Tesla auto insurance premiums. You are subject to the same considerations as gas-powered vehicles. Some are vehicle-related and others driver-related. They include:
- The Tesla model you drive
- Where you live
- The vehicle usage - personal or business
- Your claims history
- Your driving record
- Driver's age
- Policy type and coverage
- Insurance provider
As a specialized electric vehicle, Tesla also has a few unique considerations that can affect rates:
- Higher repair costs: Tesla technology and parts are more expensive than traditional vehicles.
- Specialized mechanics: Not all mechanics have the training to work on a Tesla. You’ll need to use a specialized, and more expensive mechanic.
Is there a discount for Tesla insurance?
As a driver of a Tesla, you will qualify for additional insurance savings by being eligible for a green vehicle discount. Depending on your provider, you could save up to 10% on your policy just for driving an electric car.
You can combine your Tesla insurance with your home or renters coverage to save more. Learn more about insurance discounts.
