Paul Sanchez
Tesla offers insurance for its vehicles, which bases its rates on driving behaviour. The company offers a variety of discounts to its customers, such as multi-car discounts, anti-theft device discounts, group discounts for Tesla employees, and more. Third-party insurance providers also offer discounts for Tesla vehicles, such as State Farm, which offers the cheapest rates for Tesla vehicles.
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What You'll Learn
Multi-car discounts
Tesla Insurance is known for its telematics-based car insurance, meaning that real-time driving behaviour plays an integral role in calculating car insurance rates. Tesla Insurance calculates a monthly Safety Score that grades five factors when you drive: hard braking, aggressive turning, unsafe following distance, forced autopilot disengagement, and forward collision warnings.
Tesla offers multi-car discounts to customers who have more than one vehicle insured under the same policy. This discount is available in all states and is automatically applied to qualified customers.
In addition to the multi-car discount, Tesla offers a variety of other discounts and coverage options. For example, the Auto Loan/Lease Gap Coverage pays towards the gap between the actual cash value of the vehicle at the time of a total loss or theft and what is still owed on the vehicle. Tesla also offers a Group Discount for Tesla employees, an Anti-Theft Device Discount for vehicles equipped with approved anti-theft devices, and a Defensive Driving Course Discount for drivers who have completed an approved accident prevention course.
While Tesla offers these discounts, it is important to compare car insurance companies to find the most affordable coverage. Insurance costs for Teslas tend to be more expensive than those of other popular cars due to the high cost of the vehicles themselves. However, Tesla's insurance can still be competitive, and customers can benefit from the various discounts and coverage options offered.
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Anti-theft device discounts
Tesla offers an anti-theft device discount to its insurance customers. This discount is available in certain states, such as Illinois and Minnesota. The anti-theft device discount is applicable to vehicles that are equipped with approved anti-theft devices, such as alarms or active disabling devices.
For Tesla vehicles, this discount is applied automatically. The vehicle must be equipped with an authorized anti-theft protective device provided and installed by the manufacturer or an authorized dealer. The device must meet at least one of the following criteria:
- Sound an alarm
- Cause the vehicle horn to sound
- Cause the vehicle lights to flash
- Cause the vehicle to be rendered inoperable
The device should be self-activating upon the locking of the passenger doors of the vehicle. For non-Tesla vehicles, confirmation of the vehicle's qualification is required during the application process, and documentation may be necessary.
It is worth noting that some insurance providers, such as State Farm, have specific requirements for anti-theft devices to qualify for a discount. For example, in the case of Tesla Cybertruck, State Farm initially offered an anti-theft discount but later removed it due to battery issues affecting the effectiveness of certain security features like "Sentry Mode."
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Group discounts
Tesla offers a range of insurance discounts for its customers, including a group discount for Tesla employees across multiple states. This discount is not automatically applied and requires the driver to contact Tesla Insurance to apply it to their policy. This group discount is one of several ways that Tesla incentivizes safer driving and rewards customers for their loyalty.
Tesla Insurance is available in 12 states and offers competitively priced insurance products, claim management, and tools that encourage safer driving. One such tool is the Full Self-Driving (FSD) (Supervised) discount, which is available to customers who have purchased or are subscribed to FSD. The discount is calculated based on the percentage of miles driven with FSD enabled, with a maximum discount of 10% on eligible coverages. However, it's important to note that the FSD discount is not available in all states and is currently offered only in select states.
In addition to the group and FSD discounts, Tesla offers other ways to save on insurance costs. For example, the Multi-Car Discount is available in all states and is automatically applied when more than one vehicle is insured under the same policy with Tesla Insurance. The Anti-Theft Device Discount is available in certain states and applies to vehicles equipped with approved anti-theft devices, such as alarms or active disabling devices. The Autopilot Discount is offered in specific states and is automatically applied to Tesla vehicles with qualifying autonomous features.
These discounts, along with the group discount for employees, demonstrate Tesla's commitment to making its insurance products more accessible and rewarding safe driving behaviors. By offering these discounts, Tesla not only lowers insurance costs for its customers but also encourages the adoption of advanced vehicle features and technologies that can enhance safety on the road.
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Full Self-Driving (FSD) discount
Tesla Insurance offers a discount to Tesla owners who have purchased or are subscribed to Full Self-Driving (Supervised). The discount is based on the percentage of miles driven with FSD (Supervised) enabled. The more you drive with FSD (Supervised) enabled, the bigger the discount is on your insurance premium for certain coverages on your Tesla Insurance policy.
The FSD (Supervised) discount only applies to certain eligible coverages and not to the total insurance policy premium. The discount is currently offered only in Texas and Arizona, with eligible customers in these states receiving the FSD (Supervised) discount on their next policy.
To be eligible for the FSD (Supervised) discount, you need to either have purchased FSD (Supervised) or be subscribed to FSD (Supervised) at the time that your next monthly premium is calculated. You also need to have driven at least five miles during the 30-day period, with at least 1% of the total miles driven with FSD (Supervised) enabled.
You can earn up to a maximum discount of 10% on eligible coverages when you drive 50% or more of your miles with FSD (Supervised) enabled over the last 30-day period. The discount is likely an attempt to encourage drivers to engage with the FSD system more so that Tesla can gather data to improve it.
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State-specific discounts
Tesla Insurance offers state-specific discounts for car insurance policyholders with various limits. The company offers full coverage options with various limits and deductibles that can be tailored to the customer's needs.
The top three states by premium volume, where Tesla writes on State National paper, are California, Ohio, and Arizona. On its own paper, the top three states are Texas, Virginia, and Maryland.
The standout discounts across these states include:
- Multi-Car Discount: Available in all states, this discount is automatically applied when more than one vehicle is insured under the same policy with Tesla Insurance.
- Defensive Driving Course Discount: Offered in several states (e.g., Colorado, Illinois, Minnesota, Nevada, Oregon, Utah, Virginia), typically for drivers over 55 who have completed an approved accident prevention course.
- Group Discount: Available to Tesla employees across multiple states, this discount requires contacting Tesla Insurance to apply to a Tesla Insurance policy.
- Anti-Theft Device Discount: Available in Illinois and Minnesota, this discount applies to vehicles equipped with approved anti-theft devices.
- Autopilot Discount: Available in Nevada, this discount is automatically applied to Tesla vehicles with qualifying autonomous features.
- Full Self-Driving (Supervised) Discount: If you enable FSD (Supervised) on your Tesla vehicle, you may receive a discount on your insurance premium. The more you drive with FSD (Supervised) enabled, the bigger the discount.
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Frequently asked questions
Tesla Insurance offers a discount to Tesla owners who have purchased or are subscribed to Full Self-Driving (Supervised). The discount is calculated based on the percentage of miles driven with FSD (Supervised) enabled.
To be eligible for the FSD (Supervised) discount, you need to have purchased or be subscribed to FSD (Supervised) at the time that your next monthly premium is calculated. You can qualify for the discount by driving at least five miles during the 30-day period, with a minimum of 1% of the total miles driven with FSD (Supervised) enabled.
Tesla Insurance offers a Multi-Car Discount for customers with more than one vehicle insured under the same policy. They also offer a Group Discount for Tesla employees, an Anti-Theft Device Discount for vehicles equipped with approved anti-theft devices, and an Auto Loan/Lease Gap Coverage in case of vehicle total loss or theft.
You can get a quote for Tesla Insurance through the Tesla app. Tesla Insurance is currently only available in select states and countries.
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