Tesla Model-3 Insurance Rates

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Looking for cheap Tesla Model 3 insurance rates? Are you asking “Is insurance on a Tesla Model 3 expensive?” or “What is the best Tesla insurance for Tesla Model 3?” We’ve got you covered.

Tesla insurance costs $1,802 a year, or $150 a month. Learn what drivers can do to reduce insurance costs for a Tesla Model 3 in our comprehensive guide to cheap car insurance.

Want to start finding the best Tesla insurance rates today? Whether you are looking for Tesla Model 3 insurance in Massachusetts or Ohio, getting Tesla insurance quotes will help you save on Tesla insurance costs for a Model 3.

Enter your five-digit ZIP code into our FREE tool above to get started on finding mutiple Tesla insurance company quotes from different insurers and manage the cost to insure a Tesla Model 3.

Shopping for auto insurance through online providers can be fast and easy and there is a good chance you might just save a little. The most important part is getting as many rate quotes as possible in order to have the lowest rate quotes.

If shopping for auto insurance online is new to you, you can be overwhelmed by the hoards of auto insurance companies vying for your business. Getting lower Tesla Model-3 insurance rates is surprisingly easy. You just need to invest a little time to get quotes provided by online insurance companies. This is very easy and can be done by comparing rates here.

Auto insurance rates for a Tesla Model-3 can be significantly different depending on several factors. Some of these factors include:

  • Higher performance Model-3 vehicles cost more
  • How many accidents you have had
  • Whether you insure your home with the same company
  • Use of your vehicle
  • Mature drivers pay less
  • Whether you are married
  • Extra coverages like towing and rental
  • Claims drive up premiums
  • No coverage lapses saves money
  • Whether you own your home

A final factor that will help determine Tesla Model-3 insurance cost is the model year. Older cars and trucks cost less in comparison to older models so repair costs tend to be lower which may result in lower rates. Conversely, new Model-3 models may have a trim level with safety features such as forward-collision avoidance, a collision avoidance system, a backup camera, and automatic crash notification that may help lower rates.

Liability auto insurance

damage that occurs to things like legal defense fees, bail bonds, and repair bills for other people's vehicles. .

Collision

another car or object. . , . .

Comprehensive coverage (or Other than Collision)

OTHER than collision with another vehicle or object. . you'll receive from a claim , .

Protection from uninsured/underinsured drivers

Your UM/UIM coverage . , . .

Medical expense insurance

short-term medical expenses nursing services, prosthetic devices, and dental work. . .

Drivers can save about $250 on Model 3 auto insurance just by getting quotes. Ready to look for Tesla Model 3 insurance costs everywhere from California to Michigan?

Enter your ZIP code in our free tool below to find out how much insurance is on a Tesla Model 3. You can compare Tesla insurance prices from multiple companies near you.

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Read on to learn what else determines the price of car insurance.

What are the safety ratings of the Tesla Model 3?

Multiple safety features can mean cheaper insurance for a Tesla Model 3. The Tesla Model 3 has multiple airbags, stability control, lane departure warning, blind-spot monitoring, and more. These features can help reduce the risk of a crash.

The Insurance Insitute for Highway Safety (IIHS) also crash-tested the Tesla Model 3. See the breakdown below.

  • Small overlap front (driver-side): Good
  • Small overlap front (passenger-side): Good
  • Moderate overlap front: Good
  • Side: Good
  • Roof strength: Good
  • Head restraints and seats: Good

Good is the highest rating possible, which is why the IIHS awarded the Tesla Model 3 a 2020 Top Safety Pick award. Watch the video below for an example of a crash test.

 

Great crash testings like the one above will reduce the insurance cost on a Tesla Model 3.

In the table below, you can explore the results of the Tesla Model 3 crash est ratings as performed by the National Highway Traffic Safety Administration.

Tesla Model 3 Crash Test Ratings
Vehicle TestedOverallFrontalSideRollover
2020 Tesla Model 3 4 DR RWD5 stars5 stars5 stars5 stars
2020 Tesla Model 3 4 DR AWD5 stars5 stars5 stars5 stars
2019 Tesla Model 3 4 DR RWD5 stars5 stars5 stars5 stars
2019 Tesla Model 3 4 DR AWD5 stars5 stars5 stars5 stars
2018 Tesla Model 3 4 DR RWD5 stars5 stars5 stars5 stars
2018 Tesla Model 3 4 DR AWDN/RN/R5 stars5 stars
2017 Tesla Model 3 DR RWDN/RN/RN/RN/R

A 5-star rating is the highest possible score given by the National Highway Traffic Safety Administration. As you can see from the data, no matter what model year you purchase, the Tesla Model 3 is a safe and reliable vehicle.

How are Tesla Model 3s compared against other vehicles in the same class?

The Tesla Model 3 is a midsize luxury car. Luxury cars can crash easier due to drivers’ tendency to speed, which can affect Tesla 3 insurance costs. The good news is that the IIHS considers the Tesla Model 3’s liability losses to be substantially better than other midsize luxury cars’ looses.

Check out more of the Tesla Model 3 insurance loss probability details in the table below.

Tesla Model 3 Insurance Loss Probability
Insurance Coverage CategoryLoss Rate
Collision Coverage26%
Property Damage-38%
Comprehensive Coverages1%
Personal Injury-56%
Medical Payment-50%
Bodily Injury-45%

The lower the percentage, the better the loss ratio. The Tesla Model 3 has a worse than average collision insurance loss ratio, but in every other category, this car is average or substantially better than average. The anti-theft devices and other maintenance costs push down the cost of coverage.

Take a look a the midsize luxury cars below to see how their rates compare to insurance on a Tesla Model 3.

You are now an expert at securing affordable Tesla Model 3 car insurance rates. But, before you buy Tesla Model 3 car insurance, compare rates from multiple car insurance companies to get the best deal.

Ready to start shopping for your Tesla 3 car insurance quotes? Just enter your five-digit ZIP code in our FREE online quote tool to find personalized driving car insurance rates from multiple insurance carriers for your Tesla Model 3.

References

  1. https://www.iihs.org/ratings/vehicle/tesla/model-3-4-door-sedan/2020

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