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2020 Tesla Model 3 Insurance Rates

Enter your zip code below to view companies that have cheap auto insurance rates.

Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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UPDATED: Apr 9, 2020

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Average insurance rates for a 2020 Tesla Model 3 are $1,762 a year including full coverage. Comprehensive insurance costs approximately $424, collision costs $870, and liability costs around $332. Buying a liability-only policy costs as low as $388 a year, with high-risk insurance costing $3,838 or more. Teen drivers receive the highest rates at $6,242 a year or more.

Annual premium for full coverage: $1,762

Rate estimates for 2020 Tesla Model 3 Insurance

Comprehensive $424
Collision $870
Liability $332

Rate data is compiled from all 50 U.S. states and averaged for all 2020 Tesla Model 3 models. Rates are based on a 40-year-old male driver, $500 comprehensive and collision deductibles, and a clean driving record. Remaining premium consists of UM/UIM coverage, Medical/PIP, and policy fees.

Price Range by Coverage and Risk

For the average driver, prices range go from as low as $388 for just liability coverage to the much higher price of $3,838 for a driver that may need high-risk insurance.

Liability Only $388
Full Coverage $1,762
High Risk $3,838

View Chart as Image

2020 Tesla Model 3 insurance rates compared
Column chart showing 2020 Tesla Model 3 insurance prices range from $969 to $6,242 for full coverage

These differences highlight why everyone should compare prices using their specific location and risk profile, instead of using price averages.

Use the form below to get rates for your location.

Enter your zip code below to view companies based on your location that have cheap auto insurance rates.

Recommended Companies for Cheap 2020 Tesla Model 3 Insurance

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Looking for better car insurance rates for your Tesla Model 3? Finding more affordable car insurance might appear rather challenging for vehicle owners not familiar with buying their car insurance over the internet. With a ridiculous number of online companies available, how are we expected to possibly compare the different rates to find the best available rates?

It’s a good idea to price shop coverage once or twice a year because prices are usually higher with each renewal. Even if you think you had the best rate for Model 3 insurance two years ago other companies may now be cheaper. You’ll find a ton of advice on car insurance online, but in just a couple of minutes you can learn some tested techniques to find cheap car insurance.

This article will familiarize you with how to get online quotes. If you currently have a car insurance policy, you will be able to save some money using this information. But drivers need to learn how insurance companies market on the web.

Lower-cost insurance rates with discounts

Insurance is expensive, but there could be significant discounts that you may not even know about. Many discounts should be triggered when you quote, but occassionally some discounts must be requested specifically before you get the savings.

  • Sign Online – A few larger online companies will give you a small discount shop insurance coverage on their website.
  • Multi-line Discount – Some companies give better prices if you take out a life insurance policy as well.
  • Anti-theft System – Vehicles that have factory alarm systems and tracking devices are less likely to be stolen and can earn a small discount on your policy.
  • Senior Citizen Discount – Drivers that qualify as senior citizens could receive a slight reduction on a insurance coverage quote for Model 3 insurance.
  • Onboard Data Collection – Drivers who elect to allow data collection to monitor driving habits by using a telematics device in their vehicle such as In-Drive from State Farm or Allstate’s Drivewise system could save a few bucks as long as the data is positive.
  • Organization Discounts – Affiliation with qualifying clubs or civic groups could trigger savings on your bill.

Don’t be surprised that some of the credits will not apply to the overall cost of the policy. Some only reduce individual premiums such as comp or med pay. Even though it may seem like all those discounts means the company will pay you, you aren’t that lucky. Any amount of discount should definitely cut the amount you have to pay.

For a list of companies that offer multiple discounts, enter your zip code here.

Why you might pay inflated rates

An important part of buying insurance is that you know a few of the rating criteria that are used to determine your premiums. If you have a feel for what determines base rates, this allows you to make educated decisions that will entitle you to big savings. Many things are part of the equation when you get your auto insurance bill. Some are obvious like a motor vehicle report, but other criteria are more transparent such as your marital status or your commute time.

The following are some of the most rate-impacting factors used by companies to determine premiums.

  • Auto insurance rates can be impacted by your job – Did you know your auto insurance rates can be affected by your occupation? Occupational choices like lawyersair traffic controllers and stock brokers generally pay higher average rates because of job stress and lots of time spent at work. Conversely, occupations like actors, engineers and the unemployed have the lowest average rates for Model 3 insurance.
  • Auto insurance policy lapses increase rates – Letting your insurance expire is a guaranteed way to trigger a rate increase. Not only will you pay higher rates, the inability to provide proof of insurance could earn you a license revocation or jail time.
  • Where do you drive? – The higher the mileage driven in a year the more you’ll pay to insure your vehicle. Most companies charge to insure your cars based upon how much you drive. Cars that sit idle most of the time receive better premium rates than vehicles that are driven to work every day. Make sure your policy properly reflects annual mileage. An improperly rated Model 3 can cost quite a bit.
  • Cautious drivers pay lower costs – Being a careful driver can have a huge impact on auto insurance premiums. Even a single citation can bump up the cost forty percent or more. Careful drivers receive lower rates as compared to careless drivers. People who have serious violations like reckless driving or DUI may face state-mandated requirements to maintain a SR-22 with their state motor vehicle department in order to drive a vehicle legally.
  • Small coverages can add up – There are quite a few additional coverages that you can buy if you don’t pay attention. Insurance for rental car coverage, towing, and extra equipment coverage are examples of these. They may seem good when buying your policy, but if you don’t need them remove them from your policy.
  • Buy a safe car and pay less – Vehicles that have high safety ratings cost less to insure. Vehicles built for safety result in less severe injuries and better occupant protection means less money paid by your insurance company which can mean better rates for you. If the Tesla Model 3 is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website it is probably cheaper to insure.

Tailor your insurance coverage coverage to you

When it comes to buying proper insurance coverage, there really is not a “perfect” insurance plan. Your needs are not the same as everyone else’s.

Here are some questions about coverages that might help in determining if you will benefit from professional help.

  • Does my 2020 Tesla Model 3 qualify for pleasure use?
  • How much liability coverage do I need in my state?
  • Am I covered when driving a rental car?
  • Should I have a commercial auto policy?
  • What is an SR-22 filing?
  • Does having multiple vehicles earn me a discount?

If you’re not sure about those questions but you think they might apply to your situation, you may need to chat with an agent. To find lower rates from a local agent, take a second and enter your zip code.

Insurance coverages explained

Knowing the specifics of a insurance policy aids in choosing which coverages you need and the correct deductibles and limits. The coverage terms in a policy can be difficult to understand and coverage can change by endorsement.

Uninsured Motorist or Underinsured Motorist insurance

This coverage protects you and your vehicle when other motorists either have no liability insurance or not enough. Covered claims include injuries to you and your family and also any damage incurred to your 2020 Tesla Model 3.

Because many people carry very low liability coverage limits, it doesn’t take a major accident to exceed their coverage limits. So UM/UIM coverage should not be overlooked. Usually your uninsured/underinsured motorist coverages are set the same as your liablity limits.

Collision protection

This coverage will pay to fix damage to your Model 3 resulting from a collision with another car or object. A deductible applies then the remaining damage will be paid by your insurance company.

Collision coverage protects against things like hitting a parking meter, crashing into a building and rolling your car. Collision coverage makes up a good portion of your premium, so consider removing coverage from vehicles that are older. Another option is to bump up the deductible to bring the cost down.

Insurance for medical payments

Coverage for medical payments and/or PIP reimburse you for bills for things like doctor visits, chiropractic care, dental work and rehabilitation expenses. They are used to cover expenses not covered by your health insurance program or if you do not have health coverage. Coverage applies to you and your occupants in addition to getting struck while a pedestrian. Personal injury protection coverage is only offered in select states but it provides additional coverages not offered by medical payments coverage

Liability coverages

This coverage provides protection from injuries or damage you cause to a person or their property in an accident. This insurance protects YOU from legal claims by others, and does not provide coverage for your injuries or vehicle damage.

Split limit liability has three limits of coverage: bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. As an example, you may have liability limits of 25/50/25 which stand for $25,000 bodily injury coverage, a per accident bodily injury limit of $50,000, and a total limit of $25,000 for damage to vehicles and property. Occasionally you may see a combined limit which limits claims to one amount with no separate limits for injury or property damage.

Liability coverage pays for claims like court costs, attorney fees and loss of income. How much liability coverage do you need? That is a personal decision, but you should buy as much as you can afford.

Comprehensive coverage (or Other than Collision)

This pays for damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers claims like hail damage, a broken windshield, damage from flooding and damage from getting keyed. The most your insurance company will pay is the cash value of the vehicle, so if the vehicle is not worth much it’s not worth carrying full coverage.

Buy online or local, you save

Consumers who switch companies do it for a variety of reasons including high prices, denial of a claim, not issuing a premium refund or questionable increases in premium. Regardless of your reason, finding a new car insurance company can be easy and end up saving you some money.

In this article, we covered many ways to lower your 2020 Tesla Model 3 insurance prices. The key thing to remember is the more price quotes you have, the better chance you’ll have of finding inexpensive insurance coverage. Drivers may discover the best prices are with the smaller companies.

Low-cost 2020 Tesla Model 3 insurance is attainable both online and with local insurance agents, so you need to quote insurance coverage with both in order to have the best price selection to choose from. Some car insurance companies may not provide rates over the internet and these small, regional companies work with local independent agencies.

For more information, link through to the resources below:

Rates by U.S. City

2020 Tesla Model 3 Insurance Rates by City
City Premium
New York City, NY $2,778
Los Angeles, CA $3,012
Philadelphia, PA $2,349
Jacksonville, FL $2,552
Phoenix, AZ $2,044
Chicago, IL $2,358
Houston, TX $2,759
Seattle, WA $1,714
Columbus, OH $1,467
Indianapolis, IN $1,501

Rates by Driver Age

2020 Tesla Model 3 Insurance Rates by Driver Age
Driver Age Premium
16 $6,242
20 $4,094
30 $1,866
40 $1,762
50 $1,604
60 $1,576

Full coverage, $500 deductibles

Rates by Deductible

2020 Tesla Model 3 Insurance Rates with Different Deductibles
Deductible Premium
$100 $2,338
$250 $2,070
$500 $1,762
$1,000 $1,468

Full coverage, driver age 40

Rates by Liability Limit

Tesla Model 3 Insurance Rates with Different Liability Limits
Liability Limit Premium
30/60 $1,762
50/100 $1,828
100/300 $1,911
250/500 $2,127
100 CSL $1,862
300 CSL $2,044
500 CSL $2,177

Full coverage, driver age 40

Rates for High Risk Drivers

2020 Tesla Model 3 Insurance Rates for High Risk Drivers
Age Premium
16 $9,006
20 $6,520
30 $3,958
40 $3,838
50 $3,656
60 $3,626

Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident

If a financial responsibility filing is required, the additional charge below may also apply.

SR-22 Surcharge $255

Potential Rate Discounts

If you qualify for discounts, you may save the amounts shown below.

Discount Savings
Multi-policy $98
Multi-vehicle $92
Homeowner $23
5-yr Accident Free $146
5-yr Claim Free $117
Paid in Full/EFT $92
Advance Quote $95
Online Quote $130
Total Discounts $793
Rate after discounts $969

Discounts are estimated and may not be available from every company or in every state.

Find companies with the cheapest rates in your area

2020 Tesla Model 3 Insurance Rates by State
State Premium
Alabama $1,592
Alaska $1,352
Arizona $1,460
Arkansas $1,762
California $2,008
Colorado $1,682
Connecticut $1,808
Delaware $1,990
Florida $2,200
Georgia $1,628
Hawaii $1,266
Idaho $1,194
Illinois $1,310
Indiana $1,328
Iowa $1,188
Kansas $1,670
Kentucky $2,402
Louisiana $2,606
Maine $1,086
Maryland $1,454
Massachusetts $1,404
Michigan $3,058
Minnesota $1,476
Mississippi $2,108
Missouri $1,562
Montana $1,892
Nebraska $1,388
Nevada $2,112
New Hampshire $1,270
New Jersey $1,968
New Mexico $1,558
New York $1,852
North Carolina $1,014
North Dakota $1,444
Ohio $1,212
Oklahoma $1,808
Oregon $1,614
Pennsylvania $1,678
Rhode Island $2,348
South Carolina $1,596
South Dakota $1,486
Tennessee $1,542
Texas $2,122
Utah $1,304
Vermont $1,202
Virginia $1,054
Washington $1,360
West Virginia $1,614
Wisconsin $1,218
Wyoming $1,570

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