Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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The average auto insurance rates for a Tesla Model 3 are $1,536 annually including full coverage. Comprehensive costs an estimated $332 a year, collision insurance costs $680, and liability coverage is estimated at $388. Liability-only coverage costs approximately $434 a year, and high-risk coverage costs around $3,350. Teens cost the most to insure at up to $5,626 a year.
Average premium for full coverage: $1,536
Policy rates broken down by type of insurance:
Rates are based on $500 comprehensive and collision deductibles, 30/60 liability coverage, and includes uninsured motorist and medical coverage. Prices are averaged for all 50 U.S. states and Model 3 trim levels.
Price Range Variability
For a driver in their 40's, Tesla Model 3 insurance rates range from as cheap as $434 for the bare minimum liability coverage to a high of $3,350 for a policy for a high-risk driver.
Urban vs. Rural Price Range
Living in a larger city has a large influence on the price of auto insurance. More rural locations are shown to have fewer comprehensive and collision claims than cities with more traffic congestion. The diagram below illustrates how location helps determine insurance prices.
The examples above highlight why it is important to get quotes for a targeted area and their own personal driving habits, rather than using averaged prices.
Use the form below to get customized rates for your location.
Enter your zip code below to view companies based on your location that have cheap auto insurance rates.
Additional Rate Information
The chart below breaks down average Tesla Model 3 insurance rates for other coverage scenarios.
- The cheapest rate after discounts is $856
- Choosing higher $1,000 deductibles can save approximately $1,308 every year
- The estimated rate for a good driver age 40 who has $500 deductibles is $1,536
- Selecting low $100 deductibles for comp and collision coverage will cost $1,986
- Drivers with serious driving violations could pay up to $3,350
- Policy cost with full coverage for a teenage driver can cost as much as $5,626 each year
Insurance rates for a Tesla Model 3 also range considerably based on the model year and trim level, your driving characteristics, and liability limits and deductibles.
Older drivers with no violations or accidents and high physical damage deductibles may only pay around $1,400 annually on average, or $117 per month, for full coverage. Rates are much higher for teenagers, where even without any violations or accidents they should be prepared to pay at least $5,600 a year. View Rates by Age
If you have a few points on your driving record or you caused a few accidents, you are likely paying $1,800 to $2,500 additional every year, depending on your age. A high-risk auto insurance policy ranges around 44% to 130% more than the average policy. View High Risk Driver Rates
Choosing higher comprehensive and collision insurance deductibles can save as much as $680 a year, while buying higher liability limits will increase premiums. Changing from a 50/100 bodily injury limit to a 250/500 limit will raise rates by up to $349 more each year. View Rates by Deductible or Liability Limit
Your home state plays a big part in determining prices for Tesla Model 3 insurance rates. A good driver about age 40 could pay as low as $1,180 a year in states like Vermont, New Hampshire, and Missouri, or have to pay at least $2,190 on average in Louisiana, New York, and Michigan.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,388 | -$148 | -9.6% |
| Alaska | $1,176 | -$360 | -23.4% |
| Arizona | $1,274 | -$262 | -17.1% |
| Arkansas | $1,536 | -$0 | 0.0% |
| California | $1,750 | $214 | 13.9% |
| Colorado | $1,464 | -$72 | -4.7% |
| Connecticut | $1,576 | $40 | 2.6% |
| Delaware | $1,734 | $198 | 12.9% |
| Florida | $1,916 | $380 | 24.7% |
| Georgia | $1,418 | -$118 | -7.7% |
| Hawaii | $1,102 | -$434 | -28.3% |
| Idaho | $1,040 | -$496 | -32.3% |
| Illinois | $1,142 | -$394 | -25.7% |
| Indiana | $1,158 | -$378 | -24.6% |
| Iowa | $1,036 | -$500 | -32.6% |
| Kansas | $1,456 | -$80 | -5.2% |
| Kentucky | $2,092 | $556 | 36.2% |
| Louisiana | $2,272 | $736 | 47.9% |
| Maine | $946 | -$590 | -38.4% |
| Maryland | $1,268 | -$268 | -17.4% |
| Massachusetts | $1,224 | -$312 | -20.3% |
| Michigan | $2,662 | $1,126 | 73.3% |
| Minnesota | $1,286 | -$250 | -16.3% |
| Mississippi | $1,838 | $302 | 19.7% |
| Missouri | $1,362 | -$174 | -11.3% |
| Montana | $1,648 | $112 | 7.3% |
| Nebraska | $1,208 | -$328 | -21.4% |
| Nevada | $1,838 | $302 | 19.7% |
| New Hampshire | $1,106 | -$430 | -28.0% |
| New Jersey | $1,714 | $178 | 11.6% |
| New Mexico | $1,358 | -$178 | -11.6% |
| New York | $1,614 | $78 | 5.1% |
| North Carolina | $882 | -$654 | -42.6% |
| North Dakota | $1,256 | -$280 | -18.2% |
| Ohio | $1,058 | -$478 | -31.1% |
| Oklahoma | $1,574 | $38 | 2.5% |
| Oregon | $1,406 | -$130 | -8.5% |
| Pennsylvania | $1,464 | -$72 | -4.7% |
| Rhode Island | $2,046 | $510 | 33.2% |
| South Carolina | $1,390 | -$146 | -9.5% |
| South Dakota | $1,294 | -$242 | -15.8% |
| Tennessee | $1,342 | -$194 | -12.6% |
| Texas | $1,848 | $312 | 20.3% |
| Utah | $1,134 | -$402 | -26.2% |
| Vermont | $1,048 | -$488 | -31.8% |
| Virginia | $918 | -$618 | -40.2% |
| Washington | $1,184 | -$352 | -22.9% |
| West Virginia | $1,408 | -$128 | -8.3% |
| Wisconsin | $1,062 | -$474 | -30.9% |
| Wyoming | $1,364 | -$172 | -11.2% |
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2023 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2022 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2021 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2020 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
| 2019 Tesla Model 3 | $332 | $680 | $388 | $1,536 |
| 2018 Tesla Model 3 | $318 | $610 | $390 | $1,454 |
Rates are averaged for all Tesla Model 3 models and trim levels. Rates assume a 40-year-old male driver, full coverage with $500 deductibles, and a clean driving record.
How to Buy the Best Cheap Tesla Model 3 Insurance
Finding cheaper rates on auto insurance takes having a decent driving record, having good credit, paying for small claims out-of-pocket, and possibly raising deductibles. Invest time comparing rates every year by requesting rates from direct car insurance companies like Progressive, GEICO, and Esurance, and also from insurance agencies where you live.
The following items are a quick review of the coverage data covered in the charts and tables above.
- You may be able to save approximately $190 per year just by quoting early and online
- Increasing comprehensive and collision deductibles could save up to $675 each year
- 16 to 18-year-old drivers are expensive to insure, with premiums being up to $469 each month if they have full coverage
- Drivers with a DUI or reckless driving violation could be forced to pay on average $1,810 more annually than a driver with a clean driving record
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $5,626 |
| 20 | $3,572 |
| 30 | $1,612 |
| 40 | $1,536 |
| 50 | $1,402 |
| 60 | $1,380 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $1,986 |
| $250 | $1,776 |
| $500 | $1,536 |
| $1,000 | $1,308 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,536 |
| 50/100 | $1,614 |
| 100/300 | $1,711 |
| 250/500 | $1,963 |
| 100 CSL | $1,652 |
| 300 CSL | $1,866 |
| 500 CSL | $2,021 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,082 |
| 20 | $5,700 |
| 30 | $3,436 |
| 40 | $3,350 |
| 50 | $3,196 |
| 60 | $3,170 |
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.
Potential Rate Discounts
If you qualify for discounts, you may save the amounts shown below.
| Discount | Savings |
|---|---|
| Multi-policy | $84 |
| Multi-vehicle | $82 |
| Homeowner | $22 |
| 5-yr Accident Free | $122 |
| 5-yr Claim Free | $102 |
| Paid in Full/EFT | $76 |
| Advance Quote | $80 |
| Online Quote | $112 |
| Total Discounts | $680 |
Discounts are estimated and may not be available from every company or in every state.
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