Tesla Model 3 Insurance Rates
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Michelle Robbins
Licensed Insurance Agent
Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
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UPDATED: Mar 30, 2024
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Average insurance prices for a Tesla Model 3 are $1,536 every 12 months with full coverage. Comprehensive insurance costs approximately $332 each year, collision costs $680, and liability coverage costs $388. Liability-only coverage costs as little as $434 a year, with high-risk coverage costing $3,350 or more. Teenage drivers receive the highest rates at $5,626 a year or more.
Average premium for full coverage: $1,536
Rate estimates by individual coverage type:
Estimates include $500 physical damage insurance deductibles, 30/60 bodily injury liability limits, and includes uninsured/under-insured motorist coverage. Rates are averaged for all U.S. states and Model 3 models.
Price Range by Coverage and Risk
For the normal driver, prices range go from the cheapest price of $434 for your basic liability-only policy to a high rate of $3,350 for a driver who requires high-risk insurance.
Price Range by Location
Your location has a large influence on the price of insurance. Rural locations tend to have more infrequent collision claims than densely populated cities.
The graphic below illustrates how geographic area affects auto insurance prices.
These examples demonstrate why all drivers should compare rates using their specific location and their own driving history, rather than using average rates.
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.
More Rate Information
The chart below details estimated Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The best discount rate is $856
- Drivers who choose higher $1,000 deductibles will pay $228 annually
- The average price for a 40-year-old driver who chooses $500 deductibles is $1,536
- Using low deductibles for comprehensive and collision insurance costs an extra $450 each year
- High-risk insureds who are prone to accidents and violations could pay around $3,350 or more
- The cost to insure a teenage driver can cost $5,626 a year
Car insurance rates for a Tesla Model 3 can also vary considerably based on policy deductibles and limits, your driving record, and the model of your Model 3.
Using high physical damage deductibles could save up to $680 a year, whereas increasing liability limits will push rates upward. Moving from a 50/100 liability limit to a 250/500 limit will cost as much as $349 extra every 12 months. View Rates by Deductible or Liability Limit
More mature drivers with no driving violations and higher deductibles may only pay around $1,400 per year on average for full coverage. Rates are much higher for teen drivers, since even excellent drivers will be charged in the ballpark of $5,600 a year. View Rates by Age
If you like to drive fast or you were responsible for an accident, you may be forking out anywhere from $1,800 to $2,500 extra per year, depending on your age. Insurance for high-risk drivers can cost around 44% to 130% more than a normal policy. View High Risk Driver Rates
Where you live makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay as low as $1,100 a year in states like Utah, Ohio, and New Hampshire, or be forced to pay as much as $2,070 on average in New York, Michigan, and Florida.
| 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% |
With so much variability in rates, the best way to find out who has the cheapest auto insurance rates is to do a rate comparison and see how they stack up. Every company uses a different method to calculate rates, so rate quotes can be significantly different.
| 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 Shop for Low Cost Tesla Model 3 Insurance
Saving money on auto insurance not only requires being a low-risk driver, but also maintaining a good credit score, eliminating unnecessary coverage, and avoiding coverage lapses. Invest the time to compare rates at every other renewal by getting rate quotes from direct companies like GEICO, Progressive, and Esurance, and also from insurance agencies where you live.
The items below are a review of the concepts that were presented in the illustrations above.
- Drivers who have several accidents or serious violations could be forced to pay on average $1,810 more per year to insure their Model 3
- Teen drivers pay the highest auto insurance rates, with premiums as much as $469 per month if the policy includes full coverage
- You may be able to save around $190 per year simply by quoting online in advance
- Increasing deductibles could save as much as $675 each year
- You may be able to save around $190 per year simply by quoting online in advance
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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