Tesla Model 3 Insurance Rates
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Michelle Robbins
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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 auto insurance rates for a Tesla Model 3 are $1,536 annually for full coverage. Comprehensive insurance costs an estimated $332 a year, collision costs $680, and liability insurance is estimated at $388. A liability-only policy costs approximately $434 a year, with high-risk insurance 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 broken down by individual coverage type:
These estimates include $500 deductibles, bodily injury liability limits of 30/60, and includes uninsured/under-insured motorist coverage. Rates are averaged for all states and Model 3 trim levels.
Price Range by Coverage and Risk
For a driver around age 40, prices range go from as cheap as $434 for your basic liability-only policy to a high of $3,350 for a driver who has had serious violations or accidents.
Price Range by Location
Living in a larger city has a significant impact on insurance rates. More rural locations tend to have fewer accident claims than densely populated cities.
The diagram below illustrates the difference between rural and urban areas on insurance prices.
These examples show why it is important to get quotes for a targeted area and their own personal driving habits, rather than relying on 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 shows estimated Tesla Model 3 insurance rates for other coverage scenarios.
- The best discount rate is $856
- Choosing higher $1,000 deductibles can save approximately $1,308 a year
- The estimated rate for a 40-year-old driver who has $500 deductibles is $1,536
- Using low $100 deductibles for comp and collision coverage costs an additional $450 a year
- High-risk insureds who are prone to accidents and violations could pay up to $3,350 or more
- The cost with full coverage for a teen driver can cost as much as $5,626 each year
Insurance rates for a Tesla Model 3 can also vary considerably based on the trim level of your Model 3, your driver profile, and liability limits and deductibles.
Older drivers with a clean driving record and high physical damage deductibles could pay as little as $1,400 annually on average for full coverage. Rates are much higher for teen drivers, where even without any violations or accidents they can expect to pay at least $5,600 a year. View Rates by Age
If you like to drive fast or you caused a few accidents, you could be paying $1,800 to $2,500 extra per year, depending on your age. A high-risk auto insurance policy ranges anywhere from 44% to 130% more than a normal policy. View High Risk Driver Rates
Using high physical damage deductibles can save as much as $680 each year, while buying higher liability limits will increase premiums. Going from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $349 more per year. View Rates by Deductible or Liability Limit
Where you live plays a big part in determining prices for Tesla Model 3 insurance rates. A good driver about age 40 could pay as low as $1,010 a year in states like Iowa, Maine, and Idaho, or be forced to pay as much as $2,190 on average in New York, Louisiana, 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% |
With so much variability in rates, the only way to know which company is cheapest is to get quotes from as many companies as possible. Each auto insurer uses a different method to calculate rates, so the rates can be significantly different between companies.
| 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 Cheap Tesla Model 3 Insurance
Saving money on Tesla Model 3 insurance takes not taking risks behind the wheel, having a good credit history, eliminating unneeded coverage, and taking advantage of discounts. Set aside time to compare rates every other policy renewal by quoting rates from direct carriers like Progressive and GEICO, and also from local exclusive and independent agents.
The following is a brief summary of the ideas that were covered above.
- Teens are charged the highest rates, costing as high as $469 per month including comprehensive and collision insurance
- High-risk drivers that tend to have accidents or serious violations may pay on average $1,810 more annually for Model 3 insurance
- Increasing deductibles could save up to $675 each year
- Drivers can save approximately $190 per year simply by quoting early and online
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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