Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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The average auto insurance rates for a Tesla Model 3 are $1,588 annually for full coverage. Comprehensive insurance costs around $344, collision insurance costs $724, and liability is $384. A liability-only policy costs around $432 a year, and high-risk insurance costs $3,470 or more. Teenage drivers cost the most to insure at up to $5,792 a year.
Average premium for full coverage: $1,588
Policy rates for type of insurance:
Prices are based on $500 policy deductibles, 30/60 liability coverage, and includes UM/UIM and medical coverage. Prices are averaged for all states and for all Model 3 models.
Price Range Variability
Using a middle-aged driver as an example, Tesla Model 3 insurance rates range from as cheap as $432 for a discount liability-only rate to the much higher price of $3,470 for a policy for a high-risk driver.
Urban vs. Rural Price Range
Choosing to live in a large city can make a big difference on auto insurance rates. Areas with sparse population are shown to have fewer accident claims than densely populated cities. The example below illustrates how where you live affects auto insurance rates.
The examples above show why everyone should compare rates quotes for a specific zip code and their own personal driving habits, instead of making a decision based 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.
Rates by State, City, and Model
The chart below shows average Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The best discount rate is $881
- Raising to $1,000 deductibles will save about $242 a year
- The estimated rate for a good driver age 40 using $500 deductibles is $1,588
- Using pricier low deductibles costs an additional $474 annually
- Drivers who are prone to accidents and violations could pay at least $3,470
- Policy cost with full coverage for a 16-year-old driver for full coverage can be $5,792
Car insurance rates for a Tesla Model 3 also range considerably based on the model year and trim level, your driver profile, and deductibles and policy limits.
A more mature driver with no driving violations and high physical damage deductibles may pay as low as $1,500 every 12 months on average, or $125 per month, for full coverage. Rates are much higher for teenagers, where even without any violations or accidents they will be charged as much as $5,700 a year. View Rates by Age
If you have a few points on your driving record or you caused a few accidents, you could be paying at least $1,900 to $2,600 extra every year, depending on your age. Tesla Model 3 insurance for high-risk drivers is expensive and can cost from 45% to 133% more than a normal policy. View High Risk Driver Rates
Using high physical damage deductibles can reduce rates by up to $720 annually, whereas buying more liability protection will increase rates. Going from a 50/100 bodily injury limit to a 250/500 limit will raise rates by up to $345 extra every 12 months. View Rates by Deductible or Liability Limit
Your home state also has a big influence on Tesla Model 3 insurance prices. A middle-age driver might find rates as low as $1,050 a year in states like Idaho, Maine, and Iowa, or be forced to pay as much as $2,260 on average in Michigan, Louisiana, and New York.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,434 | -$154 | -9.7% |
| Alaska | $1,216 | -$372 | -23.4% |
| Arizona | $1,316 | -$272 | -17.1% |
| Arkansas | $1,588 | -$0 | 0.0% |
| California | $1,810 | $222 | 14.0% |
| Colorado | $1,514 | -$74 | -4.7% |
| Connecticut | $1,628 | $40 | 2.5% |
| Delaware | $1,794 | $206 | 13.0% |
| Florida | $1,982 | $394 | 24.8% |
| Georgia | $1,466 | -$122 | -7.7% |
| Hawaii | $1,142 | -$446 | -28.1% |
| Idaho | $1,076 | -$512 | -32.2% |
| Illinois | $1,180 | -$408 | -25.7% |
| Indiana | $1,198 | -$390 | -24.6% |
| Iowa | $1,070 | -$518 | -32.6% |
| Kansas | $1,506 | -$82 | -5.2% |
| Kentucky | $2,164 | $576 | 36.3% |
| Louisiana | $2,348 | $760 | 47.9% |
| Maine | $978 | -$610 | -38.4% |
| Maryland | $1,308 | -$280 | -17.6% |
| Massachusetts | $1,266 | -$322 | -20.3% |
| Michigan | $2,754 | $1,166 | 73.4% |
| Minnesota | $1,330 | -$258 | -16.2% |
| Mississippi | $1,902 | $314 | 19.8% |
| Missouri | $1,408 | -$180 | -11.3% |
| Montana | $1,704 | $116 | 7.3% |
| Nebraska | $1,250 | -$338 | -21.3% |
| Nevada | $1,904 | $316 | 19.9% |
| New Hampshire | $1,144 | -$444 | -28.0% |
| New Jersey | $1,774 | $186 | 11.7% |
| New Mexico | $1,404 | -$184 | -11.6% |
| New York | $1,672 | $84 | 5.3% |
| North Carolina | $912 | -$676 | -42.6% |
| North Dakota | $1,300 | -$288 | -18.1% |
| Ohio | $1,092 | -$496 | -31.2% |
| Oklahoma | $1,628 | $40 | 2.5% |
| Oregon | $1,454 | -$134 | -8.4% |
| Pennsylvania | $1,512 | -$76 | -4.8% |
| Rhode Island | $2,116 | $528 | 33.2% |
| South Carolina | $1,438 | -$150 | -9.4% |
| South Dakota | $1,338 | -$250 | -15.7% |
| Tennessee | $1,388 | -$200 | -12.6% |
| Texas | $1,912 | $324 | 20.4% |
| Utah | $1,176 | -$412 | -25.9% |
| Vermont | $1,084 | -$504 | -31.7% |
| Virginia | $950 | -$638 | -40.2% |
| Washington | $1,224 | -$364 | -22.9% |
| West Virginia | $1,456 | -$132 | -8.3% |
| Wisconsin | $1,096 | -$492 | -31.0% |
| Wyoming | $1,414 | -$174 | -11.0% |
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $424 | $870 | $332 | $1,762 |
| 2023 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2022 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2021 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2020 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2019 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
| 2018 Tesla Model 3 | $332 | $680 | $388 | $1,536 |
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 Affordable Tesla Model 3 Insurance
Finding cheaper rates on insurance for a Tesla Model 3 consists of being safe and accident-free, having a good credit score, avoid buying unnecessary coverage, and consideration of higher deductibles. Take the time to comparison shop every year by getting rate quotes from direct carriers like Progressive, GEICO, and Esurance, and also from local independent and exclusive agents.
Below you'll find a brief review of the coverage data touched on in the above illustrations.
- Drivers can save up to $200 per year just by quoting online well ahead of the renewal date
- Increasing comprehensive and collision deductibles could save up to $725 each year
- Youthful drivers are the costliest to insure, costing up to $483 each month if comprehensive and collision insurance is included
- Drivers considered higher risk with DUI or reckless driving convictions pay an average of $1,880 more every year than a low-risk driver
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $5,792 |
| 20 | $3,702 |
| 30 | $1,668 |
| 40 | $1,588 |
| 50 | $1,450 |
| 60 | $1,424 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,062 |
| $250 | $1,840 |
| $500 | $1,588 |
| $1,000 | $1,346 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,588 |
| 50/100 | $1,665 |
| 100/300 | $1,761 |
| 250/500 | $2,010 |
| 100 CSL | $1,703 |
| 300 CSL | $1,914 |
| 500 CSL | $2,068 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,330 |
| 20 | $5,900 |
| 30 | $3,560 |
| 40 | $3,470 |
| 50 | $3,308 |
| 60 | $3,280 |
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 | $87 |
| Multi-vehicle | $85 |
| Homeowner | $22 |
| 5-yr Accident Free | $127 |
| 5-yr Claim Free | $106 |
| Paid in Full/EFT | $80 |
| Advance Quote | $84 |
| Online Quote | $116 |
| Total Discounts | $707 |
Discounts are estimated and may not be available from every company or in every state.
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