Tesla Model 3 Insurance Rates

Average insurance prices for a Tesla Model 3 are $1,588 every 12 months with full coverage. Comprehensive costs an estimated $344, collision insurance costs $724, and liability costs $384. Liability-only coverage costs as little as $432 a year, and high-risk coverage costs around $3,470. 16-year-old drivers receive the highest rates at up to $5,792 a year.

Average premium for full coverage: $1,588

Rate estimates broken down by individual coverage type:

Rates are based on $500 physical damage insurance deductibles, bodily injury liability limits of 30/60, and includes medical and uninsured motorist coverage. Rates are averaged for all U.S. states and for all Model 3 models.

Price Range by Coverage and Risk

Price Range by Location

Your location can have significant affects on car insurance rates. More rural locations tend to have more infrequent collision claims than congested cities. The example below illustrates how location impacts insurance prices.

These examples demonstrate why everyone should compare rates for a targeted area and their own driving history, instead of using rate averages.

Use the form below to get customized rates for your location.

Detailed Rate Analysis

The chart below details average Tesla Model 3 insurance rates for other coverage scenarios.

• The best full coverage rate is $881
• Drivers who choose higher $1,000 deductibles will pay approximately $242 annually
• The average price for a 40-year-old driver who has $500 deductibles is $1,588
• Buying pricier low deductibles for comprehensive and collision insurance increases the price to $2,062
• Higher-risk drivers with multiple tickets or accidents could pay up to $3,470
• The cost to insure a teen driver for full coverage can cost as much as $5,792 a year

View Chart as Image

Car insurance rates for a Tesla Model 3 can also vary considerably based on policy deductibles and limits, your driving record, and the model year and trim level.

Opting for high physical damage deductibles could save up to $720 every year, whereas buying more liability protection will increase premiums. Moving from a 50/100 liability limit to a 250/500 limit will cost as much as $345 extra every 12 months. View Rates by Deductible or Liability Limit

A more mature driver with no driving violations and higher deductibles may pay as little as $1,500 per year on average for full coverage. Rates are highest for teen drivers, since even excellent drivers will be charged at least $5,700 a year. View Rates by Age

If you like to drive fast or you were responsible for an accident, you may be forking out $1,900 to $2,600 extra per year, depending on your age. Tesla Model 3 insurance for high-risk drivers can cost as much as 45% to 133% more than the average rate. View High Risk Driver Rates

Where you live makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,140 a year in states like Utah, Ohio, and New Hampshire, or at least $2,140 on average in New York, Michigan, and Florida.

View Chart as Image

How to Shop for the Best Cheap Tesla Model 3 Insurance

Saving money on car insurance not only requires being a low-risk driver, but also maintaining a good credit score, eliminating unnecessary coverage, and possibly higher deductibles. Spend time shopping around every other policy renewal by getting rate quotes from direct companies like GEICO, Progressive, and Esurance, and also from your local independent and exclusive agents.

The items below are a quick review of the ideas that were touched on above.

• Teen drivers have the highest car insurance rates, with premiums as much as $483 per month if the policy includes full coverage
• Higher risk drivers with a DUI or reckless driving violation may pay on average $1,880 more annually to insure their Model 3
• Increasing deductibles could save as much as $725 each year
• You may be able to save approximately $200 per year just by quoting online well ahead of the renewal date