Tesla Model 3 Insurance Rates

Average insurance prices for a Tesla Model 3 are $1,588 every 12 months with full coverage. Comprehensive costs approximately $344 each year, collision insurance costs $724, and liability insurance costs around $384. A policy with just liability insurance costs as low as $432 a year, and coverage for high-risk drivers costs around $3,470. Teenage drivers receive the highest rates at up to $5,792 a year.

Average premium for full coverage: $1,588

Rate estimates by individual coverage type:

Rate estimates include $500 comprehensive and collision deductibles, liability limits of 30/60, and includes uninsured motorist and medical coverage. Rates are averaged for all U.S. states and Model 3 models.

Price Range by Coverage and Risk

Price Range by Location

Where you live has a significant impact on the price of insurance. Rural locations tend to have more infrequent collision claims than densely populated cities. The graphic below illustrates how rural and urban location affects auto insurance prices.

These examples demonstrate why all drivers should compare prices using their specific location and their own driving history, rather than relying on average rates.

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

Additional Rate Information

The chart below details average Tesla Model 3 insurance rates for additional coverage and risk scenarios.

• The best discount rate is $881
• Using higher $1,000 deductibles will save $242 annually
• The average price for a 40-year-old driver who chooses $500 deductibles is $1,588
• Using low deductibles for physical damage coverage increases the price to $2,062
• Drivers who are prone to accidents and violations could pay around $3,470
• The cost to insure a teen driver can cost $5,792 or more

View Chart as Image

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 cut rates by as much as $720 each 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 $345 more each year. View Rates by Deductible or Liability Limit

More mature drivers with no violations or accidents and higher deductibles could pay as little as $1,500 a year for full coverage. Rates are much higher for teen drivers, since even excellent drivers should be prepared to pay in the ballpark of $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 anywhere from $1,900 to $2,600 additional per year, depending on your age. Insurance for high-risk drivers can be anywhere from 45% to 133% more than a normal policy. View High Risk Driver Rates

Where you live has a huge impact on Tesla Model 3 insurance rates. A driver around age 40 might see rates as low as $1,140 a year in states like Utah, Ohio, and New Hampshire, or be forced to pay as much as $2,140 on average in New York, Michigan, and Florida.

View Chart as Image

How to Shop for the Best Tesla Model 3 Insurance

Saving money on Tesla Model 3 insurance requires avoiding accidents and violations, having above-average credit, eliminating unnecessary coverage, and consideration of higher deductibles. Set aside time to shop around once a year by obtaining price quotes from direct companies like GEICO, Progressive, and Esurance, and also from insurance agencies where you live.

The list below is a brief recap of the data that was raised in the charts and tables above.

• You may be able to save around $200 per year just by quoting online in advance
• Drivers who purchase higher liability limits will pay an extra $420 every year to increase from a minimum limit to a 250/500 level
• Teenagers are the costliest to insure, with premiums as much as $483 per month if full coverage is included
• High-risk drivers who tend to receive serious violations could be forced to pay on average $1,880 more per year for car insurance