Tesla Model 3 Insurance Rates

The average insurance rates for a Tesla Model 3 are $1,536 a year with full coverage. Comprehensive costs on average $332, collision insurance costs $680, and liability coverage is $388. Buying just liability costs around $434 a year, and insurance for high-risk drivers costs around $3,350. 16-year-old drivers cost the most to insure at up to $5,626 a year.

Average premium for full coverage: $1,536

Policy rates by type of insurance:

Prices are based on $500 policy deductibles, bodily injury liability limits of 30/60, and includes both medical and UM/UIM coverage. Prices are averaged for all U.S. states and for all Model 3 models.

Price Range Variability

Urban vs. Rural Price Range

Choosing to live in a large city has a large influence on auto insurance rates. Rural areas are shown to have lower incidents of collision claims than congested cities. The example below illustrates how rural and urban location affects car insurance rates.

The examples above demonstrate why everyone should compare rates quotes based on a specific location, rather than using rate averages.

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

Rate Comparisons

The chart below details average Tesla Model 3 insurance rates for different risk profiles and scenarios.

• The best full coverage rate is $856
• Raising to $1,000 deductibles will save around $228 annually
• The estimated price for a good driver age 40 with $500 deductibles is $1,536
• Buying pricier low deductibles bumps up the cost to $1,986
• Unlucky drivers with multiple tickets or accidents could pay upwards of $3,350
• Policy cost that insures a teenage driver for full coverage may cost $5,626

View Chart as Image

Insurance rates for a Tesla Model 3 also range considerably based on the model of your Model 3, your age and driving habits, and policy deductibles and limits.

If you have a few points on your driving record or you caused an accident, you may be forking out at a minimum $1,800 to $2,500 extra every year, depending on your age. Tesla Model 3 insurance for high-risk drivers is expensive and can cost around 44% to 130% more than the average rate. View High Risk Driver Rates

A more mature driver with a clean driving record and higher comprehensive and collision deductibles may only pay around $1,400 every 12 months on average, or $117 per month, for full coverage. Rates are highest for teenagers, since even teens with perfect driving records can expect to pay upwards of $5,600 a year. View Rates by Age

Your home state also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find rates as low as $1,100 a year in states like New Hampshire, Ohio, and Utah, or at least $2,070 on average in Florida, Michigan, and New York.

View Chart as Image

Opting for high physical damage deductibles can reduce rates by up to $680 a year, whereas buying more liability protection will cost you more. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $349 more per year. View Rates by Deductible or Liability Limit

How to Find Affordable Tesla Model 3 Insurance

Finding cheaper rates on auto insurance consists of being safe and accident-free, having above-average credit, not filing small claims, and determing if full coverage is necessary. Comparison shop every other policy renewal by requesting rates from direct companies, and also from several local insurance agents.

Below you'll find a brief review of the ideas that were raised in the charts and tables above.

• Youthful drivers pay the highest rates, as much as $469 each month if full coverage is included
• Drivers with DUI or reckless driving convictions pay on average $1,810 more each year than a low-risk driver
• Increasing comprehensive and collision deductibles can save approximately $675 each year
• You may be able to save as much as $190 per year just by quoting online well ahead of the renewal date