Tesla Model 3 Insurance Rates
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Michelle Robbins
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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 including full coverage. Comprehensive costs around $332 a year, collision insurance costs $680, and liability costs $388. A liability-only policy costs as little as $434 a year, and high-risk insurance costs around $3,350. Teens receive the highest rates at up to $5,626 a year.
Average premium for full coverage: $1,536
Rate estimates for individual coverage type:
Rate estimates include $500 deductible amounts, 30/60 liability limits, and includes uninsured/under-insured motorist coverage. Rates are averaged for all 50 U.S. states and Model 3 trim levels.
Price Range by Coverage and Risk
Using a 40-year-old driver as an example, prices range range from as cheap as $434 for your basic liability-only policy to a high of $3,350 for a driver required to buy high-risk insurance.
Price Range by Location
Your location can make a big difference on the price of insurance. Areas with sparse population tend to have fewer comprehensive and collision claims than cities with more traffic congestion. The diagram below illustrates how rural and urban location affects auto insurance rates.
These examples highlight why it is important to compare rates for a specific zip code and their own personal driving habits, instead of making a decision based on averaged prices.
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 breaks down average Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The cheapest rate after discounts is $856
- Drivers who choose higher $1,000 deductibles will pay about $1,308 every year
- The estimated rate for a 40-year-old driver using $500 deductibles is $1,536
- Selecting low $100 deductibles for comprehensive and collision insurance will cost $1,986
- Drivers with serious driving violations could pay at least $3,350
- The cost with full coverage for a 16-year-old driver can be $5,626 a year
Insurance rates for a Tesla Model 3 can also vary considerably based on the trim level of your Model 3, your driving characteristics, and deductibles and policy limits.
Older drivers with a clean driving record and high physical damage deductibles may pay as low as $1,400 per year on average for full coverage. Rates are much higher for teen drivers, where even without any violations or accidents they can expect to pay as much as $5,600 a year. View Rates by Age
If you like to drive fast or you caused a few accidents, you are likely paying at least $1,800 to $2,500 extra per year, depending on your age. A high-risk auto insurance policy can cost from 44% to 130% more than the average policy. View High Risk Driver Rates
Choosing higher comprehensive and collision insurance deductibles could save up to $680 annually, while buying higher liability limits will increase rates. Changing 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 makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,180 a year in states like Missouri, New Hampshire, and Vermont, or have to pay at least $2,190 on average in Michigan, New York, and Louisiana.
| 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% |
| 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 the Best Tesla Model 3 Insurance
Saving money on insurance for a Tesla Model 3 not only requires having a good driving record, but also having a good credit history, not filing small claims, and dropping full coverage on older vehicles. Set aside time to shop around at every policy renewal by getting rate quotes from direct car insurance companies like Progressive and GEICO, and also from your local independent and exclusive agents.
The next list is a brief recap of the data raised in the charts and tables above.
- Insureds who may need increased levels of liability coverage will pay approximately $430 per year to go from a minimum limit to higher 250/500 limits
- You may be able to save up to $190 per year just by quoting early and online
- Increasing deductibles could save up to $675 each year
- Drivers age 20 and younger pay higher rates, as much as $469 per month including comprehensive and collision insurance
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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