Tesla Model 3 Insurance Rates
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Michelle Robbins
Licensed Insurance Agent
Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
Licensed Insurance Agent
UPDATED: Mar 30, 2024
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Estimated insurance prices for a Tesla Model 3 are $1,536 every 12 months for full coverage insurance. Comprehensive costs an estimated $332, collision insurance costs $680, and liability costs around $388. Liability-only insurance costs as low as $434 a year, and high-risk driver insurance costs around $3,350. Teens pay the most at up to $5,626 a year.
Average premium for full coverage: $1,536
Premium estimates broken down by type of coverage:
Price estimates include $500 deductible amounts, bodily injury liability limits of 30/60, and includes uninsured motorist and medical coverage. Rates include averaging for all 50 states and for all Model 3 models.
Insurance Price Range by Risk and Coverage
For a 40-year-old driver, insurance rates for a Tesla Model 3 range from the cheapest price of $434 for the bare minimum liability coverage to the much higher price of $3,350 for a driver who has had serious violations or accidents.
Insurance Price Range by Location
Where you live can make a big difference on the price of insurance. More rural locations are statistically proven to have more infrequent physical damage claims than cities with more traffic congestion. The example below illustrates how your location can change insurance prices.
These rate differences illustrate why everyone should compare prices for a targeted area and their own driving history, 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.
Additional Rate Information
The chart below illustrates average Tesla Model 3 insurance rates for other coverage scenarios.
- The cheapest rate after discounts is $856
- Using higher $1,000 deductibles will save approximately $228 each year
- The average price for a 40-year-old good driver who has $500 deductibles is $1,536
- Selecting pricier low deductibles for physical damage coverage increases the price to $1,986
- High-risk insureds with serious driving violations could pay up to $3,350
- An auto insurance policy to insure a 16-year-old driver for full coverage can cost as much as $5,626 or more
Insurance prices for a Tesla Model 3 also have a wide range based on physical damage deductibles and liability limits, your risk profile, and the model year and trim level.
Choosing higher comprehensive and collision insurance deductibles could cut prices by as much as $680 annually, whereas buying more liability protection will increase premiums. Switching from a 50/100 liability limit to a 250/500 limit will cost up to $349 more each year. View Rates by Deductible or Liability Limit
A more mature driver with no violations or accidents and higher deductibles may pay as low as $1,400 a year, or $117 per month, for full coverage. Prices are much higher for drivers in their teens, since even excellent drivers should be prepared to pay at least $5,600 a year. View Rates by Age
If you have a few violations or you were responsible for an accident, you are probably paying $1,800 to $2,500 additional annually, depending on your age. Tesla Model 3 insurance for high-risk drivers can be from 44% to 130% more than the average policy. View High Risk Driver Rates
Where you choose to live has a huge impact on Tesla Model 3 insurance prices. A driver around age 40 might see prices as low as $1,000 a year in states like North Carolina, Wisconsin, and Vermont, or have to pay at least $2,070 on average in Florida, New York, and Michigan.
| 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 Shop for Cheaper Tesla Model 3 Insurance
Finding better rates on insurance for a Tesla Model 3 requires having a good driving record, having above-average credit, paying for small claims out-of-pocket, and possibly raising deductibles. Invest the time to shop around every other policy renewal by requesting quotes from direct insurance companies, and also from insurance agencies where you live.
The next list is a condensed summary of the ideas that were illustrated above.
- Drivers age 20 and younger are expensive to insure, with premiums being up to $469 per month if full coverage is included
- Drivers considered higher risk with multiple at-fault accidents could be forced to pay on average $1,810 more annually to buy Tesla Model 3 insurance
- Increasing policy deductibles could save as much as $675 each year
- It is possible to save approximately $190 per year just by quoting online well ahead of the renewal date
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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