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...
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UPDATED: Mar 30, 2024
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Estimated insurance prices for a Tesla Model 3 are $1,536 every 12 months with full coverage. Comprehensive insurance costs approximately $332 a year, collision insurance costs $680, and liability insurance is estimated at $388. Liability-only insurance costs approximately $434 a year, and high-risk driver insurance costs $3,350 or more. Teenage drivers pay the most at up to $5,626 a year.
Average premium for full coverage: $1,536
Premium estimates by type of coverage:
Rate estimates include $500 deductible amounts, 30/60 bodily injury liability limits, and includes UM/UIM and medical coverage. Rates include averaging for all U.S. states and Model 3 trim levels.
Insurance Price Range by Risk and Coverage
Using a middle-aged driver as an example, insurance rates for a Tesla Model 3 range from the cheapest price of $434 for a discount liability-only rate to a high of $3,350 for a driver who requires high-risk insurance.
Insurance Price Range by Location
Living in a larger city has a significant impact on the price of insurance. Rural locations are statistically proven to have more infrequent collision claims than densely populated cities. The diagram below illustrates how where you live affects auto insurance prices.
These rate differences demonstrate why it is important to get quotes 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.
Enter your zip code below to view companies based on your location that have cheap auto insurance rates.
Rates by State, City, and Model
The chart below details average Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The best discount rate is $856
- Choosing higher $1,000 deductibles can save $1,308 annually
- The average price for a 40-year-old good driver who chooses $500 deductibles is $1,536
- Using low $100 deductibles for comp and collision coverage costs an extra $450 a year
- High-risk insureds who are prone to accidents and violations could pay around $3,350
- An auto insurance policy to insure a teen driver can cost $5,626 each year
Insurance prices for a Tesla Model 3 also have a wide range based on physical damage deductibles and liability limits, your driving record, and the model of your Model 3.
Using high physical damage deductibles can save as much as $680 each year, while buying higher liability limits will push prices upward. Moving 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
Older drivers with no violations or accidents and higher deductibles could pay as little as $1,400 annually on average, 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 in the ballpark of $5,600 a year. View Rates by Age
If you have a few violations or you were responsible for an accident, you may be forking out anywhere from $1,800 to $2,500 additional annually, depending on your age. A high-risk auto insurance policy ranges anywhere from 44% to 130% more than a normal policy. View High Risk Driver Rates
Where you choose to live plays a big part in determining prices for Tesla Model 3 insurance rates. A good driver about age 40 could pay as low as $1,100 a year in states like Utah, Ohio, and New Hampshire, or be forced to pay as much as $2,070 on average in New York, Michigan, and Florida.
| 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 the Best Tesla Model 3 Insurance
Finding better rates on Tesla Model 3 insurance takes having a good driving record, having above-average credit, being claim-free, and consideration of higher deductibles. Take the time to comparison shop at every other renewal by getting quotes from direct companies, and also from insurance agencies where you live.
The next list is a brief recap of the concepts that were touched on in the above illustrations.
- High-risk drivers who tend to receive serious violations could be forced to pay on average $1,810 more per year to buy Tesla Model 3 insurance
- Drivers age 20 and younger are the costliest to insure, possibly costing $469 per month if full coverage is included
- You may be able to save around $190 per year just by quoting early and online
- Increasing policy deductibles could save as much as $675 each year
- You may be able to save around $190 per year just by quoting early and online
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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