Tesla Model 3 Insurance Rates

U.S. average insurance rates for a Tesla Model 3 are $1,536 a year with full coverage. Comprehensive insurance costs approximately $332 a year, collision insurance costs $680, and liability is $388. Buying just liability costs around $434 a year, and insurance for high-risk drivers costs $3,350 or more. Teenage drivers pay the highest rates at up to $5,626 a year.

Average premium for full coverage: $1,536

Price estimates by individual coverage:

Rates are based on $500 deductibles, 30/60 split liability limits, and includes both medical and UM/UIM coverage. Estimates are averaged for all U.S. states and Model 3 trim levels.

Price Range from Low to High

Geographic Price Range

Choosing to live in a large city can make a big difference on the price of insurance. Rural locations have lower incidents of collision claims than densely populated cities. The diagram below illustrates how location helps determine auto insurance prices.

The ranges above demonstrate why it is important to compare rates quotes using their specific location, instead of making a decision based on average rates.

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

Rate Comparisons

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

• The best discount rate is $856
• Raising to $1,000 deductibles will save $1,308 annually
• The estimated price for the average middle-age driver who chooses $500 deductibles is $1,536
• Using low $100 deductibles will cost an additional $450 annually
• Drivers who are prone to accidents and violations could pay around $3,350
• The price that insures a 16-year-old driver can cost $5,626

View Chart as Image

Insurance prices for a Tesla Model 3 are also quite variable based on the trim level of your Model 3, your age and driving habits, and physical damage deductibles and liability limits.

If you have some driving violations or you caused an accident, you may be forking out anywhere from $1,800 to $2,500 additional each year, depending on your age. A high-risk auto insurance policy is expensive and can cost from 44% to 130% more than a normal policy. View High Risk Driver Rates

Older drivers with no violations or accidents and higher comprehensive and collision deductibles may pay as low as $1,400 every 12 months on average for full coverage. Prices are much higher for teenage drivers, since even teens with perfect driving records should be prepared to pay in the ballpark of $5,600 a year. View Rates by Age

The state you live in also has a big influence on Tesla Model 3 insurance prices. A middle-age driver might find prices 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.

View Chart as Image

Using high physical damage deductibles can reduce prices by up to $680 annually, while buying higher liability limits will push prices upward. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will increase prices by as much as $349 more each year. View Rates by Deductible or Liability Limit

How to Find the Best Cheap Tesla Model 3 Insurance

Getting lower rates on insurance for a Tesla Model 3 consists of not taking risks behind the wheel, having a good credit score, avoid buying unnecessary coverage, and consideration of higher deductibles. Compare prices at least every other year by getting quotes from direct companies, and also from local insurance agencies.

The following is a quick review of the car insurance concepts covered in the charts and tables above.

• Drivers considered higher risk with a DUI or reckless driving violation may have to pay on average $1,810 more per year for Model 3 insurance
• You may be able to save around $190 per year just by quoting early and online
• Increasing physical damage deductibles can save approximately $675 each year
• Insureds who purchase higher liability limits will pay an extra $430 every year to raise from a low limit to the 250/500 level