Tesla Model 3 Insurance Rates

U.S. average auto insurance rates for a Tesla Model 3 are $1,536 annually with full coverage. Comprehensive costs on average $332 a year, collision insurance costs $680, and liability insurance costs $388. Liability-only coverage costs as little as $434 a year, and high-risk coverage costs around $3,350. Teen drivers pay the highest rates at up to $5,626 a year.

Average premium for full coverage: $1,536

Price estimates by individual coverage:

These estimates include $500 physical damage deductibles, 30/60 liability limits, and includes UM/UIM and medical coverage. Estimates are averaged for all U.S. states and Model 3 trim levels.

Price Range from Low to High

Geographic Price Range

Your location has a significant impact on auto insurance rates. Rural areas have fewer collision claims than larger metro areas. The diagram below illustrates how where you live affects car insurance rates.

The ranges above demonstrate why it is important to compare rates based on a specific location and their own personal driving habits, rather than relying on price averages.

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

Rates by State, City, and Model

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

• The lowest rate with discounts is $856
• Drivers who choose higher $1,000 deductibles will pay around $1,308 annually
• The estimated rate for the average middle-age driver with $500 deductibles is $1,536
• Choosing low $100 deductibles for comprehensive and collision insurance will cost $1,986
• High risk drivers with multiple violations and an at-fault accident could pay upwards of $3,350
• The price with full coverage for a teen driver may cost $5,626 a year

View Chart as Image

Auto insurance prices for a Tesla Model 3 are also quite variable based on the trim level and model year, your driving record, and policy deductibles and limits.

Older drivers with a good driving record and high physical damage deductibles could pay as little as $1,400 per year on average for full coverage. Prices are highest for teenage drivers, where even without any violations or accidents they will have to pay upwards of $5,600 a year. View Rates by Age

If you have some driving violations or you caused a few accidents, you may be forking out at a minimum $1,800 to $2,500 in extra premium each year, depending on your age. A high-risk auto insurance policy can cost anywhere from 44% to 130% more than average. View High Risk Driver Rates

Choosing high deductibles could save up to $680 each year, while buying higher liability limits will cost you more. Moving from a 50/100 bodily injury limit to a 250/500 limit will increase prices by as much as $349 extra every year. View Rates by Deductible or Liability Limit

The state you live in makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay as low as $1,100 a year in states like New Hampshire, Ohio, and Utah, or as much as $2,070 on average in Florida, Michigan, and New York.

View Chart as Image

How to Buy Cheap Tesla Model 3 Insurance

Getting lower rates on Tesla Model 3 insurance not only requires being a safe and courteous driver, but also having above-average credit, avoid buying unnecessary coverage, and deciding if full coverage is necessary. Take the time to comparison shop at every policy renewal by quoting rates from direct companies like GEICO, Progressive, and Esurance, and also from local independent and exclusive agents.

Below is a brief summary of the data touched on in the above illustrations.

• Drivers who require higher levels of liability will pay about $430 every year to go from a low limit to higher 250/500 limits
• You may be able to save as much as $190 per year just by quoting early and online
• Increasing physical damage deductibles could save up to $675 each year
• Teenage drivers are charged the highest prices, costing up to $469 a month if full coverage is included