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 around $332 each year, collision insurance costs $680, and liability is estimated at $388. A policy with just liability insurance costs approximately $434 a year, and coverage for high-risk drivers costs $3,350 or more. Teen drivers pay the highest rates at up to $5,626 a year.

Average premium for full coverage: $1,536

Price estimates for individual coverage:

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

Price Range from Low to High

Geographic Price Range

Living in a larger city can make a big difference on insurance rates. Areas with sparse population have lower incidents of collision claims than larger metro areas. The graphic below illustrates how location impacts auto insurance rates.

The ranges above demonstrate why all drivers should get quotes for a specific zip code, instead of making a decision based 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 additional coverage choices and driver risks.

• The lowest rate with discounts is $856
• Choosing higher $1,000 deductibles can save about $228 annually
• The estimated price for the average middle-age driver using $500 deductibles is $1,536
• Choosing low deductibles for comp and collision coverage will cost an additional $450 annually
• Higher-risk drivers with multiple violations and an at-fault accident could pay at least $3,350
• The price that insures a 16-year-old driver can be $5,626 each year

View Chart as Image

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

If you have some driving violations or you caused an accident, you may be forking out at least $1,800 to $2,500 extra each year, depending on your age. Insurance for high-risk drivers ranges from 44% to 130% more than average. View High Risk Driver Rates

More mature drivers with a clean driving record and higher comprehensive and collision deductibles may pay as low as $1,400 annually on average for full coverage. Prices are highest for teenage drivers, since even teens with perfect driving records can expect to pay as much as $5,600 a year. View Rates by Age

The state you live in plays a big part in determining prices for Tesla Model 3 insurance prices. A good driver about age 40 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

Choosing high deductibles can save as much as $680 annually, whereas increasing liability limits will increase prices. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will increase prices by as much as $349 more per year. View Rates by Deductible or Liability Limit

How to Find Cheap Tesla Model 3 Insurance

Getting lower rates on insurance for a Tesla Model 3 takes being safe and accident-free, having above-average credit, avoid buying unnecessary coverage, and dropping full coverage on older vehicles. Shop around every year by quoting rates from direct companies, and also from your local independent and exclusive agents.

Below you'll find a brief summary of the coverage data touched on above.

• You may be able to save up to $190 per year just by quoting online in advance
• Increasing physical damage deductibles can save approximately $675 each year
• Youthful drivers pay higher prices, costing up to $469 a month if full coverage is included
• Drivers considered higher risk that tend to have accidents or serious violations may pay on average $1,810 more every year than a low-risk driver