Tesla Model 3 Insurance Rates

Average auto insurance rates for a Tesla Model 3 are $1,536 annually for full coverage insurance. Comprehensive costs on average $332 a year, collision insurance costs $680, and liability is estimated at $388. A liability-only policy costs approximately $434 a year, and high-risk insurance costs around $3,350. 16-year-old drivers receive the highest rates at up to $5,626 a year.

Average premium for full coverage: $1,536

Rate estimates by individual coverage type:

Rate estimates include $500 policy deductibles, 30/60 split liability limits, and includes uninsured/under-insured motorist coverage. Rates are averaged for all 50 states and Model 3 trim levels.

Price Range by Coverage and Risk

Price Range by Location

Living in a larger city can make a big difference on insurance rates. Rural areas tend to have fewer physical damage claims than congested cities. The diagram below illustrates how your location can change car insurance rates.

These examples illustrate why it is important to get quotes based on a specific location and their own personal driving habits, instead of making a decision based on rate averages.

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

More Rate Information

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

• The best full coverage rate is $856
• Choosing higher $1,000 deductibles can save around $1,308 each year
• The estimated rate for a 40-year-old driver with $500 deductibles is $1,536
• Buying low $100 deductibles for comp and collision coverage will cost $1,986
• Higher-risk drivers with multiple tickets or accidents could pay upwards of $3,350
• The cost with full coverage for a 16-year-old driver may cost $5,626 each year

View Chart as Image

Insurance rates for a Tesla Model 3 can also vary considerably based on the trim level of your Model 3, your risk profile, and policy deductibles and limits.

Older drivers with a clean driving record and high physical damage deductibles may pay as low as $1,400 annually on average for full coverage. Rates are highest for teen drivers, where even without any violations or accidents they can expect to pay upwards of $5,600 a year. View Rates by Age

If you like to drive fast or you caused a few accidents, you are probably paying at a minimum $1,800 to $2,500 extra per year, depending on your age. A high-risk auto insurance policy ranges from 44% to 130% more than the average rate. View High Risk Driver Rates

Opting for high physical damage deductibles can save as much as $680 annually, while buying higher liability limits will cost you more. Switching from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $349 more per year. View Rates by Deductible or Liability Limit

Where you live plays a big part in determining prices for Tesla Model 3 insurance prices. A good driver about age 40 could pay as low as $1,000 a year in states like Vermont, Wisconsin, and North Carolina, or at least $2,070 on average in Michigan, New York, and Florida.

View Chart as Image

How to Buy the Best Tesla Model 3 Insurance

Saving money on insurance for a Tesla Model 3 takes avoiding accidents and claims, having a good credit history, avoid buying unnecessary coverage, and determing if full coverage is necessary. Invest the time to shop around at least every other year by getting price quotes from direct insurance companies like Progressive and GEICO, and also from local exclusive and independent agents.

The points below are a brief recap of the car insurance concepts illustrated above.

• Drivers considered higher risk who tend to receive serious violations may pay on average $1,810 more each year to insure a Tesla Model 3
• It is possible to save as much as $190 per year just by quoting early and online
• Increasing deductibles could save up to $675 each year
• Insureds who require increased liability limits will pay around $430 annually to raise limits from a minimum limit to higher 250/500 limits