Tesla Model 3 Insurance Rates

The average insurance rates for a Tesla Model 3 are $1,536 a year for full coverage insurance. Comprehensive insurance costs an estimated $332 a year, collision insurance costs $680, and liability coverage is $388. Liability-only insurance costs around $434 a year, and high-risk driver insurance costs $3,350 or more. Teenage drivers cost the most to insure at up to $5,626 a year.

Average premium for full coverage: $1,536

Policy rates broken down by type of insurance:

Rates are based on $500 physical damage insurance deductibles, 30/60 split liability limits, and includes both medical and UM/UIM coverage. Prices are averaged for all 50 states and Model 3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Choosing to live in a large city has a large influence on the price of insurance. More rural locations are shown to have lower incidents of physical damage claims than densely populated cities. The diagram below illustrates the difference between rural and urban areas on insurance prices.

The examples above illustrate why it is important to compare rates quotes for a targeted area, rather than using average rates.

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

Rate Comparisons

The chart below illustrates average Tesla Model 3 insurance rates for other coverage scenarios.

• The best discount rate is $856
• Raising to $1,000 deductibles will save approximately $1,308 each year
• The estimated price for a good driver age 40 who has $500 deductibles is $1,536
• Using low $100 deductibles will cost an additional $450 each year
• Unlucky drivers who are prone to accidents and violations could pay up to $3,350
• Policy cost that insures a teenage driver can cost as much as $5,626

View Chart as Image

Auto insurance rates for a Tesla Model 3 also range considerably based on the trim level of your Model 3, your age and driving record, and liability limits and deductibles.

If you have a few points on your driving record or you caused an accident, you are probably paying $1,800 to $2,500 in extra premium every year, depending on your age. A high-risk auto insurance policy is expensive and can cost around 44% to 130% more than a normal policy. View High Risk Driver Rates

Older drivers with a good driving record and higher comprehensive and collision deductibles may only pay around $1,400 every 12 months on average, or $117 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records will have to pay at least $5,600 a year. View Rates by Age

Your home state also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find rates as low as $1,000 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,070 on average in Florida, New York, and Michigan.

View Chart as Image

Using high physical damage deductibles can reduce rates by up to $680 a year, while buying higher liability limits will increase premiums. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $349 extra every year. View Rates by Deductible or Liability Limit

How to Find the Best Cheap Tesla Model 3 Insurance

Finding cheaper rates on auto insurance consists of being a low-risk driver, maintaining a good credit score, being claim-free, and consideration of higher deductibles. Compare prices at least every other year by getting quotes from direct insurance companies, and also from local insurance agencies.

The items below are a quick review of the car insurance concepts covered above.

• Drivers with a DUI or reckless driving violation may have to pay on average $1,810 more annually to insure their Model 3
• It is possible to save approximately $190 per year just by quoting early and online
• Increasing comprehensive and collision deductibles can save approximately $675 each year
• Consumers who want more liability coverage will pay an extra $430 annually to raise from a 30/60 limit to the 250/500 level