Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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The average insurance rates for a Tesla Model 3 are $1,536 a year including full coverage. Comprehensive insurance costs on average $332, collision insurance costs $680, and liability is estimated at $388. A liability-only policy costs approximately $434 a year, and high-risk 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 by type of insurance:
Estimates include $500 policy deductibles, 30/60 split liability limits, and includes UM/UIM and medical coverage. Prices are averaged for all 50 U.S. states and for all Model 3 models.
Price Range Variability
For the average 40-year-old driver, Tesla Model 3 insurance rates range from as low as $434 for a discount liability-only rate to the much higher price of $3,350 for a high-risk insurance policy.
Urban vs. Rural Price Range
Living in a larger city can make a big difference on car insurance rates. Rural areas are shown to have a lower frequency of comprehensive and collision claims than densely populated cities. The example below illustrates the difference location can make on car insurance rates.
The examples above highlight why everyone should get quotes based on a specific location and risk profile, instead of making a decision based on average rates.
Use the form below to get customized rates for your location.
Enter your zip code below to view companies based on your location that have cheap auto insurance rates.
Rates by State, City, and Model
The chart below breaks down average Tesla Model 3 insurance rates for different risk profiles and scenarios.
- The best discount rate is $856
- Choosing higher $1,000 deductibles can save around $228 every year
- The average rate for a good driver age 40 with $500 deductibles is $1,536
- Using pricier low deductibles for comp and collision coverage will cost an extra $450 annually
- Higher-risk drivers who are prone to accidents and violations could pay upwards of $3,350
- Policy cost for full coverage for a 16-year-old driver for full coverage may cost $5,626 each year
Car insurance rates for a Tesla Model 3 also range considerably based on your risk profile, the model of your Model 3, and policy deductibles and limits.
A more mature driver with no driving violations and high deductibles may pay as low as $1,400 annually on average, or $117 per month, for full coverage. Rates are much higher for teenagers, where even good drivers will be charged upwards of $5,600 a year. View Rates by Age
Your home state plays a big part in determining prices for Tesla Model 3 insurance prices. A good driver about age 40 could pay as low as $1,180 a year in states like Missouri, New Hampshire, and Vermont, or be forced to pay as much as $2,190 on average in Michigan, New York, and Louisiana.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,388 | -$148 | -9.6% |
| Alaska | $1,176 | -$360 | -23.4% |
| Arizona | $1,274 | -$262 | -17.1% |
| Arkansas | $1,536 | -$0 | 0.0% |
| California | $1,750 | $214 | 13.9% |
| Colorado | $1,464 | -$72 | -4.7% |
| Connecticut | $1,576 | $40 | 2.6% |
| Delaware | $1,734 | $198 | 12.9% |
| Florida | $1,916 | $380 | 24.7% |
| Georgia | $1,418 | -$118 | -7.7% |
| Hawaii | $1,102 | -$434 | -28.3% |
| Idaho | $1,040 | -$496 | -32.3% |
| Illinois | $1,142 | -$394 | -25.7% |
| Indiana | $1,158 | -$378 | -24.6% |
| Iowa | $1,036 | -$500 | -32.6% |
| Kansas | $1,456 | -$80 | -5.2% |
| Kentucky | $2,092 | $556 | 36.2% |
| Louisiana | $2,272 | $736 | 47.9% |
| Maine | $946 | -$590 | -38.4% |
| Maryland | $1,268 | -$268 | -17.4% |
| Massachusetts | $1,224 | -$312 | -20.3% |
| Michigan | $2,662 | $1,126 | 73.3% |
| Minnesota | $1,286 | -$250 | -16.3% |
| Mississippi | $1,838 | $302 | 19.7% |
| Missouri | $1,362 | -$174 | -11.3% |
| Montana | $1,648 | $112 | 7.3% |
| Nebraska | $1,208 | -$328 | -21.4% |
| Nevada | $1,838 | $302 | 19.7% |
| New Hampshire | $1,106 | -$430 | -28.0% |
| New Jersey | $1,714 | $178 | 11.6% |
| New Mexico | $1,358 | -$178 | -11.6% |
| New York | $1,614 | $78 | 5.1% |
| North Carolina | $882 | -$654 | -42.6% |
| North Dakota | $1,256 | -$280 | -18.2% |
| Ohio | $1,058 | -$478 | -31.1% |
| Oklahoma | $1,574 | $38 | 2.5% |
| Oregon | $1,406 | -$130 | -8.5% |
| Pennsylvania | $1,464 | -$72 | -4.7% |
| Rhode Island | $2,046 | $510 | 33.2% |
| South Carolina | $1,390 | -$146 | -9.5% |
| South Dakota | $1,294 | -$242 | -15.8% |
| Tennessee | $1,342 | -$194 | -12.6% |
| Texas | $1,848 | $312 | 20.3% |
| Utah | $1,134 | -$402 | -26.2% |
| Vermont | $1,048 | -$488 | -31.8% |
| Virginia | $918 | -$618 | -40.2% |
| Washington | $1,184 | -$352 | -22.9% |
| West Virginia | $1,408 | -$128 | -8.3% |
| Wisconsin | $1,062 | -$474 | -30.9% |
| Wyoming | $1,364 | -$172 | -11.2% |
Using high physical damage deductibles can save as much as $680 annually, whereas buying more liability protection will cost you more. Changing from a 50/100 limit to a 250/500 limit will raise rates by up to $349 extra every 12 months. View Rates by Deductible or Liability Limit
If you have a few points on your driving record or tend to cause accidents, you are likely paying at a minimum $1,800 to $2,500 extra every year, depending on your age. Tesla Model 3 insurance for high-risk drivers ranges from 44% to 130% more than a normal policy. View High Risk Driver Rates
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2023 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2022 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2021 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2020 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
| 2019 Tesla Model 3 | $332 | $680 | $388 | $1,536 |
| 2018 Tesla Model 3 | $318 | $610 | $390 | $1,454 |
Rates are averaged for all Tesla Model 3 models and trim levels. Rates assume a 40-year-old male driver, full coverage with $500 deductibles, and a clean driving record.
How to Find Low Cost Tesla Model 3 Insurance
Finding cheaper rates on insurance for a Tesla Model 3 takes being a good driver, having above-average credit, paying for small claims out-of-pocket, and possibly raising deductibles. Make time to compare rates at least every other year by requesting quotes from direct car insurance companies like GEICO, Progressive, and Esurance, and also from local exclusive and independent agents.
The following list is a review of the car insurance concepts touched on in this article.
- Drivers considered higher risk who have several accidents or serious violations may pay on average $1,810 more each year than a safer driver
- You may be able to save as much as $190 per year just by quoting online well ahead of the renewal date
- Increasing comprehensive and collision deductibles can save around $675 each year
- Insureds who require an increased level of liability coverage will pay an extra $430 per year to raise limits from a 30/60 limit to 250/500 limits
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $5,626 |
| 20 | $3,572 |
| 30 | $1,612 |
| 40 | $1,536 |
| 50 | $1,402 |
| 60 | $1,380 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $1,986 |
| $250 | $1,776 |
| $500 | $1,536 |
| $1,000 | $1,308 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,536 |
| 50/100 | $1,614 |
| 100/300 | $1,711 |
| 250/500 | $1,963 |
| 100 CSL | $1,652 |
| 300 CSL | $1,866 |
| 500 CSL | $2,021 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,082 |
| 20 | $5,700 |
| 30 | $3,436 |
| 40 | $3,350 |
| 50 | $3,196 |
| 60 | $3,170 |
Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident
If a financial responsibility filing is required, the additional charge below may also apply.
Potential Rate Discounts
If you qualify for discounts, you may save the amounts shown below.
| Discount | Savings |
|---|---|
| Multi-policy | $84 |
| Multi-vehicle | $82 |
| Homeowner | $22 |
| 5-yr Accident Free | $122 |
| 5-yr Claim Free | $102 |
| Paid in Full/EFT | $76 |
| Advance Quote | $80 |
| Online Quote | $112 |
| Total Discounts | $680 |
Discounts are estimated and may not be available from every company or in every state.
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