Tesla Model 3 Insurance Rates

Average insurance rates for a Tesla Model 3 are $1,588 a year including full coverage. Comprehensive costs on average $344 a year, collision insurance costs $724, and liability insurance is $384. Buying just liability costs around $432 a year, and insurance for high-risk drivers costs around $3,470. Teens receive the highest rates at up to $5,792 a year.

Average premium for full coverage: $1,588

Rate estimates by individual coverage type:

Includes $500 policy deductibles, split liability limits of 30/60, and includes both medical and UM/UIM coverage. Rates are averaged for all 50 U.S. states and Model 3 trim levels.

Price Range by Coverage and Risk

Price Range by Location

Choosing to live in a large city has a significant impact on car insurance rates. Rural areas tend to have a lower frequency of comprehensive and collision claims than cities with more traffic congestion. The diagram below illustrates how geographic area affects car insurance rates.

These examples highlight why it is important to compare rates quotes based on a specific location and risk profile, rather than relying on averaged prices.

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

Rate Comparisons

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

• The cheapest rate after discounts is $881
• Raising to $1,000 deductibles will save around $1,346 every year
• The average rate for a 40-year-old driver with $500 deductibles is $1,588
• Selecting low $100 deductibles will increase the cost to $2,062
• Higher-risk drivers with serious driving violations could pay upwards of $3,470
• The cost for full coverage for a teen driver may cost $5,792

View Chart as Image

Auto insurance rates for a Tesla Model 3 can also vary considerably based on your driver profile, the model of your Model 3, and policy deductibles and limits.

Older drivers with a good driving record and high deductibles could pay as little as $1,500 every 12 months on average for full coverage. Rates are much higher for teen drivers, where even good drivers will have to pay upwards of $5,700 a year. View Rates by Age

Where you live also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find rates as low as $1,220 a year in states like Missouri, New Hampshire, and Vermont, or have to pay at least $2,260 on average in Michigan, New York, and Louisiana.

View Chart as Image

Choosing higher comprehensive and collision insurance deductibles can reduce rates by up to $720 each year, while buying higher liability limits will cost you more. Changing from a 50/100 limit to a 250/500 limit will cost as much as $345 extra every year. View Rates by Deductible or Liability Limit

If you like to drive fast or tend to cause accidents, you are likely paying at a minimum $1,900 to $2,600 in extra premium per year, depending on your age. A high-risk auto insurance policy is expensive and can cost anywhere from 45% to 133% more than the average policy. View High Risk Driver Rates

How to Find the Cheapest Tesla Model 3 Insurance

Saving money on Tesla Model 3 insurance consists of being a good driver, having good credit, not filing small claims, and deciding if full coverage is necessary. Invest the time to compare rates at least once a year by quoting rates from direct car insurance companies like GEICO and Progressive, and also from local exclusive and independent agents.

The following list is a recap of the primary concepts that were presented in the illustrations above.

• You may be able to save as much as $200 per year just by quoting early and online
• High-risk drivers that have major violations or accidents may pay on average $1,880 more each year than a safer driver
• Increasing deductibles can save around $725 each year
• Drivers age 16 to 20 are charged the highest rates, as much as $483 per month if they have full coverage