Tesla Model 3 Insurance Rates

Average insurance rates for a Tesla Model 3 are $1,536 a year for full coverage insurance. Comprehensive costs an estimated $332 a year, collision insurance costs $680, and liability costs $388. A policy with just liability insurance costs as little as $434 a year, and coverage for high-risk drivers 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 broken down by individual coverage type:

Estimates include $500 physical damage insurance deductibles, split liability limits of 30/60, and includes both medical and uninsured motorist insurance. Rates are averaged for all 50 states and Model 3 trim levels.

Price Range by Coverage and Risk

Price Range by Location

Your location can have significant affects on the price of insurance. More rural locations tend to have lower incidents of physical damage claims than congested cities. The diagram below illustrates how rural and urban location affects insurance prices.

These examples illustrate why it is important to compare rates for a targeted area, instead of using rate averages.

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

Additional Rate Details

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

• The best full coverage rate is $856
• Drivers who choose higher $1,000 deductibles will pay approximately $1,308 each year
• The estimated price for a 40-year-old driver who has $500 deductibles is $1,536
• Buying low $100 deductibles for comprehensive and collision insurance bumps up the cost to $1,986
• Higher-risk drivers with multiple tickets or accidents could pay up to $3,350
• The cost that insures a teen driver can cost as much as $5,626 a 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 age and driving record, and liability limits and deductibles.

If you like to drive fast or you caused an accident, you are probably paying $1,800 to $2,500 additional per year, depending on your age. A high-risk auto insurance policy can cost as much as 44% to 130% more than the average rate. View High Risk Driver Rates

Older drivers with no violations or accidents and higher comprehensive and collision deductibles may pay as little as $1,400 per year on average for full coverage. Rates are highest for teen drivers, since even teens with perfect driving records should be prepared to pay at least $5,600 a year. View Rates by Age

Where you live makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,000 a year in states like North Carolina, Wisconsin, and Vermont, or at least $2,070 on average in Florida, New York, and Michigan.

View Chart as Image

Opting for high physical damage deductibles could save up to $680 every year, while buying higher liability limits will increase premiums. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will cost as much as $349 more each year. View Rates by Deductible or Liability Limit

How to Find Low Cost Tesla Model 3 Insurance

Saving money on car insurance not only requires being a low-risk driver, but also having a good credit score, avoid buying unnecessary coverage, and possibly raising deductibles. Comparison shop at least once a year by requesting rates from direct insurance companies like Progressive, GEICO, and Esurance, and also from local insurance agencies.

The items below are a review of the primary concepts that were raised in the charts and tables above.

• It is possible to save approximately $190 per year just by quoting early and online
• Higher risk drivers who have several accidents or serious violations may have to pay on average $1,810 more annually to insure their Model 3
• Increasing deductibles can save approximately $675 each year
• Teen drivers are expensive to insure, costing up to $469 per month if comprehensive and collision insurance is included