Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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Estimated auto insurance rates for a Tesla Model 3 are $1,650 annually including full coverage. Comprehensive insurance costs on average $358, collision costs $780, and liability costs around $376. Liability-only insurance costs as low as $426 a year, with high-risk driver insurance costing $3,612 or more. 16-year-old drivers pay the most at $6,000 a year or more.
Average premium for full coverage: $1,650
Premium estimates by type of coverage:
Rates are based on $500 policy deductibles, bodily injury liability limits of 30/60, and includes both medical and uninsured motorist insurance. Rates include averaging for all 50 U.S. states and for all Model 3 models.
Insurance Price Range by Risk and Coverage
Using a middle-aged driver as an example, insurance rates for a Tesla Model 3 go from as cheap as $426 for minimum levels of liability insurance to the much higher price of $3,612 for a driver who has had serious violations or accidents.
Insurance Price Range by Location
Where you live can make a big difference on car insurance rates. Rural areas are statistically proven to have fewer comprehensive and collision claims than congested cities.
The example below illustrates how where you live affects car insurance rates.
These rate differences highlight why everyone should compare prices 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.
Enter your zip code below to view companies based on your location that have cheap auto insurance rates.
Additional Rate Details
The chart below breaks down estimated Tesla Model 3 insurance rates for different risk profiles and scenarios.
- The best full coverage rate is $910
- Using higher $1,000 deductibles will save around $258 every year
- The estimated rate for a 40-year-old good driver with $500 deductibles is $1,650
- Buying pricier low deductibles for physical damage coverage costs an additional $508 annually
- High-risk insureds with multiple tickets or accidents could pay upwards of $3,612 or more
- An auto insurance policy with full coverage for a 16-year-old driver for full coverage may cost $6,000 or more
Insurance prices for a Tesla Model 3 also have a wide range based on the model of your Model 3, your driving characteristics, and policy deductibles and limits.
A more mature driver with no violations or accidents and high physical damage deductibles may pay as low as $1,500 a year, or $125 per month, for full coverage. Prices are highest for drivers in their teens, where even without any violations or accidents they should be prepared to pay upwards of $6,000 a year. View Rates by Age
If you have a few violations or you caused a few accidents, you are likely paying at a minimum $2,000 to $2,700 additional annually, depending on your age. Tesla Model 3 insurance for high-risk drivers can be from 45% to 135% more than the average rate. View High Risk Driver Rates
Opting for high physical damage deductibles could cut prices by as much as $770 annually, whereas buying more liability protection will cost you more. Changing from a 50/100 bodily injury limit to a 250/500 limit will cost up to $339 more each year. View Rates by Deductible or Liability Limit
Where you choose to live has a huge impact on Tesla Model 3 insurance prices. A driver around age 40 might see prices as low as $1,260 a year in states like Missouri, New Hampshire, and Vermont, or at least $2,350 on average in Michigan, New York, and Louisiana.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,490 | -$160 | -9.7% |
| Alaska | $1,264 | -$386 | -23.4% |
| Arizona | $1,368 | -$282 | -17.1% |
| Arkansas | $1,650 | -$0 | 0.0% |
| California | $1,878 | $228 | 13.8% |
| Colorado | $1,574 | -$76 | -4.6% |
| Connecticut | $1,692 | $42 | 2.5% |
| Delaware | $1,866 | $216 | 13.1% |
| Florida | $2,060 | $410 | 24.8% |
| Georgia | $1,526 | -$124 | -7.5% |
| Hawaii | $1,186 | -$464 | -28.1% |
| Idaho | $1,116 | -$534 | -32.4% |
| Illinois | $1,228 | -$422 | -25.6% |
| Indiana | $1,244 | -$406 | -24.6% |
| Iowa | $1,112 | -$538 | -32.6% |
| Kansas | $1,566 | -$84 | -5.1% |
| Kentucky | $2,248 | $598 | 36.2% |
| Louisiana | $2,440 | $790 | 47.9% |
| Maine | $1,018 | -$632 | -38.3% |
| Maryland | $1,360 | -$290 | -17.6% |
| Massachusetts | $1,314 | -$336 | -20.4% |
| Michigan | $2,864 | $1,214 | 73.6% |
| Minnesota | $1,380 | -$270 | -16.4% |
| Mississippi | $1,976 | $326 | 19.8% |
| Missouri | $1,464 | -$186 | -11.3% |
| Montana | $1,772 | $122 | 7.4% |
| Nebraska | $1,298 | -$352 | -21.3% |
| Nevada | $1,976 | $326 | 19.8% |
| New Hampshire | $1,190 | -$460 | -27.9% |
| New Jersey | $1,842 | $192 | 11.6% |
| New Mexico | $1,460 | -$190 | -11.5% |
| New York | $1,736 | $86 | 5.2% |
| North Carolina | $948 | -$702 | -42.5% |
| North Dakota | $1,352 | -$298 | -18.1% |
| Ohio | $1,138 | -$512 | -31.0% |
| Oklahoma | $1,692 | $42 | 2.5% |
| Oregon | $1,510 | -$140 | -8.5% |
| Pennsylvania | $1,572 | -$78 | -4.7% |
| Rhode Island | $2,200 | $550 | 33.3% |
| South Carolina | $1,494 | -$156 | -9.5% |
| South Dakota | $1,392 | -$258 | -15.6% |
| Tennessee | $1,444 | -$206 | -12.5% |
| Texas | $1,986 | $336 | 20.4% |
| Utah | $1,220 | -$430 | -26.1% |
| Vermont | $1,126 | -$524 | -31.8% |
| Virginia | $990 | -$660 | -40.0% |
| Washington | $1,272 | -$378 | -22.9% |
| West Virginia | $1,510 | -$140 | -8.5% |
| Wisconsin | $1,140 | -$510 | -30.9% |
| Wyoming | $1,468 | -$182 | -11.0% |
With such a large range in prices, the best way to figure out exactly what you will pay is to regularly compare prices from multiple companies. Each insurance company utilizes a different rate formula, and prices will be substantially different between companies.
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $444 | $906 | $316 | $1,802 |
| 2023 Tesla Model 3 | $424 | $870 | $332 | $1,762 |
| 2022 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2021 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2020 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2019 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2018 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
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 Buy the Best Cheap Tesla Model 3 Insurance
Finding better rates on insurance for a Tesla Model 3 requires being a good driver, having good credit, refrain from filing small claims, and insuring your home and auto with the same company. Take the time to comparison shop every other policy renewal by getting quotes from direct car insurance companies, and also from several local insurance agents.
The following list is a quick review of the ideas that were touched on in the above illustrations.
- Drivers age 16 to 20 pay higher prices, with the cost nearing $500 per month if they have full coverage
- Drivers considered higher risk with a DUI or reckless driving violation pay on average $1,960 more each year than a safer driver
- Increasing policy deductibles could save up to $775 each year
- You may be able to save as much as $210 per year simply by quoting online well ahead of the renewal date
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $6,000 |
| 20 | $3,856 |
| 30 | $1,740 |
| 40 | $1,650 |
| 50 | $1,506 |
| 60 | $1,482 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,158 |
| $250 | $1,920 |
| $500 | $1,650 |
| $1,000 | $1,392 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,650 |
| 50/100 | $1,725 |
| 100/300 | $1,819 |
| 250/500 | $2,064 |
| 100 CSL | $1,763 |
| 300 CSL | $1,970 |
| 500 CSL | $2,120 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,636 |
| 20 | $6,152 |
| 30 | $3,712 |
| 40 | $3,612 |
| 50 | $3,446 |
| 60 | $3,416 |
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 | $91 |
| Multi-vehicle | $88 |
| Homeowner | $23 |
| 5-yr Accident Free | $135 |
| 5-yr Claim Free | $110 |
| Paid in Full/EFT | $84 |
| Advance Quote | $88 |
| Online Quote | $121 |
| Total Discounts | $740 |
Discounts are estimated and may not be available from every company or in every state.
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