Tesla Model 3 Insurance Rates

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UPDATED: Mar 30, 2024

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Average insurance rates for a Tesla Model 3 are $1,588 a year with full coverage. Comprehensive insurance costs an estimated $344 a year, collision costs $724, and liability costs around $384. A liability-only policy costs as low as $432 a year, with high-risk insurance costing $3,470 or more. Teens receive the highest rates at $5,792 a year or more.

Average premium for full coverage: $1,588

Rate estimates broken down by individual coverage type:

Comprehensive $344
Collision $724
Liability $384

Rates are based on $500 comprehensive and collision deductibles, 30/60 split liability limits, and includes medical and uninsured motorist coverage. Rates are averaged for all U.S. states and Model 3 trim levels.

Price Range by Coverage and Risk

For the average 40-year-old driver, prices range go from the low end price of $432 for just liability coverage to a high of $3,470 for a high-risk insurance policy.

Liability Only $432
Full Coverage $1,588
High Risk $3,470

Price Range by Location

Where you live can have significant affects on car insurance rates. More rural locations tend to have lower incidents of collision claims than cities with more traffic congestion.

The diagram below illustrates the difference location can make on insurance prices.

Rural Areas $1,191
Small Cities $1,667
Large Cities $2,144

These examples demonstrate why it is important to compare prices for a targeted area, instead of using averaged prices.

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.

Detailed Rate Analysis

The chart below details estimated Tesla Model 3 insurance rates for other coverage scenarios.

  • The cheapest rate after discounts is $881
  • Using higher $1,000 deductibles will save approximately $1,346 annually
  • The estimated price for a 40-year-old driver who has $500 deductibles is $1,588
  • Selecting low $100 deductibles for physical damage coverage will cost an additional $474 every year
  • Drivers with serious driving violations could pay up to $3,470 or more
  • The cost that insures a teen driver can cost as much as $5,792 or more

View Chart as Image

Tesla Model 3 insurance cost comparison chart
Column chart showing full coverage Tesla Model 3 insurance prices range from $881 to $5,792

Insurance rates for a Tesla Model 3 can also vary considerably based on the trim level of your Model 3, your age and driving habits, and liability limits and deductibles.

If you like to drive fast or you caused an accident, you may be forking out $1,900 to $2,600 extra per year, depending on your age. A high-risk auto insurance policy can be as much as 45% to 133% more than the average policy. View High Risk Driver Rates

Older drivers with a clean driving record and higher comprehensive and collision deductibles may pay as little as $1,500 a year for full coverage. Rates are much higher for teen drivers, since even teens with perfect driving records can expect to pay at least $5,700 a year. View Rates by Age

Where you live has a huge impact on Tesla Model 3 insurance prices. A driver around age 40 might see rates as low as $1,140 a year in states like Utah, Ohio, and New Hampshire, or have to pay at least $2,140 on average in New York, Michigan, and Florida.

Tesla Model 3 Insurance Rates by State
State Premium Compared to U.S. Avg Percent Difference
Alabama $1,434 -$154 -9.7%
Alaska $1,216 -$372 -23.4%
Arizona $1,316 -$272 -17.1%
Arkansas $1,588 -$0 0.0%
California $1,810 $222 14.0%
Colorado $1,514 -$74 -4.7%
Connecticut $1,628 $40 2.5%
Delaware $1,794 $206 13.0%
Florida $1,982 $394 24.8%
Georgia $1,466 -$122 -7.7%
Hawaii $1,142 -$446 -28.1%
Idaho $1,076 -$512 -32.2%
Illinois $1,180 -$408 -25.7%
Indiana $1,198 -$390 -24.6%
Iowa $1,070 -$518 -32.6%
Kansas $1,506 -$82 -5.2%
Kentucky $2,164 $576 36.3%
Louisiana $2,348 $760 47.9%
Maine $978 -$610 -38.4%
Maryland $1,308 -$280 -17.6%
Massachusetts $1,266 -$322 -20.3%
Michigan $2,754 $1,166 73.4%
Minnesota $1,330 -$258 -16.2%
Mississippi $1,902 $314 19.8%
Missouri $1,408 -$180 -11.3%
Montana $1,704 $116 7.3%
Nebraska $1,250 -$338 -21.3%
Nevada $1,904 $316 19.9%
New Hampshire $1,144 -$444 -28.0%
New Jersey $1,774 $186 11.7%
New Mexico $1,404 -$184 -11.6%
New York $1,672 $84 5.3%
North Carolina $912 -$676 -42.6%
North Dakota $1,300 -$288 -18.1%
Ohio $1,092 -$496 -31.2%
Oklahoma $1,628 $40 2.5%
Oregon $1,454 -$134 -8.4%
Pennsylvania $1,512 -$76 -4.8%
Rhode Island $2,116 $528 33.2%
South Carolina $1,438 -$150 -9.4%
South Dakota $1,338 -$250 -15.7%
Tennessee $1,388 -$200 -12.6%
Texas $1,912 $324 20.4%
Utah $1,176 -$412 -25.9%
Vermont $1,084 -$504 -31.7%
Virginia $950 -$638 -40.2%
Washington $1,224 -$364 -22.9%
West Virginia $1,456 -$132 -8.3%
Wisconsin $1,096 -$492 -31.0%
Wyoming $1,414 -$174 -11.0%

View Chart as Image

Tesla Model 3 insurance rates by U.S. city

Choosing higher comprehensive and collision insurance deductibles could cut rates by as much as $720 every year, while buying higher liability limits will increase premiums. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will cost as much as $345 more per year. View Rates by Deductible or Liability Limit

With so much variability in rates, the best way to find out which company is cheapest is to get quotes and see which company has the best rate. Each insurance company calculates rates differently, so the rates can be significantly different.

Tesla Model 3 Insurance Rates by Model Year
Model Year Comprehensive Collision Liability Total Premium
2024 Tesla Model 3 $424 $870 $332 $1,762
2023 Tesla Model 3 $406 $864 $338 $1,744
2022 Tesla Model 3 $394 $842 $354 $1,726
2021 Tesla Model 3 $380 $808 $364 $1,688
2020 Tesla Model 3 $358 $780 $376 $1,650
2019 Tesla Model 3 $344 $724 $384 $1,588
2018 Tesla Model 3 $332 $680 $388 $1,536

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 the Best Cheap Tesla Model 3 Insurance

Saving money on car insurance requires having a decent driving record, having above-average credit, eliminating unnecessary coverage, and taking advantage of discounts. Compare rates at least every other year by quoting rates from direct companies like Progressive, GEICO, and Esurance, and also from insurance agencies where you live.

The following items are a quick review of the car insurance concepts touched on in this article.

  • Higher risk drivers with a DUI or reckless driving violation could be forced to pay on average $1,880 more annually than a driver with a clean driving record
  • You may be able to save approximately $200 per year simply by quoting early and online
  • Increasing deductibles can save approximately $725 each year
  • Policyholders who want additional liability coverage will pay approximately $420 every year to increase from a minimum limit to the 250/500 level

Rates by Driver Age

Tesla Model 3 Insurance Rates by Driver Age
Driver Age Premium
16 $5,792
20 $3,702
30 $1,668
40 $1,588
50 $1,450
60 $1,424

Full coverage, $500 deductibles

Rates by Deductible

Tesla Model 3 Insurance Rates with Different Deductibles
Deductible Premium
$100 $2,062
$250 $1,840
$500 $1,588
$1,000 $1,346

Full coverage, driver age 40

Rates by Liability Limit

Tesla Model 3 Insurance Rates with Different Liability Limits
Liability Limit Premium
30/60 $1,588
50/100 $1,665
100/300 $1,761
250/500 $2,010
100 CSL $1,703
300 CSL $1,914
500 CSL $2,068

Full coverage, driver age 40

Rates for High Risk Drivers

Tesla Model 3 Insurance Rates for High Risk Drivers
Age Premium
16 $8,330
20 $5,900
30 $3,560
40 $3,470
50 $3,308
60 $3,280

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.

SR-22 Surcharge $231

Potential Rate Discounts

If you qualify for discounts, you may save the amounts shown below.

Discount Savings
Multi-policy $87
Multi-vehicle $85
Homeowner $22
5-yr Accident Free $127
5-yr Claim Free $106
Paid in Full/EFT $80
Advance Quote $84
Online Quote $116
Total Discounts $707
Rate after discounts $881

Discounts are estimated and may not be available from every company or in every state.

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