Tesla Model 3 Insurance Rates
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Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
UPDATED: Mar 30, 2024
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The average auto insurance rates for a Tesla Model 3 are $1,588 annually including full coverage. Comprehensive insurance costs around $344 a year, collision costs $724, and liability coverage costs $384. Liability-only insurance costs as little as $432 a year, with high-risk driver insurance costing $3,470 or more. Teen drivers cost the most to insure at $5,792 a year or more.
Average premium for full coverage: $1,588
Policy rates for type of insurance:
Rates are based on $500 physical damage insurance deductibles, 30/60 split liability limits, and includes medical and UM/UIM coverage. Prices are averaged for all 50 U.S. states and Model 3 trim levels.
Price Range Variability
Using a 40-year-old driver as an example, Tesla Model 3 insurance rates go from as cheap as $432 for just liability insurance to a high of $3,470 for a high-risk insurance policy.
Urban vs. Rural Price Range
Your location has a large influence on the price of insurance. Areas with sparse population are shown to have fewer comprehensive and collision claims than larger metro areas.
The diagram below illustrates how rural and urban location affects auto insurance rates.
The examples above highlight why it is important to compare rates for a specific zip code and their own personal driving habits, rather than using price 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.
More Rate Details
The chart below breaks down estimated Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The lowest rate with discounts is $881
- Drivers who choose higher $1,000 deductibles will pay about $1,346 every year
- The estimated rate for a good driver age 40 using $500 deductibles is $1,588
- Choosing low $100 deductibles for comprehensive and collision insurance costs an additional $474 each year
- High-risk insureds with multiple violations and an at-fault accident could pay at least $3,470 or more
- Policy cost with full coverage for a teenage driver can be $5,792 a year
Auto insurance rates for a Tesla Model 3 also range considerably based on the model year and trim level, your driving characteristics, and deductibles and policy limits.
Older drivers with a good driving record and high physical damage deductibles may only pay around $1,500 per year on average, or $125 per month, for full coverage. Rates are highest for teenagers, where even without any violations or accidents they will have to pay as much as $5,700 a year. View Rates by Age
If you have a few points on your driving record or you caused a few accidents, you are likely paying at least $1,900 to $2,600 in extra premium every year, depending on your age. A high-risk auto insurance policy can cost around 45% to 133% more than average. View High Risk Driver Rates
Choosing high deductibles could save up to $720 a year, while buying higher liability limits will increase rates. Changing from a 50/100 bodily injury limit to a 250/500 limit will raise rates by up to $345 extra every year. View Rates by Deductible or Liability Limit
Your home state makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay as low as $1,220 a year in states like Missouri, New Hampshire, and Vermont, or as much as $2,260 on average in Michigan, New York, and Louisiana.
| 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% |
Because rates have so much variability, the best way to figure out your exact price is to get quotes and see how they stack up. Every company uses a different rate calculation, and quoted rates will be varied between companies.
| 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 Buy the Best Cheap Tesla Model 3 Insurance
Finding cheaper rates on auto insurance not only requires being a low-risk driver, but also having above-average credit, paying for small claims out-of-pocket, and maximizing policy discounts. Set aside time to shop around at least every other year by requesting rates from direct car insurance companies like Progressive, GEICO, and Esurance, and also from your local independent and exclusive agents.
The items below are a quick review of the car insurance concepts raised in the charts and tables above.
- Drivers with a DUI or reckless driving violation may pay on average $1,880 more every year to insure their Model 3
- You may be able to save up to $200 per year simply by quoting early and online
- Increasing comprehensive and collision deductibles could save up to $725 each year
- Consumers who may need more liability coverage will pay about $420 per year to go from a 30/60 limit to higher 250/500 limits
Rate Tables and Charts
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
| Deductible | Premium |
|---|---|
| $100 | $2,062 |
| $250 | $1,840 |
| $500 | $1,588 |
| $1,000 | $1,346 |
Full coverage, driver age 40
Rates by Liability Limit
| 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
| 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.
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 |
Discounts are estimated and may not be available from every company or in every state.
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