Tesla Model 3 Insurance Rates

U.S. average insurance rates for a Tesla Model 3 are $1,588 a year for full coverage. Comprehensive insurance costs on average $344 a year, collision insurance costs $724, and liability coverage is $384. Liability-only insurance costs around $432 a year, and high-risk driver insurance costs $3,470 or more. Teenage drivers pay the highest rates at up to $5,792 a year.

Average premium for full coverage: $1,588

Price estimates by individual coverage:

Rate estimates include $500 physical damage deductibles, 30/60 liability coverage, and includes medical and uninsured motorist coverage. Estimates are averaged for all states and Model 3 trim levels.

Price Range from Low to High

Geographic Price Range

Choosing to live in a large city has a large influence on car insurance rates. Rural areas have a lower frequency of accident claims than densely populated cities. The diagram below illustrates the effect of geographic area on car insurance rates.

The ranges above show why it is important to compare rates quotes based on a specific location and risk profile, rather than using average rates.

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

Detailed Rate Analysis

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

• The best discount rate is $881
• Raising to $1,000 deductibles will save around $1,346 a year
• The average rate for the average middle-age driver with $500 deductibles is $1,588
• Using low $100 deductibles will cost an extra $474 each year
• Unlucky drivers who are prone to accidents and violations could pay upwards of $3,470
• The price for full coverage for a teenage driver may cost $5,792

View Chart as Image

Car insurance prices for a Tesla Model 3 are also quite variable based on your driving record, the trim level of your Model 3, and policy deductibles and limits.

Older drivers with no driving violations and high deductibles may only pay around $1,500 every 12 months on average for full coverage. Prices are much higher for teenage drivers, where even good drivers will be charged upwards of $5,700 a year. View Rates by Age

The state you live in also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find prices as low as $1,050 a year in states like Idaho, Maine, and Iowa, or be forced to pay as much as $2,260 on average in Michigan, Louisiana, and New York.

View Chart as Image

Using high physical damage deductibles can reduce prices by up to $720 a year, while buying higher liability limits will cost you more. Going from a 50/100 limit to a 250/500 limit will increase prices by as much as $345 extra every 12 months. View Rates by Deductible or Liability Limit

If you have some driving violations or tend to cause accidents, you could be paying at a minimum $1,900 to $2,600 extra each year, depending on your age. A high-risk auto insurance policy is expensive and can cost around 45% to 133% more than a normal policy. View High Risk Driver Rates

How to Find the Best Tesla Model 3 Insurance

Getting lower rates on auto insurance consists of being a safe and courteous driver, having above-average credit, eliminating unnecessary coverage, and possibly raising deductibles. Take the time to compare rates every year by requesting rates from direct carriers like Progressive and GEICO, and also from your local insurance agents.

Below is a brief recap of the coverage data covered in the above illustrations.

• Drivers can save as much as $200 per year just by quoting early and online
• Increasing physical damage deductibles can save around $725 each year
• Teenage drivers are expensive to insure, with premiums as much as $483 a month if full coverage is included
• Drivers who tend to receive serious violations will pay on average $1,880 more each year for auto insurance