Tesla Model 3 Insurance Rates

The average insurance rates for a Tesla Model 3 are $1,588 a year with full coverage. Comprehensive costs on average $344 each year, collision insurance costs $724, and liability costs around $384. A liability-only policy costs as low as $432 a year, and high-risk insurance costs around $3,470. Teen drivers cost the most to insure at up to $5,792 a year.

Average premium for full coverage: $1,588

Policy rates by type of insurance:

Full coverage includes $500 policy deductibles, minimum liability limits, and includes both medical and UM/UIM coverage. Prices are averaged for all U.S. states and Model 3 models.

Price Range Variability

Urban vs. Rural Price Range

Where you live can make a big difference on auto insurance rates. Rural areas are shown to have lower incidents of collision claims than larger metro areas. The graphic below illustrates the difference location can make on car insurance rates.

The examples above demonstrate why all drivers should compare prices based on a specific location, instead of making a decision based on price averages.

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

Rate Comparisons

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

• The lowest rate with discounts is $881
• Using higher $1,000 deductibles will save around $242 annually
• The estimated price for a good driver age 40 with $500 deductibles is $1,588
• Choosing low deductibles for physical damage coverage bumps up the cost to $2,062
• High-risk insureds with multiple violations and an at-fault accident could pay upwards of $3,470
• Policy cost that insures a 16-year-old driver may cost $5,792 or more

View Chart as Image

Car insurance rates for a Tesla Model 3 also range considerably based on the trim level and model year, your age and driving habits, and policy deductibles and limits.

If you have a few points on your driving record or you caused an accident, you may be forking out at a minimum $1,900 to $2,600 extra every year, depending on your age. Insurance for high-risk drivers can be from 45% to 133% more than average. View High Risk Driver Rates

More mature drivers with no driving violations and higher comprehensive and collision deductibles may pay as low as $1,500 a year, or $125 per month, for full coverage. Rates are highest for teenagers, since even teens with perfect driving records will be charged upwards of $5,700 a year. View Rates by Age

Your home state 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 New Hampshire, Ohio, and Utah, or as much as $2,140 on average in Florida, Michigan, and New York.

View Chart as Image

Choosing high deductibles could cut rates by as much as $720 annually, whereas increasing liability limits will cost you more. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $345 extra every 12 months. View Rates by Deductible or Liability Limit

How to Find More Affordable Tesla Model 3 Insurance

Finding cheaper rates on insurance for a Tesla Model 3 requires being a good driver, having a positive credit history, not filing small claims, and possibly raising deductibles. Shop around every couple of years by getting quotes from direct companies, and also from several local insurance agents.

The following list is a summary of the material that was touched on in this article.

• Insureds who require an increased level of liability coverage will pay about $420 every year to increase from a 30/60 limit to the 250/500 level
• Drivers age 16 to 20 are expensive to insure, as much as $483 each month if full coverage is purchased
• Drivers considered higher risk who have multiple accidents or major violations pay on average $1,880 more each year than a safer driver
• Increasing comprehensive and collision deductibles can save approximately $725 each year