Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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The average insurance prices for a Tesla Model 3 are $1,536 every 12 months including full coverage. Comprehensive costs approximately $332 each year, collision costs $680, and liability insurance costs $388. Buying just liability costs as little as $434 a year, with insurance for high-risk drivers costing around $3,350. Teens cost the most to insure at $5,626 a year or more.
Average premium for full coverage: $1,536
Policy rates by type of insurance:
Prices are based on $500 policy deductibles, liability coverage up to 30/60, and includes both medical and UM/UIM coverage. Prices are averaged for all 50 U.S. states and Model 3 models.
Price Range Variability
For the average driver, Tesla Model 3 insurance rates go from the cheapest price of $434 for basic liability insurance to a high rate of $3,350 for a high-risk driver policy.
Urban vs. Rural Price Range
Your location has a significant impact on car insurance prices. Rural locations are shown to have more infrequent comprehensive and collision claims than cities with more traffic congestion.
The graphic below illustrates how location impacts auto insurance prices.
The examples above highlight why all drivers should compare rates using their specific location and their own driving history, rather than relying on 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.
Rate Comparisons
The chart below breaks down estimated Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The cheapest rate after discounts is $856
- Drivers who choose higher $1,000 deductibles will pay $228 every year
- The average price for a good driver age 40 who chooses $500 deductibles is $1,536
- Selecting low deductibles for comprehensive and collision insurance increases the price to $1,986
- High risk drivers with serious driving violations could pay around $3,350 or more
- Policy cost to insure a teen driver can cost $5,626 a year
Insurance rates for a Tesla Model 3 also range considerably based on liability limits and deductibles, your driving characteristics, and the model of your Model 3.
Choosing higher comprehensive and collision insurance deductibles could save up to $680 each year, whereas increasing liability limits will push rates upward. Changing from a 50/100 liability limit to a 250/500 limit will raise rates by up to $349 more per year. View Rates by Deductible or Liability Limit
More mature drivers with a clean driving record and higher deductibles could pay as little as $1,400 per year on average, or $117 per month, for full coverage. Rates are much higher for teenagers, since even excellent drivers can expect to pay in the ballpark of $5,600 a year. View Rates by Age
If you have a few points on your driving record or you were responsible for an accident, you are likely paying anywhere from $1,800 to $2,500 extra every year, depending on your age. Insurance for high-risk drivers can cost anywhere from 44% to 130% more than the average policy. View High Risk Driver Rates
Your home state makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay as low as $1,180 a year in states like Vermont, New Hampshire, and Missouri, or have to pay at least $2,190 on average in Louisiana, New York, and Michigan.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,388 | -$148 | -9.6% |
| Alaska | $1,176 | -$360 | -23.4% |
| Arizona | $1,274 | -$262 | -17.1% |
| Arkansas | $1,536 | -$0 | 0.0% |
| California | $1,750 | $214 | 13.9% |
| Colorado | $1,464 | -$72 | -4.7% |
| Connecticut | $1,576 | $40 | 2.6% |
| Delaware | $1,734 | $198 | 12.9% |
| Florida | $1,916 | $380 | 24.7% |
| Georgia | $1,418 | -$118 | -7.7% |
| Hawaii | $1,102 | -$434 | -28.3% |
| Idaho | $1,040 | -$496 | -32.3% |
| Illinois | $1,142 | -$394 | -25.7% |
| Indiana | $1,158 | -$378 | -24.6% |
| Iowa | $1,036 | -$500 | -32.6% |
| Kansas | $1,456 | -$80 | -5.2% |
| Kentucky | $2,092 | $556 | 36.2% |
| Louisiana | $2,272 | $736 | 47.9% |
| Maine | $946 | -$590 | -38.4% |
| Maryland | $1,268 | -$268 | -17.4% |
| Massachusetts | $1,224 | -$312 | -20.3% |
| Michigan | $2,662 | $1,126 | 73.3% |
| Minnesota | $1,286 | -$250 | -16.3% |
| Mississippi | $1,838 | $302 | 19.7% |
| Missouri | $1,362 | -$174 | -11.3% |
| Montana | $1,648 | $112 | 7.3% |
| Nebraska | $1,208 | -$328 | -21.4% |
| Nevada | $1,838 | $302 | 19.7% |
| New Hampshire | $1,106 | -$430 | -28.0% |
| New Jersey | $1,714 | $178 | 11.6% |
| New Mexico | $1,358 | -$178 | -11.6% |
| New York | $1,614 | $78 | 5.1% |
| North Carolina | $882 | -$654 | -42.6% |
| North Dakota | $1,256 | -$280 | -18.2% |
| Ohio | $1,058 | -$478 | -31.1% |
| Oklahoma | $1,574 | $38 | 2.5% |
| Oregon | $1,406 | -$130 | -8.5% |
| Pennsylvania | $1,464 | -$72 | -4.7% |
| Rhode Island | $2,046 | $510 | 33.2% |
| South Carolina | $1,390 | -$146 | -9.5% |
| South Dakota | $1,294 | -$242 | -15.8% |
| Tennessee | $1,342 | -$194 | -12.6% |
| Texas | $1,848 | $312 | 20.3% |
| Utah | $1,134 | -$402 | -26.2% |
| Vermont | $1,048 | -$488 | -31.8% |
| Virginia | $918 | -$618 | -40.2% |
| Washington | $1,184 | -$352 | -22.9% |
| West Virginia | $1,408 | -$128 | -8.3% |
| Wisconsin | $1,062 | -$474 | -30.9% |
| Wyoming | $1,364 | -$172 | -11.2% |
Because rates have so much variability, the best way to figure out who has the best auto insurance rates is to do a rate comparison from as many companies as possible. Every company calculates rates differently, so the rates will be varied.
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2023 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2022 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2021 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2020 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
| 2019 Tesla Model 3 | $332 | $680 | $388 | $1,536 |
| 2018 Tesla Model 3 | $318 | $610 | $390 | $1,454 |
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 Shop for Affordable Tesla Model 3 Insurance
Finding cheaper rates on Tesla Model 3 insurance not only requires being a good driver, but also having good credit, paying for small claims out-of-pocket, and maximizing policy discounts. Spend time shopping around every time your policy renews by getting quotes from direct car insurance companies, and also from your local car insurance providers.
The following list is a brief review of the information touched on above.
- You may be able to save around $190 per year simply by quoting online in advance
- Drivers age 16 to 20 are expensive to insure, with premiums being up to $469 each month if they have full coverage
- Increasing comprehensive and collision deductibles could save as much as $675 each year
- High-risk drivers with DUI or reckless driving convictions could be charged and average of $1,810 more per year than a safer driver
- Drivers who purchase an increased level of liability coverage will pay approximately $430 per year to go from a 30/60 limit to a 250/500 level
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $5,626 |
| 20 | $3,572 |
| 30 | $1,612 |
| 40 | $1,536 |
| 50 | $1,402 |
| 60 | $1,380 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $1,986 |
| $250 | $1,776 |
| $500 | $1,536 |
| $1,000 | $1,308 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,536 |
| 50/100 | $1,614 |
| 100/300 | $1,711 |
| 250/500 | $1,963 |
| 100 CSL | $1,652 |
| 300 CSL | $1,866 |
| 500 CSL | $2,021 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,082 |
| 20 | $5,700 |
| 30 | $3,436 |
| 40 | $3,350 |
| 50 | $3,196 |
| 60 | $3,170 |
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 | $84 |
| Multi-vehicle | $82 |
| Homeowner | $22 |
| 5-yr Accident Free | $122 |
| 5-yr Claim Free | $102 |
| Paid in Full/EFT | $76 |
| Advance Quote | $80 |
| Online Quote | $112 |
| Total Discounts | $680 |
Discounts are estimated and may not be available from every company or in every state.
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