Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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Average insurance prices for a Tesla Model 3 are $1,588 every 12 months for full coverage. Comprehensive insurance costs approximately $344, collision insurance costs $724, and liability insurance is estimated at $384. Liability-only coverage costs approximately $432 a year, and high-risk coverage costs $3,470 or more. Teen drivers receive the highest rates at up to $5,792 a year.
Average premium for full coverage: $1,588
Rate estimates by individual coverage type:
Prices are based on $500 deductibles, minimum liability limits, and includes both medical and uninsured motorist insurance. Rates are averaged for all states and for different Model 3 trim levels.
Price Range by Coverage and Risk
For the normal driver, prices range range from the cheapest price of $432 for minimum levels of liability insurance to a much higher rate of $3,470 for high-risk insurance.
Price Range by Location
Living in a larger city has a significant impact on car insurance rates. Rural locations tend to have more infrequent accident claims than larger metro areas. The price range example below illustrates how geographic area affects auto insurance prices.
These examples show why anyone shopping for car insurance should get quotes using their specific location and their own driving history, rather than relying on 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.
Additional Rate Details
The chart below shows average Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The lowest rate with discounts is $881
- Choosing higher $1,000 deductibles can save $242 a year
- The average price for a 40-year-old driver who chooses $500 deductibles is $1,588
- Choosing more expensive low deductibles for comp and collision coverage costs an extra $474 a year
- High-risk insureds with multiple violations and an at-fault accident could pay around $3,470
- The cost to insure a teen driver with full coverage can cost $5,792 each year
Car insurance rates for a Tesla Model 3 can also vary considerably based on policy deductibles and limits, your driver profile, and the model of your Model 3.
Choosing high deductibles can save as much as $720 each year, while increasing your policy's liability limits will push rates upward. Going from a 50/100 liability limit to a 250/500 limit will cost as much as $345 extra every 12 months. View Rates by Deductible or Liability Limit
An older driver with no driving violations and higher deductibles could pay as little as $1,500 annually on average for full coverage. Rates are highest for teen drivers, since even excellent drivers will be charged in the ballpark of $5,700 a year. View Rates by Age
If you like to drive fast or you were responsible for an accident, you could be paying anywhere from $1,900 to $2,600 extra per year, depending on your age. High-risk driver insurance ranges anywhere from 45% to 133% more than average. View High Risk Driver Rates
Where you live plays a big part in determining prices for Tesla Model 3 insurance rates. A good driver about age 40 could pay as low as $1,050 a year in states like Iowa, Maine, and Idaho, or as much as $2,260 on average in New York, Louisiana, and Michigan.
| 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% |
| 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 Shop for Affordable Tesla Model 3 Insurance
Saving money on Tesla Model 3 insurance takes not taking risks behind the wheel, maintaining a good credit score, eliminating unneeded coverage, and attention to physical damage deductibles. Invest the time to compare rates every couple of years by getting rate quotes from direct carriers like GEICO, Progressive, and Esurance, and also from your local independent and exclusive agents.
The following is a brief review of the material that was presented in the illustrations above.
- Drivers who purchase higher liability limits will pay about $420 each year to raise limits from a minimum limit to a 250/500 level
- Teens pay the highest auto insurance rates, costing as high as $483 per month if the policy includes full coverage
- High-risk drivers with DUI or reckless driving convictions may pay on average $1,880 more per year for Model 3 insurance
- Increasing deductibles could save as much as $725 each year
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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