Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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Estimated insurance rates for a Tesla Model 3 are $1,536 a year including full coverage. Comprehensive insurance costs around $332 a year, collision insurance costs $680, and liability coverage is estimated at $388. Liability-only insurance costs approximately $434 a year, and high-risk driver insurance costs $3,350 or more. Teenage drivers pay the most at up to $5,626 a year.
Average premium for full coverage: $1,536
Premium estimates for type of coverage:
Prices are based on $500 deductibles, bodily injury liability limits of 30/60, and includes both medical and UM/UIM coverage. Rates include averaging for all 50 U.S. states and Model 3 trim levels.
Insurance Price Range by Risk and Coverage
For a driver around age 40, insurance rates for a Tesla Model 3 range from the low end price of $434 for basic liability insurance to a high of $3,350 for a driver who has had serious violations or accidents.
Insurance Price Range by Location
Living in a larger city has a large influence on the price of insurance. Areas with sparse population are statistically proven to have lower incidents of comprehensive and collision claims than densely populated cities. The diagram below illustrates the difference between rural and urban areas on auto insurance rates.
These rate differences highlight why it is important to get quotes for a specific zip code, rather than using average rates.
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 average Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The best discount rate is $856
- Choosing higher $1,000 deductibles can save about $1,308 every year
- The estimated price for a 40-year-old good driver using $500 deductibles is $1,536
- Using low $100 deductibles for comp and collision coverage will cost an additional $450 each year
- Drivers who are prone to accidents and violations could pay at least $3,350
- An auto insurance policy that insures a teenage driver can be $5,626 each year
Insurance prices for a Tesla Model 3 also have a wide range based on the trim level of your Model 3, your driving record and age, and deductibles and policy limits.
If you have a few violations or you caused an accident, you are likely paying at least $1,800 to $2,500 additional annually, depending on your age. A high-risk auto insurance policy ranges around 44% to 130% more than a normal policy. View High Risk Driver Rates
Older drivers with no violations or accidents and higher comprehensive and collision deductibles may only pay around $1,400 annually on average, or $117 per month, for full coverage. Prices are much higher for drivers in their teens, since even teens with perfect driving records should be prepared to pay as much as $5,600 a year. View Rates by Age
Where you choose to 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 $1,180 a year in states like Missouri, New Hampshire, and Vermont, or be forced to pay as much as $2,190 on average in Michigan, New York, and Louisiana.
| 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% |
Using high physical damage deductibles can save as much as $680 a year, while buying higher liability limits will increase prices. Changing from a 50/100 bodily injury protection limit to a 250/500 limit will cost up to $349 more each year. View Rates by Deductible or Liability Limit
| 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 Find Affordable Tesla Model 3 Insurance
Finding better rates on auto insurance takes not taking risks behind the wheel, having a good credit score, refrain from filing small claims, and deciding if full coverage is necessary. Compare prices every other policy renewal by quoting rates from direct car insurance companies, and also from local insurance agencies.
The following is a brief review of the ideas that were covered above.
- Teens are charged the highest prices, with the cost nearing $469 per month if comprehensive and collision insurance is included
- Drivers with DUI or reckless driving convictions may have to pay on average $1,810 more every year for Model 3 insurance
- Increasing policy deductibles can save approximately $675 each year
- You may be able to save up to $190 per year just by quoting early and online
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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