Tesla Model 3 Insurance Rates

The average insurance prices for a Tesla Model 3 are $1,536 every 12 months for full coverage. Comprehensive costs around $332 a year, collision insurance costs $680, and liability insurance costs around $388. A liability-only policy costs as low as $434 a year, and high-risk insurance costs around $3,350. 16-year-old drivers cost the most to insure at up to $5,626 a year.

Average premium for full coverage: $1,536

Policy rates for type of insurance:

Rates are based on $500 policy deductibles, liability limits of 30/60, and includes additional medical/uninsured motorist coverage. Prices are averaged for all states and Model 3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Where you live has a significant impact on auto insurance rates. Areas with sparse population are shown to have more infrequent accident claims than congested cities. The diagram below illustrates the effect of geographic area on auto insurance rates.

The examples above show why it is important to compare prices for a specific zip code and their own driving history, rather than relying on rate averages.

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

Additional Rate Analysis

The chart below shows average Tesla Model 3 insurance rates for additional coverage choices and driver risks.

• The best full coverage rate is $856
• Using higher $1,000 deductibles will save about $1,308 a year
• The average price for a good driver age 40 using $500 deductibles is $1,536
• Buying low $100 deductibles for physical damage coverage increases the price to $1,986
• Drivers with multiple tickets or accidents could pay at least $3,350
• Policy cost to insure a teen driver can be $5,626 or more

View Chart as Image

Car insurance rates for a Tesla Model 3 also range considerably based on liability limits and deductibles, your driver profile, and the trim level and model year.

Opting for high physical damage deductibles could cut rates by as much as $680 each year, while buying higher liability limits will increase rates. Going from a 50/100 liability limit to a 250/500 limit will raise rates by up to $349 extra every 12 months. View Rates by Deductible or Liability Limit

Older drivers with no driving violations and higher deductibles could pay as little as $1,400 a year, or $117 per month, for full coverage. Rates are highest for teenagers, since even excellent drivers will be charged as much as $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 could be paying at least $1,800 to $2,500 extra every year, depending on your age. A high-risk auto insurance policy can be anywhere from 44% to 130% more than the average rate. View High Risk Driver Rates

Your home state has a huge impact on Tesla Model 3 insurance rates. A driver around age 40 might see rates as low as $1,010 a year in states like Idaho, Maine, and Iowa, or at least $2,190 on average in Michigan, Louisiana, and New York.

View Chart as Image

How to Shop for the Best Cheap Tesla Model 3 Insurance

Finding cheaper rates on Tesla Model 3 insurance requires avoiding accidents and claims, maintaining a good credit score, avoid buying unnecessary coverage, and consideration of higher deductibles. Take the time to compare rates once a year by getting quotes from direct carriers, and also from local exclusive and independent agents.

The points below are a quick review of the data that was covered in the above illustrations.

• Drivers can save up to $190 per year just by quoting early and online
• Drivers who may need increased liability limits will pay around $430 each year to increase from a 30/60 limit to a 250/500 level
• Drivers under the age of 20 are the costliest to insure, costing up to $469 each month if the policy includes full coverage
• High-risk drivers with a DUI or reckless driving violation may pay on average $1,810 more every year to insure a Tesla Model 3