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Tesla Model 3 Insurance Rates

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Tesla Model 3 insurance

Estimated insurance rates for a Tesla Model 3 are $1,744 a year for full coverage insurance. Comprehensive insurance costs on average $406 a year, collision insurance costs $864, and liability costs $338. Liability-only coverage costs as little as $394 a year, and high-risk coverage costs $3,808 or more. Teens pay the most at up to $6,224 a year.

Average premium for full coverage: $1,744

Premium estimates by type of coverage:

Comprehensive $406
Collision $864
Liability $338

Prices are based on $500 deductibles, 30/60 split liability limits, and includes uninsured motorist coverage. Rates include averaging for all 50 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 $394 for only liability insurance to a high of $3,808 for a high-risk insurance policy.

Liability Only $394
Full Coverage $1,744
High Risk $3,808

Insurance Price Range by Location

Your location can make a big difference on insurance rates. Rural areas are statistically proven to have lower incidents of physical damage claims than cities with more traffic congestion. The diagram below illustrates the difference between rural and urban areas on car insurance rates.

Rural Areas $1,308
Small Cities $1,831
Large Cities $2,354

These rate differences illustrate why it is important to compare rates based on a specific location, instead of making a decision based 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.

Insurance Rate Analysis

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

  • The cheapest rate after discounts is $958
  • Drivers who choose higher $1,000 deductibles will pay around $1,458 each year
  • The estimated price for a 40-year-old good driver with $500 deductibles is $1,744
  • Selecting low $100 deductibles for comprehensive and collision insurance will cost an additional $566 annually
  • Drivers with serious driving violations could pay upwards of $3,808
  • An auto insurance policy that insures a 16-year-old driver may cost $6,224 a year

View Chart as Image

Tesla Model 3 insurance cost comparison chart
Column chart showing Tesla Model 3 insurance prices range from $958 to $6,224 for full coverage

Insurance prices for a Tesla Model 3 also have a wide range based on the trim level of your Model 3, your age and driving record, and policy deductibles and limits.

If you have a few violations or you caused an accident, you are probably paying at a minimum $2,100 to $2,800 extra annually, depending on your age. A high-risk auto insurance policy can cost from 45% to 134% more than the average policy. View High Risk Driver Rates

Older drivers with a clean driving record and higher comprehensive and collision deductibles may pay as low as $1,600 per year on average, or $133 per month, for full coverage. Prices are much higher for drivers in their teens, since even teens with perfect driving records can expect to pay upwards of $6,200 a year. View Rates by Age

Where you choose to live makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,140 a year in states like Vermont, Wisconsin, and North Carolina, or have to pay at least $2,350 on average in Michigan, New York, and Florida.

Tesla Model 3 Insurance Rates by State
StatePremiumCompared to U.S. AvgPercent Difference
Alabama$1,576-$168-9.6%
Alaska$1,338-$406-23.3%
Arizona$1,448-$296-17.0%
Arkansas$1,744-$00.0%
California$1,988$24414.0%
Colorado$1,664-$80-4.6%
Connecticut$1,792$482.8%
Delaware$1,972$22813.1%
Florida$2,180$43625.0%
Georgia$1,612-$132-7.6%
Hawaii$1,254-$490-28.1%
Idaho$1,182-$562-32.2%
Illinois$1,300-$444-25.5%
Indiana$1,314-$430-24.7%
Iowa$1,176-$568-32.6%
Kansas$1,656-$88-5.0%
Kentucky$2,380$63636.5%
Louisiana$2,582$83848.1%
Maine$1,078-$666-38.2%
Maryland$1,440-$304-17.4%
Massachusetts$1,392-$352-20.2%
Michigan$3,028$1,28473.6%
Minnesota$1,460-$284-16.3%
Mississippi$2,090$34619.8%
Missouri$1,548-$196-11.2%
Montana$1,874$1307.5%
Nebraska$1,372-$372-21.3%
Nevada$2,092$34820.0%
New Hampshire$1,258-$486-27.9%
New Jersey$1,948$20411.7%
New Mexico$1,542-$202-11.6%
New York$1,834$905.2%
North Carolina$1,006-$738-42.3%
North Dakota$1,430-$314-18.0%
Ohio$1,202-$542-31.1%
Oklahoma$1,790$462.6%
Oregon$1,598-$146-8.4%
Pennsylvania$1,664-$80-4.6%
Rhode Island$2,326$58233.4%
South Carolina$1,580-$164-9.4%
South Dakota$1,472-$272-15.6%
Tennessee$1,526-$218-12.5%
Texas$2,102$35820.5%
Utah$1,290-$454-26.0%
Vermont$1,192-$552-31.7%
Virginia$1,046-$698-40.0%
Washington$1,346-$398-22.8%
West Virginia$1,600-$144-8.3%
Wisconsin$1,206-$538-30.8%
Wyoming$1,552-$192-11.0%

View Chart as Image

Tesla Model 3 insurance rates by U.S. city

Choosing higher comprehensive and collision insurance deductibles could save up to $860 annually, while buying higher liability limits will cost you more. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will cost up to $304 more per year. View Rates by Deductible or Liability Limit

Tesla Model 3 Insurance Rates by Model Year
Model YearComprehensiveCollisionLiabilityTotal Premium
2018 Tesla Model 3$406$864$338$1,744

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 insurance for a Tesla Model 3 not only requires being a safe driver, but also having above-average credit, paying for small claims out-of-pocket, and determing if full coverage is necessary. Compare rates at least every other year by getting price quotes from direct insurance companies, and also from your local independent and exclusive agents.

Here is a brief review of the car insurance concepts covered above.

  • Drivers considered higher risk with DUI or reckless driving convictions may pay on average $2,060 more each year for insurance
  • It is possible to save as much as $220 per year just by quoting early and online
  • Increasing policy deductibles can save approximately $850 each year
  • Insureds who require more liability insurance will pay approximately $370 annually to go from 30/60 bodily injury limits to the 250/500 level

Rates by Driver Age

Tesla Model 3 Insurance Rates by Driver Age
Driver AgePremium
16$6,224
20$4,070
30$1,846
40$1,744
50$1,590
60$1,564

Full coverage, $500 deductibles

Rates by Deductible

Tesla Model 3 Insurance Rates with Different Deductibles
DeductiblePremium
$100$2,310
$250$2,044
$500$1,744
$1,000$1,458

Full coverage, driver age 40

Rates by Liability Limit

Tesla Model 3 Insurance Rates with Different Liability Limits
Liability LimitPremium
30/60$1,744
50/100$1,812
100/300$1,896
250/500$2,116
100 CSL$1,845
300 CSL$2,031
500 CSL$2,167

Full coverage, driver age 40

Rates for High Risk Drivers

Tesla Model 3 Insurance Rates for High Risk Drivers
AgePremium
16$8,976
20$6,482
30$3,926
40$3,808
50$3,632
60$3,604

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.

SR-22 Surcharge $254

Potential Rate Discounts

If you qualify for discounts, you may save the amounts shown below.

DiscountSavings
Multi-policy$96
Multi-vehicle$92
Homeowner$23
5-yr Accident Free$145
5-yr Claim Free$116
Paid in Full/EFT$91
Advance Quote$94
Online Quote$129
Total Discounts$786
Rate after discounts $958

Discounts are estimated and may not be available from every company or in every state.

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