Tesla Model 3 Insurance Rates

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UPDATED: Mar 30, 2024

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U.S. average insurance rates for a Tesla Model 3 are $1,588 a year including full coverage. Comprehensive insurance costs on average $344, collision insurance costs $724, and liability insurance is estimated at $384. A policy with just liability insurance costs approximately $432 a year, and coverage for high-risk drivers costs $3,470 or more. 16-year-old drivers pay the highest rates at up to $5,792 a year.

Average premium for full coverage: $1,588

Price estimates by individual coverage:

Comprehensive $344
Collision $724
Liability $384

Full coverage includes $500 physical damage deductibles, 30/60 liability coverage, and includes both medical and UM/UIM coverage. Estimates are averaged for all 50 U.S. states and for all Model 3 models.

Price Range from Low to High

For a driver in their 40's, Tesla Model 3 insurance prices range from the low end price of $432 for basic liability insurance to the much higher price of $3,470 for a policy for a high-risk driver.

Liability Only $432
Full Coverage $1,588
High Risk $3,470

Geographic Price Range

Living in a larger city has a significant impact on car insurance rates. Rural areas have lower incidents of comprehensive and collision claims than congested cities. The example below illustrates how location helps determine car insurance rates.

Rural Areas $1,191
Small Cities $1,667
Large Cities $2,144

The ranges above highlight why everyone should get quotes based on a specific location, rather than relying on rate 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.

Rate Comparisons

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

  • The best full coverage rate is $881
  • Choosing higher $1,000 deductibles can save around $242 every year
  • The estimated price for the average middle-age driver with $500 deductibles is $1,588
  • Buying pricier low deductibles for comp and collision coverage will cost an additional $474 a year
  • High-risk insureds with multiple tickets or accidents could pay upwards of $3,470
  • The price that insures a teen driver for full coverage may cost $5,792 each year

View Chart as Image

Tesla Model 3 insurance cost comparison chart
Column chart showing Tesla Model 3 insurance prices range from $881 to $5,792 for full coverage

Insurance prices for a Tesla Model 3 are also quite variable based on the model of your Model 3, your driving record and age, and policy deductibles and limits.

If you have some driving violations or you caused an accident, you are likely paying at a minimum $1,900 to $2,600 extra each year, depending on your age. Tesla Model 3 insurance for high-risk drivers ranges anywhere from 45% to 133% more than the average rate. View High Risk Driver Rates

A more mature driver with a clean driving record and higher comprehensive and collision deductibles could pay as little as $1,500 annually on average for full coverage. Prices are highest for teenage drivers, since even teens with perfect driving records can expect to pay upwards of $5,700 a year. View Rates by Age

The state you live in plays a big part in determining prices for Tesla Model 3 insurance rates. A good driver about age 40 could pay as low as $1,220 a year in states like Missouri, New Hampshire, and Vermont, or at least $2,260 on average in Michigan, New York, and Louisiana.

Tesla Model 3 Insurance Rates by State
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%

View Chart as Image

Tesla Model 3 insurance rates by U.S. city

Opting for high physical damage deductibles can save as much as $720 each year, whereas buying more liability protection will cost you more. Changing from a 50/100 bodily injury protection limit to a 250/500 limit will increase prices by as much as $345 more per year. View Rates by Deductible or Liability Limit

Tesla Model 3 Insurance Rates by Model Year
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 Find More Affordable Tesla Model 3 Insurance

Getting lower rates on Tesla Model 3 insurance takes being a safe and courteous driver, having above-average credit, being claim-free, and determing if full coverage is necessary. Comparison shop every year by requesting rates from direct car insurance companies, and also from insurance agencies where you live.

Below is a summary of the coverage data covered in the charts and tables above.

  • You may be able to save as much as $200 per year just by quoting online well ahead of the renewal date
  • Increasing physical damage deductibles can save approximately $725 each year
  • Teenage drivers pay the highest prices, possibly costing $483 a month if full coverage is included
  • High-risk drivers who have multiple accidents or major violations could be forced to pay on average $1,880 more each year for auto insurance

Rates by Driver Age

Tesla Model 3 Insurance 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

Tesla Model 3 Insurance Rates with Different Deductibles
Deductible Premium
$100 $2,062
$250 $1,840
$500 $1,588
$1,000 $1,346

Full coverage, driver age 40

Rates by Liability Limit

Tesla Model 3 Insurance Rates with Different Liability Limits
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

Tesla Model 3 Insurance 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.

SR-22 Surcharge $231

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
Rate after discounts $881

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

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