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Tesla Model 3 Insurance Rates

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Jeffrey Johnson graduated summa cum laude from the University of Baltimore School of Law and has worked in legal offices and nonprofits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman University and worked in film, education, and publishing. His professional writing has appeared on sites like The Manifest and Vice, and he is the author of a novel ...

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UPDATED: Apr 9, 2020

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Looking for cheap Tesla Model 3 insurance rates? Are you asking “Is insurance on a Tesla Model 3 expensive?” or “What is the best Tesla insurance for Tesla Model 3?” We’ve got you covered.

Tesla insurance costs $1,802 a year, or $150 a month. Learn what drivers can do to reduce insurance costs for a Tesla Model 3 in our comprehensive guide to cheap car insurance.

Want to start finding the best Tesla insurance rates today? Whether you are looking for Tesla Model 3 insurance in Massachusetts or Ohio, getting Tesla insurance quotes will help you save on Tesla insurance costs for a Model 3.

Enter your five-digit ZIP code into our FREE tool above to get started on finding mutiple Tesla insurance company quotes from different insurers and manage the cost to insure a Tesla Model 3.

Estimated insurance rates for a Tesla Model 3 are $1,762 a year for full coverage insurance. Comprehensive insurance costs on average $424 a year, collision insurance costs $870, and liability costs $332. Liability-only coverage costs as little as $388 a year, and high-risk coverage costs $3,838 or more. Teens pay the most at up to $6,242 a year.

Average premium for full coverage: $1,762

Premium estimates by type of coverage:

Comprehensive $424
Collision $870
Liability $332

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 $388 for only liability insurance to a high of $3,838 for a high-risk insurance policy.

Liability Only $388
Full Coverage $1,762
High Risk $3,838

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 $1,322
Small Cities $1,850
Large Cities $2,379

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 $969
  • Drivers who choose higher $1,000 deductibles will pay around $1,468 each year
  • The estimated price for a 40-year-old good driver with $500 deductibles is $1,762
  • Selecting low $100 deductibles for comprehensive and collision insurance will cost an additional $576 annually
  • Drivers with serious driving violations could pay upwards of $3,838
  • An auto insurance policy that insures a 16-year-old driver may cost $6,242 a year

View Chart as Image

Tesla Model 3 insurance cost comparison chart
Column chart showing Tesla Model 3 insurance prices range from $969 to $6,242 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 133% 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 $1,150 a year in states like Vermont, Wisconsin, and North Carolina, or have to pay at least $2,370 on average in Michigan, New York, and Florida.

Tesla Model 3 Insurance Rates by State
State Premium Compared to U.S. Avg Percent Difference
Alabama $1,592 -$170 -9.6%
Alaska $1,352 -$410 -23.3%
Arizona $1,460 -$302 -17.1%
Arkansas $1,762 -$0 0.0%
California $2,008 $246 14.0%
Colorado $1,682 -$80 -4.5%
Connecticut $1,808 $46 2.6%
Delaware $1,990 $228 12.9%
Florida $2,200 $438 24.9%
Georgia $1,628 -$134 -7.6%
Hawaii $1,266 -$496 -28.1%
Idaho $1,194 -$568 -32.2%
Illinois $1,310 -$452 -25.7%
Indiana $1,328 -$434 -24.6%
Iowa $1,188 -$574 -32.6%
Kansas $1,670 -$92 -5.2%
Kentucky $2,402 $640 36.3%
Louisiana $2,606 $844 47.9%
Maine $1,086 -$676 -38.4%
Maryland $1,454 -$308 -17.5%
Massachusetts $1,404 -$358 -20.3%
Michigan $3,058 $1,296 73.6%
Minnesota $1,476 -$286 -16.2%
Mississippi $2,108 $346 19.6%
Missouri $1,562 -$200 -11.4%
Montana $1,892 $130 7.4%
Nebraska $1,388 -$374 -21.2%
Nevada $2,112 $350 19.9%
New Hampshire $1,270 -$492 -27.9%
New Jersey $1,968 $206 11.7%
New Mexico $1,558 -$204 -11.6%
New York $1,852 $90 5.1%
North Carolina $1,014 -$748 -42.5%
North Dakota $1,444 -$318 -18.0%
Ohio $1,212 -$550 -31.2%
Oklahoma $1,808 $46 2.6%
Oregon $1,614 -$148 -8.4%
Pennsylvania $1,678 -$84 -4.8%
Rhode Island $2,348 $586 33.3%
South Carolina $1,596 -$166 -9.4%
South Dakota $1,486 -$276 -15.7%
Tennessee $1,542 -$220 -12.5%
Texas $2,122 $360 20.4%
Utah $1,304 -$458 -26.0%
Vermont $1,202 -$560 -31.8%
Virginia $1,054 -$708 -40.2%
Washington $1,360 -$402 -22.8%
West Virginia $1,614 -$148 -8.4%
Wisconsin $1,218 -$544 -30.9%
Wyoming $1,570 -$192 -10.9%

View Chart as Image

Tesla Model 3 insurance rates by U.S. city

Choosing higher comprehensive and collision insurance deductibles could save up to $870 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 $299 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
2020 Tesla Model 3 $424 $870 $332 $1,762
2019 Tesla Model 3 $406 $864 $338 $1,744
2018 Tesla Model 3 $394 $842 $354 $1,726

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 $2,080 more each year for insurance
  • It is possible to save as much as $230 per year just by quoting early and online
  • Increasing policy deductibles can save approximately $875 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

Drivers can save about $250 on Model 3 auto insurance just by getting quotes. Ready to look for Tesla Model 3 insurance costs everywhere from California to Michigan?

Enter your ZIP code in our free tool below to find out how much insurance is on a Tesla Model 3. You can compare Tesla insurance prices from multiple companies near you.

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Read on to learn what else determines the price of car insurance.

What are the safety ratings of the Tesla Model 3?

Multiple safety features can mean cheaper insurance for a Tesla Model 3. The Tesla Model 3 has multiple airbags, stability control, lane departure warning, blind-spot monitoring, and more. These features can help reduce the risk of a crash.

The Insurance Insitute for Highway Safety (IIHS) also crash-tested the Tesla Model 3. See the breakdown below.

  • Small overlap front (driver-side): Good
  • Small overlap front (passenger-side): Good
  • Moderate overlap front: Good
  • Side: Good
  • Roof strength: Good
  • Head restraints and seats: Good

Good is the highest rating possible, which is why the IIHS awarded the Tesla Model 3 a 2020 Top Safety Pick award. Watch the video below for an example of a crash test.

 

Great crash testings like the one above will reduce the insurance cost on a Tesla Model 3.

In the table below, you can explore the results of the Tesla Model 3 crash est ratings as performed by the National Highway Traffic Safety Administration.

Tesla Model 3 Crash Test Ratings
Vehicle TestedOverallFrontalSideRollover
2020 Tesla Model 3 4 DR RWD5 stars5 stars5 stars5 stars
2020 Tesla Model 3 4 DR AWD5 stars5 stars5 stars5 stars
2019 Tesla Model 3 4 DR RWD5 stars5 stars5 stars5 stars
2019 Tesla Model 3 4 DR AWD5 stars5 stars5 stars5 stars
2018 Tesla Model 3 4 DR RWD5 stars5 stars5 stars5 stars
2018 Tesla Model 3 4 DR AWDN/RN/R5 stars5 stars
2017 Tesla Model 3 DR RWDN/RN/RN/RN/R
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A 5-star rating is the highest possible score given by the National Highway Traffic Safety Administration. As you can see from the data, no matter what model year you purchase, the Tesla Model 3 is a safe and reliable vehicle.

How are Tesla Model 3s compared against other vehicles in the same class?

The Tesla Model 3 is a midsize luxury car. Luxury cars can crash easier due to drivers’ tendency to speed, which can affect Tesla 3 insurance costs. The good news is that the IIHS considers the Tesla Model 3’s liability losses to be substantially better than other midsize luxury cars’ looses.

Check out more of the Tesla Model 3 insurance loss probability details in the table below.

Tesla Model 3 Insurance Loss Probability
Insurance Coverage CategoryLoss Rate
Collision Coverage26%
Property Damage-38%
Comprehensive Coverages1%
Personal Injury-56%
Medical Payment-50%
Bodily Injury-45%
Get Your Rates Quote Now

The lower the percentage, the better the loss ratio. The Tesla Model 3 has a worse than average collision insurance loss ratio, but in every other category, this car is average or substantially better than average. The anti-theft devices and other maintenance costs push down the cost of coverage.

Take a look a the midsize luxury cars below to see how their rates compare to insurance on a Tesla Model 3.

You are now an expert at securing affordable Tesla Model 3 car insurance rates. But, before you buy Tesla Model 3 car insurance, compare rates from multiple car insurance companies to get the best deal.

Ready to start shopping for your Tesla 3 car insurance quotes? Just enter your five-digit ZIP code in our FREE online quote tool to find personalized driving car insurance rates from multiple insurance carriers for your Tesla Model 3.

References

  1. https://www.iihs.org/ratings/vehicle/tesla/model-3-4-door-sedan/2020

Rates by Driver Age

Tesla Model 3 Insurance Rates by Driver Age
Driver Age Premium
16 $6,242
20 $4,094
30 $1,866
40 $1,762
50 $1,604
60 $1,576

Full coverage, $500 deductibles

Rates by Deductible

Tesla Model 3 Insurance Rates with Different Deductibles
Deductible Premium
$100 $2,338
$250 $2,070
$500 $1,762
$1,000 $1,468

Full coverage, driver age 40

Rates by Liability Limit

Tesla Model 3 Insurance Rates with Different Liability Limits
Liability Limit Premium
30/60 $1,762
50/100 $1,828
100/300 $1,911
250/500 $2,127
100 CSL $1,862
300 CSL $2,044
500 CSL $2,177

Full coverage, driver age 40

Rates for High Risk Drivers

Tesla Model 3 Insurance Rates for High Risk Drivers
Age Premium
16 $9,006
20 $6,520
30 $3,958
40 $3,838
50 $3,656
60 $3,626

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 $255

Potential Rate Discounts

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

Discount Savings
Multi-policy $98
Multi-vehicle $92
Homeowner $23
5-yr Accident Free $146
5-yr Claim Free $117
Paid in Full/EFT $92
Advance Quote $95
Online Quote $130
Total Discounts $793
Rate after discounts $969

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

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