Tesla Model 3 Insurance Rates
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Michelle Robbins
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Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
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UPDATED: Mar 30, 2024
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Estimated insurance prices for a Tesla Model 3 are $1,536 every 12 months for full coverage. Comprehensive costs around $332, collision insurance costs $680, and liability insurance costs around $388. Liability-only insurance costs as low as $434 a year, and high-risk driver insurance costs around $3,350. 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:
Includes $500 policy deductibles, minimum liability limits, and includes uninsured motorist and medical coverage. Rates include averaging for all states and for all Model 3 models.
Insurance Price Range by Risk and Coverage
For a driver in their 40's, insurance rates for a Tesla Model 3 range from the cheapest price of $434 for the bare minimum liability coverage to the much higher price of $3,350 for high-risk insurance.
Insurance Price Range by Location
Where you live has a significant impact on auto insurance rates. Areas with sparse population are statistically proven to have more infrequent accident claims than densely populated cities. The example below illustrates how location helps determine auto insurance rates.
These rate differences show why everyone should compare prices for a specific zip code and their own driving history, rather than relying on 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.
Additional Rate Information
The chart below shows average Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The best discount rate is $856
- Using higher $1,000 deductibles will save about $228 a year
- The average price for a 40-year-old good driver using $500 deductibles is $1,536
- Using pricier low deductibles for physical damage coverage increases the price to $1,986
- Drivers who are prone to accidents and violations could pay at least $3,350
- An auto insurance policy to insure a teen driver for full coverage can be $5,626 or more
Insurance prices for a Tesla Model 3 also have a wide range based on physical damage deductibles and liability limits, your driver profile, and the trim level and model year.
Using high physical damage deductibles could cut prices by as much as $680 each year, whereas buying more liability protection will increase prices. Going from a 50/100 liability limit to a 250/500 limit will cost up to $349 more each year. View Rates by Deductible or Liability Limit
A more mature driver with no violations or accidents and higher deductibles could pay as little as $1,400 a year, or $117 per month, for full coverage. Prices are much higher for drivers in their teens, since even excellent drivers should be prepared to pay as much as $5,600 a year. View Rates by Age
If you have a few violations or you were responsible for an accident, you could be paying at least $1,800 to $2,500 additional annually, depending on your age. Tesla Model 3 insurance for high-risk drivers can be anywhere from 44% to 130% more than a normal policy. View High Risk Driver Rates
Where you choose to live has a huge impact on Tesla Model 3 insurance rates. A driver around age 40 might see prices as low as $1,010 a year in states like Idaho, Maine, and Iowa, or be forced to pay as much as $2,190 on average in Michigan, Louisiana, and New York.
| 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% |
| 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 Shop for the Cheapest Tesla Model 3 Insurance
Finding better rates on Tesla Model 3 insurance requires avoiding accidents and claims, having above-average credit, not filing small claims, and deciding if full coverage is necessary. Invest time comparing rates every couple of years by obtaining price quotes from direct carriers, and also from local exclusive and independent agents.
The points below are a recap of the material that was covered in the charts and tables above.
- Drivers who may need increased liability limits will pay an extra $430 each year to increase from 30/60 bodily injury limits to a 250/500 level
- Drivers under the age of 20 are charged the highest prices, as much as $469 per month if full coverage is included
- High-risk drivers that have major violations or accidents may pay on average $1,810 more every year to insure a Tesla Model 3
- Increasing policy deductibles could save as much as $675 each year
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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