Tesla Model 3 Insurance Rates
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Michelle Robbins
Licensed Insurance Agent
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...
Licensed Insurance Agent
UPDATED: Mar 30, 2024
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U.S. average insurance rates for a Tesla Model 3 are $1,588 a year for full coverage. Comprehensive costs an estimated $344 a year, collision costs $724, and liability coverage costs around $384. Buying just liability costs as low as $432 a year, with insurance for high-risk drivers costing around $3,470. Teen drivers pay the highest rates at $5,792 a year or more.
Average premium for full coverage: $1,588
Price estimates broken down by individual coverage:
Price estimates include $500 physical damage insurance deductibles, liability coverage up to 30/60, and includes medical/PIP and uninsured motorist coverage. Estimates are averaged for all states and Model 3 trim levels.
Price Range from Low to High
For an average driver, Tesla Model 3 insurance prices go from as low as $432 for liability-only coverage to a high of $3,470 for a high-risk driver policy.
Geographic Price Range
Where you live has a large influence on insurance rates. More rural locations have a lower frequency of accident claims than larger metro areas.
The diagram below illustrates the effect of geographic area on insurance prices.
The ranges above show why it is important to compare prices for a targeted area and risk profile, rather than using price 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.
Additional Charts and Tables
The chart below shows estimated Tesla Model 3 insurance rates for other coverage scenarios.
- The lowest rate with discounts is $881
- Using higher $1,000 deductibles will save approximately $1,346 a year
- The average rate for the average middle-age driver who has $500 deductibles is $1,588
- Choosing low $100 deductibles for physical damage coverage will increase the cost to $2,062
- Higher-risk drivers with multiple violations and an at-fault accident could pay up to $3,470 or more
- The price for full coverage for a teenage driver can cost as much as $5,792 or more
Insurance prices for a Tesla Model 3 are also quite variable based on your driving record, the trim level of your Model 3, and liability limits and deductibles.
Older drivers with no violations or accidents and high deductibles may only pay around $1,500 a year for full coverage. Prices are highest for teenage drivers, where even good drivers should be prepared to pay at least $5,700 a year. View Rates by Age
The state you live in has a huge impact on Tesla Model 3 insurance rates. A driver around age 40 might see prices as low as $1,050 a year in states like Iowa, Maine, and Idaho, or as much as $2,260 on average in New York, Louisiana, and Michigan.
| 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% |
Choosing high deductibles could cut prices by as much as $720 a year, while buying higher liability limits will increase premiums. Going from a 50/100 limit to a 250/500 limit will increase prices by as much as $345 more each year. View Rates by Deductible or Liability Limit
If you have some driving violations or tend to cause accidents, you could be paying $1,900 to $2,600 additional each year, depending on your age. A high-risk auto insurance policy can be around 45% to 133% more than average. View High Risk Driver Rates
Since prices can be so different, the only way to know which car insurance is cheapest is to get quotes and see how they stack up. Each insurance company uses a different rate calculation, and prices may be quite different from one company to the next.
| 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 Cheaper Tesla Model 3 Insurance
Getting lower rates on auto insurance requires being a low-risk driver, having a good credit history, eliminating unnecessary coverage, and maximizing policy discounts. Take the time to compare rates every time your policy renews by requesting rates from direct carriers like Progressive and GEICO, and also from local independent and exclusive agents.
The items below are a condensed summary of the information covered in the above illustrations.
- Drivers can save approximately $200 per year simply by quoting early and online
- Teen drivers are expensive to insure, with premiums as much as $483 a month including comprehensive and collision insurance
- Increasing physical damage deductibles can save around $725 each year
- Drivers with multiple at-fault accidents pay an average of $1,880 more annually to insure their Model 3
- Consumers who want more liability coverage will pay about $420 each year to increase from a low limit to 250/500 limits
Rate Tables and Charts
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
| Deductible | Premium |
|---|---|
| $100 | $2,062 |
| $250 | $1,840 |
| $500 | $1,588 |
| $1,000 | $1,346 |
Full coverage, driver age 40
Rates by Liability Limit
| 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
| 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.
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 |
Discounts are estimated and may not be available from every company or in every state.
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