Tesla Model 3 Insurance Rates

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UPDATED: Mar 30, 2024

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Average insurance prices for a Tesla Model 3 are $1,588 every 12 months for full coverage. Comprehensive costs approximately $344 each year, collision costs $724, and liability insurance is $384. A policy with just liability insurance costs around $432 a year, with coverage for high-risk drivers costing around $3,470. 16-year-old drivers receive the highest rates at $5,792 a year or more.

Average premium for full coverage: $1,588

Rate estimates by individual coverage type:

Comprehensive $344
Collision $724
Liability $384

Includes $500 physical damage insurance deductibles, liability limits of 30/60, and includes medical and uninsured motorist coverage. Rates are averaged for all states and Model 3 models.

Price Range by Coverage and Risk

For the average 40-year-old driver, prices range go from the cheapest price of $432 for just liability coverage to a high rate of $3,470 for a driver that may need high-risk insurance.

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

Price Range by Location

Choosing to live in a large city has a significant impact on car insurance rates. Rural locations tend to have more infrequent accident claims than congested cities.

The graphic below illustrates the difference location can make on auto insurance prices.

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

These examples show why all drivers should compare rates quotes using their specific location and their own driving history, 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.

Detailed Rate Analysis

The chart below shows estimated Tesla Model 3 insurance rates for additional coverage and risk scenarios.

  • The best full coverage rate is $881
  • Raising to $1,000 deductibles will save $242 a year
  • The average price for a 40-year-old driver who chooses $500 deductibles is $1,588
  • Buying low deductibles increases the price to $2,062
  • Higher-risk drivers with multiple tickets or accidents could pay around $3,470 or more
  • The cost to insure a teen driver can cost $5,792

View Chart as Image

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

Insurance rates for a Tesla Model 3 can also vary considerably based on policy deductibles and limits, your driver profile, and the model of your Model 3.

Opting for high physical damage deductibles can reduce rates by up to $720 each year, whereas increasing liability limits will push rates upward. Going from a 50/100 liability limit to a 250/500 limit will cost as much as $345 more each year. View Rates by Deductible or Liability Limit

More mature drivers with no violations or accidents and higher deductibles could pay as little as $1,500 every 12 months on average for full coverage. Rates are highest for teen drivers, since even excellent drivers should be prepared to pay in the ballpark of $5,700 a year. View Rates by Age

If you like to drive fast or you were responsible for an accident, you could be paying anywhere from $1,900 to $2,600 additional per year, depending on your age. Insurance for high-risk drivers is expensive and can cost anywhere from 45% to 133% more than the average rate. View High Risk Driver Rates

Where you live also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find rates as low as $1,050 a year in states like Iowa, Maine, and Idaho, or at least $2,260 on average in New York, Louisiana, and Michigan.

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

With so much variability in rates, the only way to know who has the cheapest car insurance rates is to do a rate comparison from as many companies as possible. Every auto insurance company utilizes a different rate formula, and rates can be significantly different.

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 Shop for the Cheapest Tesla Model 3 Insurance

Saving money on Tesla Model 3 insurance consists of being a low-risk driver, having above-average credit, eliminating unneeded coverage, and qualifying for all possible discounts. Make time to compare rates once a year by obtaining price quotes from direct carriers like GEICO, Progressive, and Esurance, and also from your local independent and exclusive agents.

The items below are a recap of the data that was touched on in this article.

  • Drivers can save around $200 per year simply by quoting online in advance
  • Drivers who purchase more liability coverage will pay around $420 each year to raise from a minimum limit to a 250/500 level
  • Teen drivers are the costliest to insure, costing as high as $483 per month if full coverage is included
  • High-risk drivers that have major violations or accidents may pay on average $1,880 more per year to insure their Model 3

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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