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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Average insurance rates for a Tesla Model 3 are $1,536 a year including full coverage. Comprehensive insurance costs an estimated $332, collision costs $680, and liability coverage is $388. Liability-only coverage costs around $434 a year, with high-risk coverage costing $3,350 or more. Teenage drivers receive the highest rates at $5,626 a year or more.
Average premium for full coverage: $1,536
Rate estimates broken down by individual coverage type:
Price estimates include $500 deductibles, split liability limits of 30/60, and includes both medical and UM/UIM coverage. Rates are averaged for all 50 U.S. states and for different Model 3 trim levels.
Price Range by Coverage and Risk
For an average driver, prices range go from the low end price of $434 for basic liability insurance to a much higher rate of $3,350 for coverage for higher-risk drivers.
Price Range by Location
Choosing to live in a large city has a large influence on the price of auto insurance. More rural locations tend to have lower incidents of comprehensive and collision claims than densely populated cities.
The price range example below illustrates the effect of geographic area on insurance prices.
These examples highlight why anyone shopping for car insurance should compare rates quotes for a targeted area, rather than using 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.
Rate Comparisons
The chart below breaks down estimated Tesla Model 3 insurance rates for other coverage scenarios.
- The best discount rate is $856
- Raising to $1,000 deductibles will save approximately $228 every year
- The estimated price for a 40-year-old driver who has $500 deductibles is $1,536
- Using more expensive low deductibles will cost an additional $450 each year
- Unlucky drivers who are prone to accidents and violations could pay up to $3,350 or more
- The cost that insures a teenage driver with full coverage can cost as much as $5,626
Car insurance rates for a Tesla Model 3 can also vary considerably based on the model year and trim level, your driving record and age, and liability limits and deductibles.
If you like to drive fast or you caused an accident, you are likely paying $1,800 to $2,500 extra per year, depending on your age. High-risk driver insurance is expensive and can cost around 44% to 130% more than a normal policy. View High Risk Driver Rates
An older driver with no driving violations and higher comprehensive and collision deductibles may only pay around $1,400 every 12 months on average for full coverage. Rates are much higher for teen drivers, since even teens with perfect driving records will be charged at least $5,600 a year. View Rates by Age
Where you live also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find rates as low as $1,180 a year in states like Vermont, New Hampshire, and Missouri, or be forced to pay as much as $2,190 on average in Louisiana, New York, and Michigan.
| 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% |
Using high physical damage deductibles can reduce rates by up to $680 a year, while increasing your policy's liability limits will increase premiums. Changing from a 50/100 bodily injury protection limit to a 250/500 limit will cost as much as $349 extra every 12 months. View Rates by Deductible or Liability Limit
With so much variability in rates, the best way to figure out which company is cheapest is to compare rates and see how they stack up. Every auto insurance company uses a different method to calculate rates, so rate quotes can be significantly different.
| 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 Find Cheaper Tesla Model 3 Insurance
Saving money on auto insurance consists of not taking risks behind the wheel, having a positive credit history, not filing small claims, and not having any coverage lapses. Compare prices at least once a year by getting rate quotes from direct car insurance companies like Progressive, GEICO, and Esurance, and also from your local car insurance providers.
The following is a condensed summary of the primary concepts that were covered in the above illustrations.
- You may be able to save approximately $190 per year simply by shopping early and online
- Drivers with multiple at-fault accidents could be charged and average of $1,810 more annually for Model 3 insurance
- Increasing deductibles can save approximately $675 each year
- Teens have the highest car insurance rates, as much as $469 per month if full coverage is purchased
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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