Tesla Model 3 Insurance Rates

Average auto insurance rates for a Tesla Model 3 are $1,536 annually for full coverage insurance. Comprehensive insurance costs on average $332 each year, collision insurance costs $680, and liability insurance costs around $388. A liability-only policy costs as low as $434 a year, and high-risk insurance costs $3,350 or more. Teen drivers receive the highest rates at up to $5,626 a year.

Average premium for full coverage: $1,536

Rate estimates by individual coverage type:

Prices are based on $500 physical damage insurance deductibles, split liability limits of 30/60, and includes uninsured motorist and medical coverage. Rates are averaged for all 50 states and Model 3 models.

Price Range by Coverage and Risk

Price Range by Location

Where you live has a significant impact on insurance rates. Rural areas tend to have fewer physical damage claims than larger metro areas. The graphic below illustrates how location impacts car insurance rates.

These examples illustrate why all drivers should compare prices based on a specific location and their own personal driving habits, rather than relying on price averages.

Use the form below to get customized rates for your location.

Additional Rate Information

The chart below illustrates average Tesla Model 3 insurance rates for different risk profiles and scenarios.

• The lowest rate with discounts is $856
• Using higher $1,000 deductibles will save around $228 each year
• The estimated rate for a 40-year-old driver with $500 deductibles is $1,536
• Choosing low deductibles for physical damage coverage costs an additional $450 a year
• Drivers with multiple violations and an at-fault accident could pay upwards of $3,350
• The cost with full coverage for a teen driver may cost $5,626 or more

View Chart as Image

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

More mature drivers with a clean driving record and high physical damage deductibles could pay as little as $1,400 a year for full coverage. Rates are highest for teen drivers, where even without any violations or accidents they can expect to pay upwards of $5,600 a year. View Rates by Age

If you like to drive fast or you caused a few accidents, you are probably paying at a minimum $1,800 to $2,500 extra per year, depending on your age. Insurance for high-risk drivers can be anywhere from 44% to 130% more than average. View High Risk Driver Rates

Choosing high deductibles could cut rates by as much as $680 each year, whereas increasing liability limits will cost you more. Switching from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $349 more per year. View Rates by Deductible or Liability Limit

Where you live has a huge impact on Tesla Model 3 insurance rates. A driver around age 40 might see rates as low as $1,000 a year in states like Vermont, Wisconsin, and North Carolina, or as much as $2,070 on average in Michigan, New York, and Florida.

View Chart as Image

How to Buy Affordable Tesla Model 3 Insurance

Saving money on Tesla Model 3 insurance requires being a low-risk driver, having a good credit history, avoid buying unnecessary coverage, and determing if full coverage is necessary. Spend time shopping around at least once a year by getting rate quotes from direct insurance companies like Progressive and GEICO, and also from local exclusive and independent agents.

The items below are a brief review of the primary concepts that were touched on above.

• It is possible to save as much as $190 per year just by quoting online in advance
• High-risk drivers with DUI or reckless driving convictions may pay on average $1,810 more each year to insure their Model 3
• Increasing deductibles could save up to $675 each year
• Teen drivers pay the highest rates, costing up to $469 per month including comprehensive and collision insurance