2023 Tesla Model 3 Car Insurance Cost in 2024

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Jeffrey Johnson

Insurance Lawyer

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Insurance Lawyer

UPDATED: Mar 30, 2024

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Are you irritated from trying to scrape together enough money each month for insurance coverage? Your situation is no different than the majority of other people.

There are many car insurance companies to pick from, and though it is a good thing to have a choice, it can be more difficult to find a good deal.

It’s smart to compare prices yearly since insurance prices change quite often. Despite the fact that you may have had the best price on Model 3 coverage a couple years back there is a good chance you can find better rates now. Block out anything you think you know about insurance coverage because we’re going to show you how to quote online to save money, get proper coverage and the best rates.

How to get free insurance quotes online

When looking for affordable auto insurance quotes, there are a couple ways to compare rate quotes from all the different companies. The simplest method to find competitive 2023 Tesla Model 3 insurance rates consists of shopping online. It’s really quite simple and can be done in several different ways.

  1. The first (and easiest) way to find low rates would be an industry-wide quote request form. This type of form saves time by eliminating repetitive form submissions to each individual insurance company. Filling out one form will get you price quotes direct from many companies.
  2. A more difficult way to compare rate quotes requires a visit to the website for every company you want to compare and repeat the quote process. For instance, let’s assume you want to view quotes from Progressive, Farmers and American Family. You would be required to go to every website and repeatedly type in your coverage information, which can take a lot of time.
  3. The final way to get comparison rates is physically going to each insurance agency near you. The ability to buy insurance online has made agencies unnecessary unless you have a need for the professional abilities that can only be provided by a licensed insurance agent. It is possible with some companies price shop online but have a local agent actually write the policy.

However you get your quotes, double check that you are using the same information for every company. If you enter different data it’s impossible to make a fair rate comparison. Quoting even small variations in coverages can mean a large discrepancy in price. And when comparing insurance rates, know that having more price comparisons helps improve the odds of finding lower pricing. Some companies don’t provide online rate quotes, so you need to compare rates from them as well.

Take advantage of these premium-slashing discounts

Insurance coverage is expensive, but you might be missing out on some discounts that you may not even be aware of. A few discounts will automatically apply when you get a quote, but once in a while a discount must be specially asked for before they will apply.

  • Good Student Discount – A discount for being a good student can save 20 to 25%. The discount lasts well after school through age 25.
  • Buy New and Save – Buying a new car instead of a used car can save you some money since new vehicles have better safety ratings.
  • Telematics Data Discounts – Drivers who elect to allow their company to monitor where and when they drive by using a telematics device in their vehicle like Allstate’s Drivewise could see a rate decrease as long as they are good drivers.
  • More Vehicles More Savings – Buying a policy with multiple vehicles with the same company may reduce the rate for each vehicle.
  • Distant Student Discount – who live away from home to go to college and won’t have access to an insured vehicle may be insured at a cheaper rate.
  • No Accidents – Claim-free drivers pay much less in comparison with bad drivers.
  • Lower Rates for Military – Being deployed in the military could trigger a small discount.
  • Switch and Save Discount – A few insurance coverage companies offer discounts for buying a policy prior to the expiration date on your current policy. It’s a savings of about 10%.
  • Membership in Organizations – Being in qualifying clubs or civic groups could trigger savings when getting a auto insurance quote.

You can save money using discounts, but most credits do not apply to the whole policy. Most only reduce the price of certain insurance coverages like physical damage coverage or medical payments. If you do the math and it seems like adding up those discounts means a free policy, it’s just not the way it works.

A few popular companies and some of the discounts are outlined below.

  • American Family offers discounts including accident-free, TimeAway discount, early bird, mySafetyValet, and Steer into Savings.
  • Farm Bureau discounts include youthful driver, 55 and retired, safe driver, multi-vehicle, and driver training.
  • State Farm has savings for anti-theft, multiple policy, good student, good driver, Steer Clear safe driver discount, and driver’s education.
  • Travelers offers discounts for home ownership, continuous insurance, multi-policy, early quote, and new car.
  • The Hartford includes discounts for good student, anti-theft, defensive driver, vehicle fuel type, air bag, and driver training.
  • GEICO may have discounts that include membership and employees, emergency military deployment, anti-lock brakes, multi-policy, defensive driver, and federal employee.
  • Progressive policyholders can earn discounts including good student, multi-vehicle, online signing, homeowner, and multi-policy.

When getting a coverage quote, ask each company or agent the best way to save money. Some discounts might not be offered on policies everywhere. To locate providers offering insurance coverage discounts, enter your zip code here.

Do I need special coverages?

When choosing adequate coverage for your vehicles, there really is not a “best” method to buy coverage. Everyone’s situation is unique so your insurance should reflect that These are some specific questions might help in determining whether you will benefit from professional help.

  • What vehicles should carry emergency assistance coverage?
  • Will I be non-renewed for getting a DUI or other conviction?
  • Does my insurance cover damage caused when ticketed for reckless driving?
  • At what point should I drop full coverage?
  • Do I have newly-acquired coverage?
  • How do I buy GAP insurance?
  • Can I drive in Mexico and have coverage?
  • What is high-risk coverage and where do I buy it?
  • Will my rates increase for filing one claim?
  • How much liability insurance is required?

If you don’t know the answers to these questions but one or more may apply to you, you might consider talking to an insurance agent. To find an agent in your area, complete your zip code.

Informed consumers can save money

Multiple criteria are considered when you quote your car insurance policy. Some of the criteria are obvious such as traffic violations, although some other factors are not quite as obvious such as your credit history or how financially stable you are.

Listed below are some of the most common factors used by insurance companies to determine your rates.

  • Policy add-ons may be wasting money – There are a ton of add-on coverages that can add up when buying insurance coverage. Add-on coverages like personal injury protection, accident forgiveness, and Farm Bureau memberships may be costing you every month. These coverages may sound good when you first buy your policy, but if you have no use for them get rid of them and save.
  • Premiums impacted by your city – Living in small towns and rural areas may provide you with better prices when buying insurance coverage. People who live in big cities tend to have more aggressive driving styles and more time behind the wheel. Less people living in that area means reduced accidents and a lower car theft rate.
  • Demanding employer may mean higher prices – Do you have a high-stress occupation? Careers such as military personnel, air traffic controllers and accountants generally have higher average rates because of intense work-related stress and lots of time spent away from family. Conversely, careers like scientists, athletes and the unemployed pay the least on Model 3 coverage.
  • Is your vehicle theft-ready? – Driving a car with anti-theft technology or alarm system can save you some money. Systems that thwart theives such as LoJack tracking devices, vehicle tamper alarm systems or GM’s OnStar system can thwart your car from being stolen.
  • High credit history translates to low costs – Having a bad credit rating can be an important factor in calculating your premium rate. People with excellent credit scores tend to be less risk to insure as compared to drivers with lower credit ratings. If your credit is low, you could be paying less to insure your 2023 Tesla Model 3 by repairing your credit.
  • Consolidate policies and save money – Most insurance coverage companies will award a discount to insureds that buy multiple policies. It’s known as a multi-policy discount. Even with this discount, you still need to comparison shop to help guarantee you have the best rates.
  • Never let your insurance coverage policy lapse – Not maintaining insurance is against the law and you may have a hard time finding new coverage because you let your insurance lapse. In addition to paying higher premiums, failure to provide proof of insurance will get you a revoked license or a big fine. You may then be required to submit proof of financial responsibility or a SR-22 with your state motor vehicle department to get your license reinstated.

Auto insurance coverages and their meanings

Understanding the coverages of your auto insurance policy can help you determine which coverages you need at the best deductibles and correct limits. The coverage terms in a policy can be difficult to understand and reading a policy is terribly boring. Below you’ll find the normal coverages available from auto insurance companies.

Collision protection

This pays for damage to your Model 3 resulting from colliding with a stationary object or other vehicle. You have to pay a deductible then the remaining damage will be paid by your insurance company.

Collision can pay for claims like driving through your garage door, backing into a parked car and crashing into a ditch. This coverage can be expensive, so you might think about dropping it from lower value vehicles. Drivers also have the option to bump up the deductible to bring the cost down.

Comprehensive protection

Comprehensive insurance coverage will pay to fix damage caused by mother nature, theft, vandalism and other events. You first must pay your deductible then your comprehensive coverage will pay.

Comprehensive coverage protects against things like damage from a tornado or hurricane, hail damage and theft. The most you’ll receive from a claim is the cash value of the vehicle, so if your deductible is as high as the vehicle’s value consider removing comprehensive coverage.

Medical expense coverage

Med pay and PIP coverage reimburse you for short-term medical expenses for ambulance fees, surgery and nursing services. The coverages can be used to cover expenses not covered by your health insurance policy or if you lack health insurance entirely. They cover not only the driver but also the vehicle occupants as well as any family member struck as a pedestrian. Personal injury protection coverage is not universally available but can be used in place of medical payments coverage

Liability coverage

Liability insurance protects you from damage or injury you incur to other people or property in an accident. This coverage protects you from legal claims by others. Liability doesn’t cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury for each person injured, bodily injury for the entire accident and a property damage limit. You might see values of 50/100/50 which means $50,000 bodily injury coverage, a total of $100,000 of bodily injury coverage per accident, and a limit of $50,000 paid for damaged property.

Liability coverage pays for things such as emergency aid, bail bonds, structural damage and pain and suffering. How much liability coverage do you need? That is up to you, but it’s cheap coverage so purchase as large an amount as possible.

Uninsured or underinsured coverage

Your UM/UIM coverage gives you protection from other drivers when they are uninsured or don’t have enough coverage. This coverage pays for medical payments for you and your occupants and damage to your 2023 Tesla Model 3.

Since a lot of drivers only carry the minimum required liability limits, their limits can quickly be used up. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.

Save your cold hard cash

When searching for inexpensive auto insurance quotes, never reduce needed coverages to save money. In too many instances, drivers have reduced full coverage and learned later that saving that couple of dollars actually costed them tens of thousands. Your focus should be to buy enough coverage at an affordable rate while not skimping on critical coverages.

In this article, we covered some good ideas how to save on 2023 Tesla Model 3 insurance. It’s most important to understand that the more rate quotes you have, the higher your chance of finding affordable auto insurance. Consumers may even find the lowest priced auto insurance comes from a lesser-known regional company. These companies can often insure niche markets at a lower cost compared to the large companies like Allstate and Progressive.

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