Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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U.S. average insurance prices for a Tesla Model 3 are $1,588 every 12 months for full coverage. Comprehensive costs approximately $344 a year, collision insurance costs $724, and liability costs $384. Liability-only coverage costs as little as $432 a year, and high-risk coverage costs around $3,470. Teens pay the highest rates at up to $5,792 a year.
Average premium for full coverage: $1,588
Price estimates by individual coverage:
Prices are based on $500 comprehensive and collision deductibles, bodily injury liability limits of 30/60, and includes medical and uninsured motorist coverage. Estimates are averaged for all states and Model 3 trim levels.
Price Range from Low to High
For a driver in their 40's, Tesla Model 3 insurance prices range from the cheapest price of $432 for just liability coverage to a high of $3,470 for a driver who has had serious violations or accidents.
Geographic Price Range
Your location can have significant affects on car insurance rates. Rural locations have more infrequent accident claims than cities with more traffic congestion. The diagram below illustrates how location helps determine auto insurance prices.
The ranges above show why it is important to compare rates using their specific location and their own driving history, instead of using averaged prices.
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 average Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The cheapest rate after discounts is $881
- Drivers who choose higher $1,000 deductibles will pay $1,346 a year
- The average price for the average middle-age driver who chooses $500 deductibles is $1,588
- Selecting low $100 deductibles for comprehensive and collision insurance increases the price to $2,062
- Higher-risk drivers with serious driving violations could pay around $3,470
- The price to insure a teen driver can cost $5,792 a year
Auto insurance prices for a Tesla Model 3 are also quite variable based on deductibles and policy limits, your driver profile, and the model of your Model 3.
Choosing higher comprehensive and collision insurance deductibles could save up to $720 every year, while buying higher liability limits will push prices upward. Going from a 50/100 liability limit to a 250/500 limit will increase prices by as much as $345 extra every year. View Rates by Deductible or Liability Limit
Older drivers with a good driving record and higher deductibles may pay as little as $1,500 per year on average for full coverage. Prices are much higher for teenage drivers, since even excellent drivers will have to pay in the ballpark of $5,700 a year. View Rates by Age
If you have some driving violations or you were responsible for an accident, you could be paying anywhere from $1,900 to $2,600 in extra premium each year, depending on your age. A high-risk auto insurance policy can cost as much as 45% to 133% more than the average policy. View High Risk Driver Rates
The state you live in makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,050 a year in states like Iowa, Maine, and Idaho, or have to pay at least $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% |
| 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 Affordable Tesla Model 3 Insurance
Getting lower rates on car insurance not only requires avoiding accidents and violations, but also having a good credit score, eliminating unnecessary coverage, and possibly higher deductibles. Invest time comparing rates every other policy renewal by obtaining price quotes from direct carriers like Progressive, GEICO, and Esurance, and also from your local independent and exclusive agents.
The list below is a brief review of the ideas that were covered in the charts and tables above.
- Teenagers have the highest car insurance prices, with premiums as much as $483 a month if comprehensive and collision insurance is included
- Higher risk drivers with DUI or reckless driving convictions may pay on average $1,880 more per year for car insurance
- Increasing physical damage deductibles could save as much as $725 each year
- Drivers can save around $200 per year just by quoting early and online
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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