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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Estimated insurance prices for a Tesla Model 3 are $1,536 every 12 months including full coverage. Comprehensive insurance costs on average $332, collision costs $680, and liability coverage costs $388. A policy with only liability insurance costs as little as $434 a year, with a high-risk policy costing $3,350 or more. Teen drivers pay the most at $5,626 a year or more.
Average premium for full coverage: $1,536
Premium estimates by type of coverage:
Rates are based on $500 comprehensive and collision deductibles, split liability limits of 30/60, and includes uninsured/under-insured motorist coverage. Rates include averaging for all 50 U.S. states and for all Model 3 models.
Insurance Price Range by Risk and Coverage
For the average 40-year-old driver, insurance rates for a Tesla Model 3 go from the cheapest price of $434 for your basic liability-only policy to the much higher price of $3,350 for coverage for higher-risk drivers.
Insurance Price Range by Location
Your location has a large influence on car insurance rates. Rural areas are statistically proven to have more infrequent comprehensive and collision claims than larger metro areas.
The example below illustrates the difference location can make on car insurance rates.
These rate differences highlight why everyone should compare rates based on a specific location and their own driving history, rather than using price 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.
More Rate Information
The chart below breaks down estimated Tesla Model 3 insurance rates for different risk profiles and scenarios.
- The lowest rate with discounts is $856
- Drivers who choose higher $1,000 deductibles will pay around $228 every year
- The average price for a 40-year-old good driver with $500 deductibles is $1,536
- Choosing pricier low deductibles for comprehensive and collision insurance costs an extra $450 each year
- High-risk insureds with multiple violations and an at-fault accident could pay upwards of $3,350 or more
- An auto insurance policy to insure a teenage driver for full coverage may cost $5,626 a year
Car insurance prices for a Tesla Model 3 also have a wide range based on physical damage deductibles and liability limits, your driving characteristics, and the trim level of your Model 3.
Choosing high deductibles could save up to $680 a year, whereas buying more liability protection will cost you more. Changing from a 50/100 liability limit to a 250/500 limit will cost up to $349 extra every 12 months. View Rates by Deductible or Liability Limit
A more mature driver with no driving violations and higher deductibles may only pay around $1,400 per year on average, or $117 per month, for full coverage. Prices are highest for drivers in their teens, since even excellent drivers will be charged upwards of $5,600 a year. View Rates by Age
If you have a few violations or you were responsible for an accident, you are likely paying at a minimum $1,800 to $2,500 extra annually, depending on your age. Tesla Model 3 insurance for high-risk drivers can cost around 44% to 130% more than average. View High Risk Driver Rates
Where you choose to live makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay as low as $1,180 a year in states like Missouri, New Hampshire, and Vermont, or as much as $2,190 on average in Michigan, New York, and Louisiana.
| 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% |
With such a large range in prices, the best way to figure out exactly what you will pay is to regularly compare prices and see how they stack up. Every company uses a different rate calculation, so rate quotes will be substantially 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 Shop for the Best Cheap Tesla Model 3 Insurance
Finding better rates on auto insurance not only requires having a decent driving record, but also maintaining a good credit score, refrain from filing small claims, and maximizing policy discounts. Make time to compare rates at least once a year by requesting quotes from direct car insurance companies, and also from your local independent and exclusive agents.
The following items are a quick review of the primary concepts that were touched on in this article.
- You may be able to save as much as $190 per year simply by quoting online well ahead of the renewal date
- Drivers with a DUI or reckless driving violation may pay on average $1,810 more each year than a driver with a clean driving record
- Increasing policy deductibles could save as much as $675 each year
- 16 to 18-year-old drivers are expensive to insure, with the cost nearing $469 per month if the policy includes full coverage
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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