Tesla Model 3 Insurance Rates
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Michelle Robbins
Licensed Insurance Agent
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...
Licensed Insurance Agent
UPDATED: Mar 30, 2024
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U.S. average insurance rates for a Tesla Model 3 are $1,536 a year for full coverage insurance. Comprehensive costs on average $332, collision insurance costs $680, and liability coverage is estimated at $388. Liability-only insurance costs approximately $434 a year, and high-risk driver insurance costs around $3,350. Teen drivers pay the highest rates at up to $5,626 a year.
Average premium for full coverage: $1,536
Price estimates by individual coverage:
Rates are based on $500 policy deductibles, 30/60 bodily injury liability limits, and includes medical and uninsured motorist coverage. Estimates are averaged for all 50 states and for all Model 3 models.
Price Range from Low to High
For a 40-year-old driver, Tesla Model 3 insurance prices range from as low as $434 for just liability coverage to the much higher price of $3,350 for a driver who requires high-risk insurance.
Geographic Price Range
Living in a larger city has a large influence on insurance rates. Rural areas have a lower frequency of physical damage claims than larger metro areas. The example below illustrates how your location can change car insurance rates.
The ranges above illustrate why everyone should get quotes based on a specific location and risk profile, 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.
Detailed Rate Analysis
The chart below illustrates average Tesla Model 3 insurance rates for different risk profiles and scenarios.
- The lowest rate with discounts is $856
- Choosing higher $1,000 deductibles can save around $228 each year
- The average rate for the average middle-age driver with $500 deductibles is $1,536
- Choosing pricier low deductibles for comp and collision coverage will increase the cost to $1,986
- Drivers with multiple violations and an at-fault accident could pay upwards of $3,350
- The price for full coverage for a teenage driver for full coverage may cost $5,626 each year
Car insurance prices for a Tesla Model 3 are also quite variable based on your driving record, the model year and trim level, and policy deductibles and limits.
A more mature driver with no driving violations and high deductibles may only pay around $1,400 annually on average for full coverage. Prices are highest for teenage drivers, where even good drivers will be charged upwards of $5,600 a year. View Rates by Age
The state you live in plays a big part in determining prices for Tesla Model 3 insurance rates. A good driver about age 40 could pay 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.
| 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% |
Choosing high deductibles can save as much as $680 a year, whereas buying more liability protection will cost you more. Switching from a 50/100 limit to a 250/500 limit will increase prices by as much as $349 extra every 12 months. View Rates by Deductible or Liability Limit
If you have some driving violations or tend to cause accidents, you are probably paying at a minimum $1,800 to $2,500 extra each year, depending on your age. Tesla Model 3 insurance for high-risk drivers ranges around 44% to 130% more than average. View High Risk Driver Rates
| 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 the Best Cheap Tesla Model 3 Insurance
Getting lower rates on auto insurance takes avoiding accidents and claims, having above-average credit, not filing small claims, and possibly raising deductibles. Invest the time to shop around at every other renewal by requesting quotes from direct insurance companies like Progressive and GEICO, and also from local independent and exclusive agents.
The points below are a quick review of the concepts that were illustrated above.
- Drivers with a DUI or reckless driving violation pay an average of $1,810 more each year to insure a Tesla Model 3
- Drivers under the age of 20 are expensive to insure, as much as $469 a month if full coverage is included
- It is possible to save as much as $190 per year just by quoting online well ahead of the renewal date
- Increasing physical damage deductibles can save around $675 each year
- It is possible to save as much as $190 per year just by quoting online well ahead of the renewal date
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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