Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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Average insurance rates for a Tesla Model 3 are $1,536 a year with full coverage. Comprehensive costs around $332, collision insurance costs $680, and liability coverage is $388. A liability-only policy costs around $434 a year, and high-risk insurance costs around $3,350. Teenage drivers receive the highest rates at up to $5,626 a year.
Average premium for full coverage: $1,536
Rate estimates for individual coverage type:
Price estimates include $500 comprehensive and collision deductibles, liability coverage up to 30/60, and includes medical and uninsured motorist coverage. Rates are averaged for all U.S. states and for different Model 3 trim levels.
Price Range by Coverage and Risk
For a driver around age 40, prices range range from as low as $434 for just liability coverage to a much higher rate of $3,350 for a high-risk driver policy.
Price Range by Location
Choosing to live in a large city has a large influence on insurance rates. Areas with sparse population tend to have a lower frequency of collision claims than densely populated cities. The price range example below illustrates the difference between rural and urban areas on auto insurance rates.
These examples demonstrate why anyone shopping for car insurance should compare rates quotes for a specific zip code and risk profile, rather than using average rates.
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 details average Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The best discount rate is $856
- Raising to $1,000 deductibles will save about $228 annually
- The average rate for a 40-year-old driver using $500 deductibles is $1,536
- Using more expensive low deductibles will increase the cost to $1,986
- Unlucky drivers who are prone to accidents and violations could pay at least $3,350
- The cost for full coverage for a teenage driver with full coverage can be $5,626
Insurance rates for a Tesla Model 3 can also vary considerably based on your driver profile, the trim level and model year, and deductibles and policy limits.
An older driver with a clean driving record and high deductibles may only pay around $1,400 every 12 months on average for full coverage. Rates are much higher for teen drivers, where even good drivers can expect to pay as much as $5,600 a year. View Rates by Age
Where you live also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find rates as low as $1,100 a year in states like New Hampshire, Ohio, and Utah, or be forced to pay as much as $2,070 on average in Florida, Michigan, and New York.
| 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% |
Using high physical damage deductibles can reduce rates by up to $680 a year, while increasing your policy's liability limits will increase rates. Moving from a 50/100 limit to a 250/500 limit will cost as much as $349 more per year. View Rates by Deductible or Liability Limit
If you like to drive fast or tend to cause accidents, you may be forking out at least $1,800 to $2,500 extra per year, depending on your age. High-risk driver insurance is expensive and can cost around 44% to 130% more than a normal policy. 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 Cheaper Tesla Model 3 Insurance
Saving money on auto insurance consists of avoiding accidents and violations, maintaining good credit, eliminating unnecessary coverage, and dropping full coverage on older vehicles. Set aside time to compare rates every time your policy renews by requesting rates from direct companies like GEICO and Progressive, and also from local independent and exclusive agents.
The list below is a condensed summary of the information covered above.
- You may be able to save up to $190 per year just by shopping early and online
- Teenagers pay higher rates, with premiums as much as $469 per month for full coverage
- Increasing deductibles can save around $675 each year
- Drivers with multiple at-fault accidents pay an average of $1,810 more every year for car insurance
- Consumers who may need higher liability limits will pay an extra $430 every year to raise from a minimum limit to 250/500 limits
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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