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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Average insurance prices for a Tesla Model 3 are $1,536 every 12 months for full coverage. Comprehensive insurance costs on average $332, collision insurance costs $680, and liability coverage costs $388. Buying just liability costs as little as $434 a year, and insurance for high-risk drivers costs $3,350 or more. Teenage drivers receive the highest rates at up to $5,626 a year.
Average premium for full coverage: $1,536
Rate estimates by individual coverage type:
Includes $500 deductible amounts, liability coverage up to 30/60, and includes uninsured/under-insured motorist coverage. Rates are averaged for all states and for different Model 3 trim levels.
Price Range by Coverage and Risk
For an average driver, prices range range from the cheapest price of $434 for your basic liability-only policy to a much higher rate of $3,350 for a high-risk driver policy.
Price Range by Location
Your location has a large influence on car insurance rates. Rural areas tend to have more infrequent accident claims than densely populated cities. The price range example below illustrates the effect of geographic area on car insurance rates.
These examples show why anyone shopping for car insurance should compare rates based on a specific location and their own driving history, 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.
More Rate Information
The chart below shows average Tesla Model 3 insurance rates for different risk profiles and scenarios.
- The best discount rate is $856
- Drivers who choose higher $1,000 deductibles will pay around $228 a year
- The average price for a 40-year-old driver with $500 deductibles is $1,536
- Using more expensive low deductibles for comprehensive and collision insurance costs an extra $450 each year
- High-risk insureds who are prone to accidents and violations could pay upwards of $3,350
- The cost to insure a teenage driver with full coverage may cost $5,626 a year
Auto insurance rates for a Tesla Model 3 can also vary considerably based on policy deductibles and limits, your driver profile, and the trim level of your Model 3.
Using high physical damage deductibles could save up to $680 a year, while increasing your policy's liability limits will cost you more. Going from a 50/100 liability limit to a 250/500 limit will cost as much as $349 extra every year. View Rates by Deductible or Liability Limit
An older driver with a good driving record and higher deductibles may only pay around $1,400 per year on average for full coverage. Rates are much higher for teen drivers, since even excellent drivers will have to pay upwards of $5,600 a year. View Rates by Age
If you like to drive fast or you were responsible for an accident, you could be paying at a minimum $1,800 to $2,500 in extra premium per year, depending on your age. High-risk driver insurance can cost around 44% to 130% more than a normal policy. View High Risk Driver Rates
Where you live makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay as low as $1,010 a year in states like Idaho, Maine, and Iowa, or be forced to pay as much as $2,190 on average in Michigan, Louisiana, 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% |
| 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 Cheapest Tesla Model 3 Insurance
Saving money on auto insurance not only requires having a good driving record, but also having a good credit score, eliminating unneeded coverage, and deciding if full coverage is necessary. Take the time to compare rates every time your policy renews by getting quotes from direct carriers like GEICO, Progressive, and Esurance, and also from local independent and exclusive agents.
The next list is a recap of the information covered in the above illustrations.
- Drivers can save as much as $190 per year just by shopping early and online
- Drivers age 20 and younger are charged the highest rates, costing as high as $469 per month if comprehensive and collision insurance is included
- Increasing deductibles could save as much as $675 each year
- Drivers that have major violations or accidents pay an average of $1,810 more each year to buy Tesla Model 3 insurance
- Consumers who require increased levels of liability coverage will pay an extra $430 each year to go from a minimum limit to a 250/500 level
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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