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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Average insurance prices for a Tesla Model 3 are $1,536 every 12 months for full coverage insurance. Comprehensive costs approximately $332, collision costs $680, and liability costs around $388. Liability-only coverage costs as low as $434 a year, with high-risk coverage costing around $3,350. Teenage drivers receive the highest rates at $5,626 a year or more.
Average premium for full coverage: $1,536
Rate estimates by individual coverage type:
Estimates include $500 comprehensive and collision deductibles, 30/60 liability coverage, and includes uninsured motorist and medical coverage. Rates are averaged for all 50 states and for all Model 3 models.
Price Range by Coverage and Risk
For an average driver, prices range go from the cheapest price of $434 for the bare minimum liability coverage to the much higher price of $3,350 for a policy for a high-risk driver.
Price Range by Location
Where you live can have significant affects on the price of auto insurance. Rural locations tend to have more infrequent physical damage claims than densely populated cities.
The example below illustrates the effect of geographic area on auto insurance prices.
These examples illustrate why everyone should compare prices using their specific location and their own driving history, instead of 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.
Additional Rate Information
The chart below illustrates estimated Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The best discount rate is $856
- Using higher $1,000 deductibles will save $228 each year
- The average price for a 40-year-old driver who chooses $500 deductibles is $1,536
- Using pricier low deductibles for physical damage coverage increases the price to $1,986
- Drivers who are prone to accidents and violations could pay around $3,350 or more
- The cost to insure a teen driver for full coverage can cost $5,626 or more
Car insurance rates for a Tesla Model 3 can also vary considerably based on policy deductibles and limits, your risk profile, and the model of your Model 3.
Using high physical damage deductibles could cut rates by as much as $680 every year, whereas buying more liability protection will push rates upward. Switching from a 50/100 liability limit to a 250/500 limit will cost as much as $349 extra every 12 months. View Rates by Deductible or Liability Limit
A more mature driver with no driving violations and higher deductibles may pay as little as $1,400 a year for full coverage. Rates are much higher for teen drivers, since even excellent drivers will be charged in the ballpark of $5,600 a year. View Rates by Age
If you like to drive fast or you were responsible for an accident, you are probably paying anywhere from $1,800 to $2,500 extra per year, depending on your age. Tesla Model 3 insurance for high-risk drivers can be as much as 44% to 130% more than a normal policy. View High Risk Driver Rates
Where you live has a huge impact on Tesla Model 3 insurance prices. A driver around age 40 might see rates as low as $1,000 a year in states like North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,070 on average in Florida, New York, and Michigan.
| 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 so much variability in rates, the only way to figure out who has the best car insurance rates is to regularly compare rates and see which company has the best rate. Each insurance company uses a different method to calculate rates, so rate quotes can be significantly 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 Low Cost Tesla Model 3 Insurance
Saving money on car insurance requires having a decent driving record, maintaining a good credit score, avoid buying unnecessary coverage, and avoiding coverage lapses. Take the time to compare rates every year by getting rate quotes from direct insurance companies like GEICO, Progressive, and Esurance, and also from local insurance agencies.
The following items are a review of the coverage data covered in the above illustrations.
- It is possible to save around $190 per year simply by quoting online well ahead of the renewal date
- Increasing deductibles could save as much as $675 each year
- 16 to 18-year-old drivers pay the highest auto insurance rates, costing up to $469 per month if the policy includes full coverage
- Higher risk drivers who have several accidents or serious violations may have to pay on average $1,810 more per year than a driver with a clean driving record
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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