Tesla Model 3 Insurance Rates

The average insurance prices for a Tesla Model 3 are $1,536 every 12 months with full coverage. Comprehensive costs approximately $332 each year, collision insurance costs $680, and liability is $388. Buying just liability costs around $434 a year, and insurance for high-risk drivers costs around $3,350. Teenage drivers cost the most to insure at up to $5,626 a year.

Average premium for full coverage: $1,536

Policy rates by type of insurance:

Prices are based on $500 physical damage deductibles, 30/60 split liability limits, and includes additional medical/uninsured motorist coverage. Prices are averaged for all U.S. states and Model 3 models.

Price Range Variability

Urban vs. Rural Price Range

Choosing to live in a large city can make a big difference on the price of insurance. Rural locations are shown to have more infrequent collision claims than densely populated cities. The graphic below illustrates how geographic area affects auto insurance prices.

The examples above demonstrate why all drivers should compare rates quotes using their specific location and their own driving history, instead of making a decision based on average rates.

Use the form below to get customized rates for your location.

Additional Rate Analysis

The chart below details average Tesla Model 3 insurance rates for additional coverage and risk scenarios.

• The best discount rate is $856
• Raising to $1,000 deductibles will save $228 annually
• The average price for a good driver age 40 who chooses $500 deductibles is $1,536
• Using low deductibles increases the price to $1,986
• Drivers who are prone to accidents and violations could pay around $3,350
• Policy cost to insure a 16-year-old driver can cost $5,626

View Chart as Image

Insurance rates for a Tesla Model 3 also range considerably based on liability limits and deductibles, your driving record, and the model of your Model 3.

Using high physical damage deductibles can reduce rates by up to $680 annually, whereas increasing liability limits will push rates upward. Moving from a 50/100 liability limit to a 250/500 limit will raise rates by up to $349 more per year. View Rates by Deductible or Liability Limit

More mature drivers with a clean driving record and higher deductibles may pay as low as $1,400 every 12 months on average, or $117 per month, for full coverage. Rates are much higher for teenagers, since even excellent drivers can expect to pay in the ballpark of $5,600 a year. View Rates by Age

If you have a few points on your driving record or you were responsible for an accident, you may be forking out anywhere from $1,800 to $2,500 extra every year, depending on your age. Insurance for high-risk drivers is expensive and can cost from 44% to 130% more than a normal policy. View High Risk Driver Rates

Your home state also has a big influence on Tesla Model 3 insurance prices. A middle-age driver might find rates as low as $1,100 a year in states like Utah, Ohio, and New Hampshire, or be forced to pay as much as $2,070 on average in New York, Michigan, and Florida.

View Chart as Image

How to Shop for Affordable Tesla Model 3 Insurance

Finding cheaper rates on insurance for a Tesla Model 3 consists of being a safe and courteous driver, having good credit, not filing small claims, and possibly raising deductibles. Invest the time to compare rates at least every other year by getting quotes from direct companies, and also from insurance agencies where you live.

Below is a brief review of the car insurance concepts presented in the illustrations above.

• Drivers considered higher risk with DUI or reckless driving convictions could be forced to pay on average $1,810 more per year for auto insurance
• You may be able to save around $190 per year just by quoting online in advance
• Increasing comprehensive and collision deductibles could save as much as $675 each year
• Insureds who purchase higher levels of liability will pay an extra $430 every year to raise from a 30/60 limit to a 250/500 level