Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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U.S. average auto insurance rates for a Tesla Model 3 are $1,650 annually with full coverage. Comprehensive costs around $358 each year, collision costs $780, and liability coverage costs $376. Liability-only insurance costs as little as $426 a year, with high-risk driver insurance costing around $3,612. Teen drivers pay the highest rates at $6,000 a year or more.
Average premium for full coverage: $1,650
Price estimates for individual coverage:
Prices include $500 comprehensive and collision deductibles, 30/60 liability coverage, and includes medical and UM/UIM coverage. Estimates are averaged for all U.S. states and Model 3 models.
Price Range from Low to High
For a driver around age 40, Tesla Model 3 insurance prices go from as cheap as $426 for just liability insurance to a high rate of $3,612 for a policy for a high-risk driver.
Geographic Price Range
Your location has a large influence on insurance rates. Areas with sparse population have fewer collision claims than larger metro areas.
The graphic below illustrates the difference between rural and urban areas on auto insurance rates.
The ranges above demonstrate why all drivers should compare rates for a specific zip code and their own personal driving habits, 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.
More Rate Details
The chart below details estimated Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The lowest rate with discounts is $910
- Drivers who choose higher $1,000 deductibles will pay about $258 annually
- The estimated rate for the average middle-age driver using $500 deductibles is $1,650
- Choosing low deductibles for comprehensive and collision insurance will cost $2,158
- High-risk insureds with multiple violations and an at-fault accident could pay at least $3,612 or more
- The price with full coverage for a teenage driver can be $6,000 a year
Car insurance prices for a Tesla Model 3 are also quite variable based on the trim level and model year, your driving record, and deductibles and policy limits.
More mature drivers with no driving violations and high physical damage deductibles may only pay around $1,500 per year on average for full coverage. Prices are highest for teenage drivers, where even without any violations or accidents they will be charged as much as $6,000 a year. View Rates by Age
If you have some driving violations or you caused a few accidents, you may be forking out at least $2,000 to $2,700 extra each year, depending on your age. Insurance for high-risk drivers can cost around 45% to 135% more than average. View High Risk Driver Rates
Choosing high deductibles could save up to $770 a year, whereas increasing liability limits will increase prices. Moving from a 50/100 bodily injury limit to a 250/500 limit will increase prices by as much as $339 extra every 12 months. View Rates by Deductible or Liability Limit
The state you live in makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay as low as $1,190 a year in states like New Hampshire, Ohio, and Utah, or as much as $2,220 on average in Florida, Michigan, and New York.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,490 | -$160 | -9.7% |
| Alaska | $1,264 | -$386 | -23.4% |
| Arizona | $1,368 | -$282 | -17.1% |
| Arkansas | $1,650 | -$0 | 0.0% |
| California | $1,878 | $228 | 13.8% |
| Colorado | $1,574 | -$76 | -4.6% |
| Connecticut | $1,692 | $42 | 2.5% |
| Delaware | $1,866 | $216 | 13.1% |
| Florida | $2,060 | $410 | 24.8% |
| Georgia | $1,526 | -$124 | -7.5% |
| Hawaii | $1,186 | -$464 | -28.1% |
| Idaho | $1,116 | -$534 | -32.4% |
| Illinois | $1,228 | -$422 | -25.6% |
| Indiana | $1,244 | -$406 | -24.6% |
| Iowa | $1,112 | -$538 | -32.6% |
| Kansas | $1,566 | -$84 | -5.1% |
| Kentucky | $2,248 | $598 | 36.2% |
| Louisiana | $2,440 | $790 | 47.9% |
| Maine | $1,018 | -$632 | -38.3% |
| Maryland | $1,360 | -$290 | -17.6% |
| Massachusetts | $1,314 | -$336 | -20.4% |
| Michigan | $2,864 | $1,214 | 73.6% |
| Minnesota | $1,380 | -$270 | -16.4% |
| Mississippi | $1,976 | $326 | 19.8% |
| Missouri | $1,464 | -$186 | -11.3% |
| Montana | $1,772 | $122 | 7.4% |
| Nebraska | $1,298 | -$352 | -21.3% |
| Nevada | $1,976 | $326 | 19.8% |
| New Hampshire | $1,190 | -$460 | -27.9% |
| New Jersey | $1,842 | $192 | 11.6% |
| New Mexico | $1,460 | -$190 | -11.5% |
| New York | $1,736 | $86 | 5.2% |
| North Carolina | $948 | -$702 | -42.5% |
| North Dakota | $1,352 | -$298 | -18.1% |
| Ohio | $1,138 | -$512 | -31.0% |
| Oklahoma | $1,692 | $42 | 2.5% |
| Oregon | $1,510 | -$140 | -8.5% |
| Pennsylvania | $1,572 | -$78 | -4.7% |
| Rhode Island | $2,200 | $550 | 33.3% |
| South Carolina | $1,494 | -$156 | -9.5% |
| South Dakota | $1,392 | -$258 | -15.6% |
| Tennessee | $1,444 | -$206 | -12.5% |
| Texas | $1,986 | $336 | 20.4% |
| Utah | $1,220 | -$430 | -26.1% |
| Vermont | $1,126 | -$524 | -31.8% |
| Virginia | $990 | -$660 | -40.0% |
| Washington | $1,272 | -$378 | -22.9% |
| West Virginia | $1,510 | -$140 | -8.5% |
| Wisconsin | $1,140 | -$510 | -30.9% |
| Wyoming | $1,468 | -$182 | -11.0% |
Since prices can be so different, the best way to find out your exact price is to do a rate comparison and see how they stack up. Every company uses a different rate calculation, so rate quotes may be quite different between companies.
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $444 | $906 | $316 | $1,802 |
| 2023 Tesla Model 3 | $424 | $870 | $332 | $1,762 |
| 2022 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2021 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2020 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2019 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2018 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
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 Buy the Right Tesla Model 3 Insurance
Getting lower rates on auto insurance not only requires having a decent driving record, but also having a good credit score, avoid buying unnecessary coverage, and qualifying for all possible discounts. Set aside time to compare rates every year by obtaining price quotes from direct companies like GEICO, Progressive, and Esurance, and also from local exclusive and independent agents.
The following items are a quick rundown of the coverage data covered above.
- You may be able to save up to $210 per year simply by quoting online in advance
- Increasing physical damage deductibles could save up to $775 each year
- 16 to 18-year-old drivers are the costliest to insure, costing up to $500 a month if comprehensive and collision insurance is included
- Drivers with reckless driving or DUI convictions may pay on average $1,960 more every year than a driver with a clean driving record
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $6,000 |
| 20 | $3,856 |
| 30 | $1,740 |
| 40 | $1,650 |
| 50 | $1,506 |
| 60 | $1,482 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,158 |
| $250 | $1,920 |
| $500 | $1,650 |
| $1,000 | $1,392 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,650 |
| 50/100 | $1,725 |
| 100/300 | $1,819 |
| 250/500 | $2,064 |
| 100 CSL | $1,763 |
| 300 CSL | $1,970 |
| 500 CSL | $2,120 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,636 |
| 20 | $6,152 |
| 30 | $3,712 |
| 40 | $3,612 |
| 50 | $3,446 |
| 60 | $3,416 |
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 | $91 |
| Multi-vehicle | $88 |
| Homeowner | $23 |
| 5-yr Accident Free | $135 |
| 5-yr Claim Free | $110 |
| Paid in Full/EFT | $84 |
| Advance Quote | $88 |
| Online Quote | $121 |
| Total Discounts | $740 |
Discounts are estimated and may not be available from every company or in every state.
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