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 each year, collision costs $680, and liability insurance costs $388. A liability-only policy costs as little as $434 a year, with high-risk insurance costing $3,350 or more. 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:
These estimates include $500 deductible amounts, 30/60 bodily injury liability limits, and includes medical and UM/UIM coverage. Rates are averaged for all states and Model 3 models.
Price Range by Coverage and Risk
Using a 40-year-old driver as an example, prices range go from the cheapest price of $434 for just liability insurance to a high rate of $3,350 for a driver who requires high-risk insurance.
Price Range by Location
Your location has a significant impact on car insurance rates. Rural areas tend to have more infrequent accident claims than densely populated cities.
The graphic below illustrates how rural and urban location affects car insurance rates.
These examples show why all drivers should compare rates based on a specific location and their own driving history, rather than relying on 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 Details
The chart below shows estimated 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 low deductibles for comprehensive and collision insurance costs an extra $450 a year
- High risk drivers who are prone to accidents and violations could pay upwards of $3,350 or more
- The cost to insure a teen driver may cost $5,626 a year
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 each year, whereas increasing liability limits will cost you more. Going from a 50/100 liability limit to a 250/500 limit will cost as much as $349 more per year. View Rates by Deductible or Liability Limit
More mature drivers with a clean driving record and higher deductibles could pay as little as $1,400 per year on average for full coverage. Rates are much higher for teen drivers, since even excellent drivers can expect 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 extra per year, depending on your age. Insurance for high-risk drivers can cost anywhere from 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% |
With so much variability in rates, the only way to know exactly what you will pay is to do a rate comparison from as many companies as possible. Every company uses a different method to calculate rates, so the rates 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 Cheap Tesla Model 3 Insurance
Saving money on Tesla Model 3 insurance not only requires having a good driving record, but also having good credit, eliminating unneeded coverage, and bundling your home and auto policies. Set aside time to shop around at every other renewal by getting rate quotes from direct carriers like GEICO, Progressive, and Esurance, and also from local independent and exclusive agents.
The next list is a brief summary of the concepts that were raised in the charts and tables above.
- High-risk drivers that tend to have accidents or serious violations pay an average of $1,810 more each year to buy Tesla Model 3 insurance
- Drivers age 20 and younger pay the highest rates, costing as high as $469 per month if they have full coverage
- Drivers can save as much as $190 per year simply by quoting online in advance
- Increasing deductibles could save as much as $675 each year
- Drivers can save as much as $190 per year simply by quoting online in advance
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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