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 auto insurance rates for a Tesla Model 3 are $1,536 annually for full coverage insurance. Comprehensive insurance costs approximately $332, collision insurance costs $680, and liability is $388. Buying just liability costs around $434 a year, and insurance for high-risk drivers costs $3,350 or more. Teen 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:
Prices include $500 policy deductibles, liability limits of 30/60, and includes both medical and UM/UIM coverage. Rates are averaged for all 50 states and for all Model 3 models.
Price Range by Coverage and Risk
For the normal driver, prices range range from as cheap as $434 for basic liability insurance to the much higher price of $3,350 for a driver that may need high-risk insurance.
Price Range by Location
Choosing to live in a large city can have significant affects on the price of auto insurance. Rural locations tend to have fewer physical damage claims than larger metro areas. The example below illustrates how geographic area affects auto insurance prices.
These examples illustrate why everyone should compare rates quotes using their specific location and their own personal driving habits, instead of 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.
Rate Comparisons
The chart below illustrates average Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The lowest rate with discounts is $856
- Raising to $1,000 deductibles will save $228 each year
- The estimated rate for a 40-year-old driver who chooses $500 deductibles is $1,536
- Choosing pricier low deductibles costs an additional $450 every year
- At-risk drivers with multiple violations and an at-fault accident could pay around $3,350
- The cost with full coverage for a teen driver for full coverage can cost $5,626
Auto insurance rates for a Tesla Model 3 can also vary considerably based on the trim level of your Model 3, your risk profile, and physical damage deductibles and liability limits.
A more mature driver with a good driving record and high physical damage deductibles may pay as little as $1,400 every 12 months on average for full coverage. Rates are highest for teen drivers, where even without any violations or accidents they will have to pay in the ballpark of $5,600 a year. View Rates by Age
If you like to drive fast or you caused a few accidents, you are probably paying anywhere from $1,800 to $2,500 in extra premium per year, depending on your age. Tesla Model 3 insurance for high-risk drivers is expensive and can cost as much as 44% to 130% more than average. View High Risk Driver Rates
Choosing high deductibles can reduce rates by up to $680 every year, whereas buying more liability protection will push rates upward. Switching from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $349 extra every year. View Rates by Deductible or Liability Limit
Where you live also has a big influence on Tesla Model 3 insurance prices. A middle-age driver might find rates as low as $1,000 a year in states like North Carolina, Wisconsin, and Vermont, or 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% |
| 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 Buy the Right Tesla Model 3 Insurance
Saving money on car insurance consists of being safe and accident-free, having above-average credit, avoid buying unnecessary coverage, and possibly higher deductibles. Invest the time to compare rates once a year by getting rate quotes from direct insurance companies like Progressive and GEICO, and also from insurance agencies where you live.
Below you'll find a quick rundown of the data that was presented in the illustrations above.
- It is possible to save around $190 per year just by quoting online well ahead of the renewal date
- Policyholders who purchase more liability protection will pay about $430 annually to raise from a minimum limit to higher 250/500 limits
- Youthful drivers have the highest car insurance rates, costing up to $469 per month if full coverage is included
- Higher risk drivers with reckless driving or DUI convictions could be forced to pay on average $1,810 more per year than a low-risk driver
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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