Tesla Model 3 Insurance Rates

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UPDATED: Mar 30, 2024

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Estimated auto insurance rates for a Tesla Model 3 are $1,588 annually for full coverage. Comprehensive costs around $344, collision insurance costs $724, and liability costs $384. A liability-only policy costs as little as $432 a year, and high-risk insurance costs around $3,470. 16-year-old drivers pay the most at up to $5,792 a year.

Average premium for full coverage: $1,588

Premium estimates for type of coverage:

Comprehensive $344
Collision $724
Liability $384

Prices include $500 policy deductibles, bodily injury liability limits of 30/60, and includes both medical and UM/UIM coverage. Rates include averaging for all states and for all Model 3 models.

Insurance Price Range by Risk and Coverage

Using a middle-aged driver as an example, insurance rates for a Tesla Model 3 range from as cheap as $432 for basic liability insurance to the much higher price of $3,470 for a driver who has had serious violations or accidents.

Liability Only $432
Full Coverage $1,588
High Risk $3,470

Insurance Price Range by Location

Your location can have significant affects on auto insurance rates. Areas with sparse population are statistically proven to have fewer accident claims than congested cities. The example below illustrates how where you live affects auto insurance rates.

Rural Areas $1,191
Small Cities $1,667
Large Cities $2,144

These rate differences show why everyone should compare rates for a specific zip code and their own personal driving habits, instead of using rate 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 shows average Tesla Model 3 insurance rates for additional coverage choices and driver risks.

  • The best full coverage rate is $881
  • Drivers who choose higher $1,000 deductibles will pay about $242 a year
  • The estimated rate for a 40-year-old good driver using $500 deductibles is $1,588
  • Buying pricier low deductibles for comprehensive and collision insurance will cost $2,062
  • Higher-risk drivers with multiple tickets or accidents could pay at least $3,470
  • An auto insurance policy with full coverage for a teen driver for full coverage can be $5,792 a year

View Chart as Image

Tesla Model 3 insurance cost comparison chart
Column chart showing Tesla Model 3 insurance rates range from $881 to $5,792 for full coverage

Auto insurance prices for a Tesla Model 3 also have a wide range based on the model of your Model 3, your driver profile, and deductibles and policy limits.

A more mature driver with a good driving record and high physical damage deductibles may pay as little as $1,500 per year on average, or $125 per month, for full coverage. Prices are highest for drivers in their teens, where even without any violations or accidents they will have to pay as much as $5,700 a year. View Rates by Age

If you have a few violations or you caused a few accidents, you could be paying at least $1,900 to $2,600 in extra premium annually, depending on your age. Tesla Model 3 insurance for high-risk drivers can cost as much as 45% to 133% more than the average rate. View High Risk Driver Rates

Opting for high physical damage deductibles could save up to $720 every year, whereas buying more liability protection will increase prices. Going from a 50/100 bodily injury limit to a 250/500 limit will cost up to $345 extra every year. View Rates by Deductible or Liability Limit

Where you choose to live makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,050 a year in states like Idaho, Maine, and Iowa, or at least $2,260 on average in Michigan, Louisiana, and New York.

Tesla Model 3 Insurance Rates by State
State Premium Compared to U.S. Avg Percent Difference
Alabama $1,434 -$154 -9.7%
Alaska $1,216 -$372 -23.4%
Arizona $1,316 -$272 -17.1%
Arkansas $1,588 -$0 0.0%
California $1,810 $222 14.0%
Colorado $1,514 -$74 -4.7%
Connecticut $1,628 $40 2.5%
Delaware $1,794 $206 13.0%
Florida $1,982 $394 24.8%
Georgia $1,466 -$122 -7.7%
Hawaii $1,142 -$446 -28.1%
Idaho $1,076 -$512 -32.2%
Illinois $1,180 -$408 -25.7%
Indiana $1,198 -$390 -24.6%
Iowa $1,070 -$518 -32.6%
Kansas $1,506 -$82 -5.2%
Kentucky $2,164 $576 36.3%
Louisiana $2,348 $760 47.9%
Maine $978 -$610 -38.4%
Maryland $1,308 -$280 -17.6%
Massachusetts $1,266 -$322 -20.3%
Michigan $2,754 $1,166 73.4%
Minnesota $1,330 -$258 -16.2%
Mississippi $1,902 $314 19.8%
Missouri $1,408 -$180 -11.3%
Montana $1,704 $116 7.3%
Nebraska $1,250 -$338 -21.3%
Nevada $1,904 $316 19.9%
New Hampshire $1,144 -$444 -28.0%
New Jersey $1,774 $186 11.7%
New Mexico $1,404 -$184 -11.6%
New York $1,672 $84 5.3%
North Carolina $912 -$676 -42.6%
North Dakota $1,300 -$288 -18.1%
Ohio $1,092 -$496 -31.2%
Oklahoma $1,628 $40 2.5%
Oregon $1,454 -$134 -8.4%
Pennsylvania $1,512 -$76 -4.8%
Rhode Island $2,116 $528 33.2%
South Carolina $1,438 -$150 -9.4%
South Dakota $1,338 -$250 -15.7%
Tennessee $1,388 -$200 -12.6%
Texas $1,912 $324 20.4%
Utah $1,176 -$412 -25.9%
Vermont $1,084 -$504 -31.7%
Virginia $950 -$638 -40.2%
Washington $1,224 -$364 -22.9%
West Virginia $1,456 -$132 -8.3%
Wisconsin $1,096 -$492 -31.0%
Wyoming $1,414 -$174 -11.0%

View Chart as Image

Tesla Model 3 insurance rates by U.S. city
Tesla Model 3 Insurance Rates by Model Year
Model Year Comprehensive Collision Liability Total Premium
2024 Tesla Model 3 $424 $870 $332 $1,762
2023 Tesla Model 3 $406 $864 $338 $1,744
2022 Tesla Model 3 $394 $842 $354 $1,726
2021 Tesla Model 3 $380 $808 $364 $1,688
2020 Tesla Model 3 $358 $780 $376 $1,650
2019 Tesla Model 3 $344 $724 $384 $1,588
2018 Tesla Model 3 $332 $680 $388 $1,536

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

Finding better rates on car insurance not only requires avoiding accidents and claims, but also having above-average credit, not filing small claims, and possibly raising deductibles. Take the time to comparison shop every other policy renewal by requesting quotes from direct carriers, and also from local independent and exclusive agents.

The points below are a quick rundown of the ideas that were touched on in the above illustrations.

  • Drivers under the age of 20 are expensive to insure, as much as $483 per month if full coverage is included
  • Higher risk drivers with reckless driving or DUI convictions pay an average of $1,880 more every year to insure a Tesla Model 3
  • Increasing policy deductibles could save up to $725 each year
  • Drivers can save up to $200 per year just by quoting online well ahead of the renewal date

Rates by Driver Age

Tesla Model 3 Insurance Rates by Driver Age
Driver Age Premium
16 $5,792
20 $3,702
30 $1,668
40 $1,588
50 $1,450
60 $1,424

Full coverage, $500 deductibles

Rates by Deductible

Tesla Model 3 Insurance Rates with Different Deductibles
Deductible Premium
$100 $2,062
$250 $1,840
$500 $1,588
$1,000 $1,346

Full coverage, driver age 40

Rates by Liability Limit

Tesla Model 3 Insurance Rates with Different Liability Limits
Liability Limit Premium
30/60 $1,588
50/100 $1,665
100/300 $1,761
250/500 $2,010
100 CSL $1,703
300 CSL $1,914
500 CSL $2,068

Full coverage, driver age 40

Rates for High Risk Drivers

Tesla Model 3 Insurance Rates for High Risk Drivers
Age Premium
16 $8,330
20 $5,900
30 $3,560
40 $3,470
50 $3,308
60 $3,280

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.

SR-22 Surcharge $231

Potential Rate Discounts

If you qualify for discounts, you may save the amounts shown below.

Discount Savings
Multi-policy $87
Multi-vehicle $85
Homeowner $22
5-yr Accident Free $127
5-yr Claim Free $106
Paid in Full/EFT $80
Advance Quote $84
Online Quote $116
Total Discounts $707
Rate after discounts $881

Discounts are estimated and may not be available from every company or in every state.

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