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 costs approximately $332, collision costs $680, and liability insurance costs $388. A liability-only policy costs as little as $434 a year, with high-risk insurance costing around $3,350. Teen 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:
Rate estimates include $500 deductibles, liability coverage up to 30/60, and includes uninsured motorist and medical coverage. Rates are averaged for all states and for all 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 the bare minimum liability coverage to the much higher price of $3,350 for a high-risk driver policy.
Price Range by Location
Your location has a significant impact on car insurance rates. Rural locations tend to have more infrequent accident claims than larger metro areas.
The example below illustrates how rural and urban location affects auto insurance prices.
These examples show why everyone should compare rates using their specific location and their own driving history, rather than relying on 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.
Additional Rate Information
The chart below shows estimated Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The lowest rate with discounts is $856
- Drivers who choose higher $1,000 deductibles will pay $228 a year
- The average price for a 40-year-old driver who chooses $500 deductibles is $1,536
- Choosing pricier low deductibles for comprehensive and collision insurance increases the price to $1,986
- High risk drivers with multiple violations and an at-fault accident could pay around $3,350 or more
- The cost to insure a teen driver for full coverage can 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 model of your Model 3.
Choosing high deductibles could save up to $680 each year, whereas buying more liability protection will push rates upward. 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
A more mature driver with a clean driving record and higher deductibles could pay as little as $1,400 per year on average for full coverage. Rates are highest for teen drivers, since even excellent drivers can expect to pay in the ballpark 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 anywhere from $1,800 to $2,500 extra per year, depending on your age. Tesla Model 3 insurance for high-risk drivers can cost anywhere from 44% to 130% more than average. 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 Iowa, Maine, and Idaho, or as much as $2,190 on average in New York, Louisiana, 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% |
With so much variability in rates, the only way to know who has the cheapest car insurance rates is to regularly compare rates from as many companies as possible. Every company uses a different rate calculation, 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 the Best Tesla Model 3 Insurance
Saving money on Tesla Model 3 insurance not only requires not taking risks behind the wheel, but also having good credit, eliminating unneeded coverage, and maximizing policy discounts. Set aside time to shop around every time your policy renews by requesting quotes from direct carriers like GEICO, Progressive, and Esurance, and also from your local independent and exclusive agents.
The following is a brief recap of the information raised in the charts and tables above.
- Drivers can save around $190 per year simply by quoting online well ahead of the renewal date
- Teens are expensive to insure, costing as high as $469 per month if they have full coverage
- Increasing deductibles could save as much as $675 each year
- High-risk drivers who tend to receive serious violations may pay on average $1,810 more per year for Model 3 insurance
- Drivers who purchase higher liability limits will pay about $430 each year to go from a minimum limit to a 250/500 level
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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