Tesla Model 3 Insurance Rates
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Michelle Robbins
Licensed Insurance Agent
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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Estimated insurance rates for a Tesla Model 3 are $1,536 a year for full coverage. Comprehensive costs an estimated $332 each year, collision costs $680, and liability is $388. Liability-only insurance costs around $434 a year, with high-risk driver insurance costing around $3,350. 16-year-old drivers pay the most at $5,626 a year or more.
Average premium for full coverage: $1,536
Premium estimates broken down by type of coverage:
Includes $500 comprehensive and collision deductibles, 30/60 bodily injury liability limits, and includes uninsured/under-insured motorist coverage. Rates include averaging for all states and Model 3 models.
Insurance Price Range by Risk and Coverage
For the average 40-year-old driver, insurance rates for a Tesla Model 3 go from the low end price of $434 for your basic liability-only policy to a high rate of $3,350 for a driver who requires high-risk insurance.
Insurance Price Range by Location
Choosing to live in a large city can have significant affects on insurance rates. More rural locations are statistically proven to have lower incidents of accident claims than congested cities.
The graphic below illustrates the difference location can make on insurance prices.
These rate differences show why all drivers should compare rates quotes for a targeted area, 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.
More Rate Information
The chart below shows estimated Tesla Model 3 insurance rates for other coverage scenarios.
- The best full coverage rate is $856
- Raising to $1,000 deductibles will save approximately $228 a year
- The estimated price for a 40-year-old good driver who has $500 deductibles is $1,536
- Buying low deductibles bumps up the cost to $1,986
- At-risk drivers with multiple tickets or accidents could pay up to $3,350 or more
- An auto insurance policy that insures a teen driver can cost as much as $5,626
Insurance prices for a Tesla Model 3 also have a wide range based on the trim level and model year, how you drive, and liability limits and deductibles.
If you have a few violations or you caused an accident, you could be paying $1,800 to $2,500 additional annually, depending on your age. Insurance for high-risk drivers is expensive and can cost as much as 44% to 130% more than the average rate. View High Risk Driver Rates
More mature drivers with no violations or accidents and higher comprehensive and collision deductibles may pay as little as $1,400 every 12 months on average, or $117 per month, for full coverage. Prices are highest for drivers in their teens, since even teens with perfect driving records should be prepared to pay at least $5,600 a year. View Rates by Age
Where you choose to live also has a big influence on Tesla Model 3 insurance prices. A middle-age driver might find prices as low as $1,010 a year in states like Iowa, Maine, and Idaho, or at least $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% |
Opting for high physical damage deductibles can reduce prices by up to $680 every year, whereas increasing liability limits will increase premiums. Going from a 50/100 bodily injury protection limit to a 250/500 limit will cost up to $349 more each year. View Rates by Deductible or Liability Limit
With such a large range in prices, the only way to know which insurance company is cheapest is to do a rate comparison and see which company has the best price. Every auto insurance company utilizes a different rate formula, and prices will be substantially 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 Find the Cheapest Tesla Model 3 Insurance
Finding better rates on car insurance consists of having a decent driving record, having a good credit score, not filing small claims, and maximizing policy discounts. Comparison shop at every other renewal by getting quotes from direct carriers, and also from your local independent and exclusive agents.
The following items are a recap of the concepts that were touched on in this article.
- Higher risk drivers that have major violations or accidents may pay on average $1,810 more annually than a driver with a clean driving record
- 16 to 18-year-old drivers are expensive to insure, as much as $469 per month if comprehensive and collision insurance is included
- Drivers can save approximately $190 per year simply by quoting online in advance
- Increasing policy deductibles can save approximately $675 each year
- Drivers can save approximately $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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