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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Estimated insurance prices for a Tesla Model 3 are $1,536 every 12 months for full coverage. Comprehensive costs on average $332, collision insurance costs $680, and liability insurance costs $388. A liability-only policy costs as little as $434 a year, and high-risk insurance costs around $3,350. Teens pay the most at up to $5,626 a year.
Average premium for full coverage: $1,536
Premium estimates by type of coverage:
Includes $500 physical damage deductibles, 30/60 liability limits, and includes medical and UM/UIM coverage. Rates include averaging for all states and for all Model 3 models.
Insurance Price Range by Risk and Coverage
For the average driver, insurance rates for a Tesla Model 3 range from the cheapest price of $434 for just liability insurance to the much higher price of $3,350 for a driver required to buy high-risk insurance.
Insurance Price Range by Location
Your location has a significant impact on car insurance rates. Rural areas are statistically proven to have more infrequent accident claims than cities with more traffic congestion. The example below illustrates how location impacts car insurance rates.
These rate differences show why everyone should compare rates based on a specific location and their own driving history, rather than relying on averaged prices.
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 average Tesla Model 3 insurance rates for different risk profiles and scenarios.
- The cheapest rate after discounts is $856
- Drivers who choose higher $1,000 deductibles will pay around $228 a year
- The average price for a 40-year-old good driver with $500 deductibles is $1,536
- Selecting pricier low deductibles for comprehensive and collision insurance increases the price to $1,986
- High risk drivers with serious driving violations could pay upwards of $3,350
- An auto insurance policy to insure a teen driver for full coverage may cost $5,626 a year
Auto insurance prices for a Tesla Model 3 also have a wide range based on physical damage deductibles and liability limits, your driver profile, and the trim level of your Model 3.
Choosing higher comprehensive and collision insurance deductibles could save up to $680 each year, whereas buying more liability protection will cost you more. Going from a 50/100 liability limit to a 250/500 limit will cost up to $349 extra every year. View Rates by Deductible or Liability Limit
A more mature driver with a good driving record and higher deductibles could pay as little as $1,400 per year on average, or $117 per month, for full coverage. Prices are much higher for drivers in their teens, since even excellent drivers will have to pay upwards of $5,600 a year. View Rates by Age
If you have a few violations or you were responsible for an accident, you could be paying at a minimum $1,800 to $2,500 in extra premium annually, depending on your age. Tesla Model 3 insurance for high-risk drivers can cost anywhere from 44% to 130% more than the average policy. View High Risk Driver Rates
Where you choose to 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 have to pay at least $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% |
| 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 Cheapest Tesla Model 3 Insurance
Finding better rates on Tesla Model 3 insurance not only requires being a safe and courteous driver, but also having a good credit score, not filing small claims, and deciding if full coverage is necessary. Spend time shopping around at every policy renewal by obtaining price quotes from direct carriers, and also from local independent and exclusive agents.
Below is a recap of the data touched on above.
- Drivers who require higher levels of liability will pay approximately $430 each year to go from 30/60 bodily injury limits to a 250/500 level
- Drivers can save as much as $190 per year just by quoting online well ahead of the renewal date
- Increasing policy deductibles could save as much as $675 each year
- Teenage drivers are charged the highest prices, as much as $469 per month if comprehensive and collision insurance is included
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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