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 rates for a Tesla Model 3 are $1,536 a year for full coverage insurance. Comprehensive insurance costs around $332 each year, collision costs $680, and liability costs $388. A policy with only liability insurance costs as little as $434 a year, with a high-risk policy costing $3,350 or more. Teenage drivers pay the most at $5,626 a year or more.
Average premium for full coverage: $1,536
Premium estimates for type of coverage:
These estimates include $500 policy deductibles, liability coverage up to 30/60, and includes both medical and UM/UIM coverage. Rates include averaging for all 50 states and Model 3 models.
Insurance Price Range by Risk and Coverage
For the normal driver, insurance rates for a Tesla Model 3 go from as low as $434 for basic liability insurance to a high rate of $3,350 for a high-risk driver policy.
Insurance Price Range by Location
Your location can have significant affects on car insurance rates. Areas with sparse population are statistically proven to have a lower frequency of physical damage claims than densely populated cities.
The graphic below illustrates how geographic area affects auto insurance rates.
These rate differences illustrate why all drivers should compare rates for a specific zip code and risk profile, instead of using average rates.
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 estimated Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The best discount rate is $856
- Drivers who choose higher $1,000 deductibles will pay about $228 each year
- The average rate for a 40-year-old good driver using $500 deductibles is $1,536
- Using low deductibles for comprehensive and collision insurance will cost an extra $450 every year
- Higher-risk drivers who are prone to accidents and violations could pay at least $3,350 or more
- An auto insurance policy for full coverage for a teen driver can be $5,626 a year
Car insurance prices for a Tesla Model 3 also have a wide range based on your driving characteristics, the model year and trim level, and deductibles and policy limits.
More mature drivers with no driving violations and high deductibles may 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, where even good drivers will be charged as much as $5,600 a year. View Rates by Age
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 $1,000 a year in states like Vermont, Wisconsin, and North Carolina, or be forced to pay as much as $2,070 on average in Michigan, New York, and Florida.
| 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% |
Using high physical damage deductibles could save up to $680 every year, whereas increasing liability limits will increase prices. Switching from a 50/100 limit to a 250/500 limit will cost up to $349 extra every 12 months. View Rates by Deductible or Liability Limit
If you have a few violations or tend to cause accidents, you are probably paying at least $1,800 to $2,500 extra annually, depending on your age. Insurance for high-risk drivers can cost as much as 44% to 130% more than a normal policy. View High Risk Driver Rates
With such a large range in prices, the only way to figure out your exact price is to do a rate comparison and see which company has the best price. Every company uses a different method to calculate prices, so rate quotes will be substantially different from one company to the next.
| 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 Cheap Tesla Model 3 Insurance
Finding better rates on car insurance not only requires being a good driver, but also having above-average credit, paying for small claims out-of-pocket, and qualifying for all possible discounts. Invest the time to compare rates every time your policy renews by obtaining price quotes from direct insurance companies like Progressive, GEICO, and Esurance, and also from local exclusive and independent agents.
The following list is a brief summary of the information presented in the illustrations above.
- It is possible to save up to $190 per year simply by quoting online in advance
- Drivers age 16 to 20 are the costliest to insure, with premiums being up to $469 per month if full coverage is included
- Increasing policy deductibles can save around $675 each year
- Higher risk drivers that tend to have accidents or serious violations may pay on average $1,810 more every year than a safer driver
- Policyholders who may need an increased level of liability coverage will pay an extra $430 annually to go from 30/60 bodily injury limits to 250/500 limits
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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