Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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Average auto insurance rates for a Tesla Model 3 are $1,650 annually for full coverage insurance. Comprehensive insurance costs around $358, collision costs $780, and liability coverage costs around $376. A policy with just liability insurance costs as low as $426 a year, with coverage for high-risk drivers costing $3,612 or more. Teenage drivers receive the highest rates at $6,000 a year or more.
Average premium for full coverage: $1,650
Rate estimates for individual coverage type:
Rate estimates include $500 policy deductibles, liability coverage up to 30/60, and includes medical/PIP and uninsured motorist coverage. Rates are averaged for all 50 states and for all Model 3 models.
Price Range by Coverage and Risk
For a 40-year-old driver, prices range go from as cheap as $426 for liability-only coverage to the much higher price of $3,612 for a high-risk driver policy.
Price Range by Location
Where you live has a large influence on car insurance rates. Areas with sparse population tend to have fewer physical damage claims than densely populated cities.
The example below illustrates how your location can change auto insurance rates.
These examples illustrate why everyone should compare prices for a specific zip code and their own personal driving habits, rather than 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.
Additional Charts and Tables
The chart below illustrates estimated Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The best discount rate is $910
- Using higher $1,000 deductibles will save about $258 each year
- The estimated rate for a 40-year-old driver using $500 deductibles is $1,650
- Using pricier low deductibles for physical damage coverage costs an additional $508 each year
- Higher-risk drivers who are prone to accidents and violations could pay at least $3,612 or more
- The cost with full coverage for a teenage driver for full coverage can be $6,000 or more
Insurance rates for a Tesla Model 3 can also vary considerably based on the trim level of your Model 3, your risk profile, and deductibles and policy limits.
A more mature driver with no violations or accidents and high physical damage deductibles may only pay around $1,500 a year for full coverage. Rates are much higher for teen drivers, where even without any violations or accidents they should be prepared to pay as much as $6,000 a year. View Rates by Age
If you like to drive fast or you caused a few accidents, you are probably paying at least $2,000 to $2,700 additional per year, depending on your age. Tesla Model 3 insurance for high-risk drivers can be around 45% to 135% more than a normal policy. View High Risk Driver Rates
Using high physical damage deductibles could cut rates by as much as $770 a year, whereas buying more liability protection will increase rates. Switching from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $339 more each year. View Rates by Deductible or Liability Limit
Where you live has a huge impact on Tesla Model 3 insurance rates. A driver around age 40 might see rates as low as $1,080 a year in states like Vermont, Wisconsin, and North Carolina, or be forced to pay as much as $2,220 on average in Michigan, New York, and Florida.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,490 | -$160 | -9.7% |
| Alaska | $1,264 | -$386 | -23.4% |
| Arizona | $1,368 | -$282 | -17.1% |
| Arkansas | $1,650 | -$0 | 0.0% |
| California | $1,878 | $228 | 13.8% |
| Colorado | $1,574 | -$76 | -4.6% |
| Connecticut | $1,692 | $42 | 2.5% |
| Delaware | $1,866 | $216 | 13.1% |
| Florida | $2,060 | $410 | 24.8% |
| Georgia | $1,526 | -$124 | -7.5% |
| Hawaii | $1,186 | -$464 | -28.1% |
| Idaho | $1,116 | -$534 | -32.4% |
| Illinois | $1,228 | -$422 | -25.6% |
| Indiana | $1,244 | -$406 | -24.6% |
| Iowa | $1,112 | -$538 | -32.6% |
| Kansas | $1,566 | -$84 | -5.1% |
| Kentucky | $2,248 | $598 | 36.2% |
| Louisiana | $2,440 | $790 | 47.9% |
| Maine | $1,018 | -$632 | -38.3% |
| Maryland | $1,360 | -$290 | -17.6% |
| Massachusetts | $1,314 | -$336 | -20.4% |
| Michigan | $2,864 | $1,214 | 73.6% |
| Minnesota | $1,380 | -$270 | -16.4% |
| Mississippi | $1,976 | $326 | 19.8% |
| Missouri | $1,464 | -$186 | -11.3% |
| Montana | $1,772 | $122 | 7.4% |
| Nebraska | $1,298 | -$352 | -21.3% |
| Nevada | $1,976 | $326 | 19.8% |
| New Hampshire | $1,190 | -$460 | -27.9% |
| New Jersey | $1,842 | $192 | 11.6% |
| New Mexico | $1,460 | -$190 | -11.5% |
| New York | $1,736 | $86 | 5.2% |
| North Carolina | $948 | -$702 | -42.5% |
| North Dakota | $1,352 | -$298 | -18.1% |
| Ohio | $1,138 | -$512 | -31.0% |
| Oklahoma | $1,692 | $42 | 2.5% |
| Oregon | $1,510 | -$140 | -8.5% |
| Pennsylvania | $1,572 | -$78 | -4.7% |
| Rhode Island | $2,200 | $550 | 33.3% |
| South Carolina | $1,494 | -$156 | -9.5% |
| South Dakota | $1,392 | -$258 | -15.6% |
| Tennessee | $1,444 | -$206 | -12.5% |
| Texas | $1,986 | $336 | 20.4% |
| Utah | $1,220 | -$430 | -26.1% |
| Vermont | $1,126 | -$524 | -31.8% |
| Virginia | $990 | -$660 | -40.0% |
| Washington | $1,272 | -$378 | -22.9% |
| West Virginia | $1,510 | -$140 | -8.5% |
| Wisconsin | $1,140 | -$510 | -30.9% |
| Wyoming | $1,468 | -$182 | -11.0% |
With so much variability in rates, the only way to figure out your exact price is to regularly compare rates and see how they stack up. Each insurance company uses a different method to calculate rates, and rates can be significantly different between companies.
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $444 | $906 | $316 | $1,802 |
| 2023 Tesla Model 3 | $424 | $870 | $332 | $1,762 |
| 2022 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2021 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2020 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2019 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2018 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
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 Best Tesla Model 3 Insurance
Saving money on auto insurance requires being safe and accident-free, having good credit, avoid buying unnecessary coverage, and taking advantage of discounts. Invest the time to shop around every time your policy renews by obtaining price quotes from direct insurance companies like Progressive and GEICO, and also from several local insurance agents.
Below you'll find a brief recap of the information illustrated above.
- It is possible to save up to $210 per year simply by quoting online well ahead of the renewal date
- Youthful drivers are charged the highest rates, costing up to $500 per month if they have full coverage
- Increasing deductibles could save up to $775 each year
- Drivers who tend to receive serious violations pay on average $1,960 more every year than a low-risk driver
- Consumers who may need more liability protection will pay an extra $410 annually to increase from a minimum limit to higher 250/500 limits
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $6,000 |
| 20 | $3,856 |
| 30 | $1,740 |
| 40 | $1,650 |
| 50 | $1,506 |
| 60 | $1,482 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,158 |
| $250 | $1,920 |
| $500 | $1,650 |
| $1,000 | $1,392 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,650 |
| 50/100 | $1,725 |
| 100/300 | $1,819 |
| 250/500 | $2,064 |
| 100 CSL | $1,763 |
| 300 CSL | $1,970 |
| 500 CSL | $2,120 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,636 |
| 20 | $6,152 |
| 30 | $3,712 |
| 40 | $3,612 |
| 50 | $3,446 |
| 60 | $3,416 |
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 | $91 |
| Multi-vehicle | $88 |
| Homeowner | $23 |
| 5-yr Accident Free | $135 |
| 5-yr Claim Free | $110 |
| Paid in Full/EFT | $84 |
| Advance Quote | $88 |
| Online Quote | $121 |
| Total Discounts | $740 |
Discounts are estimated and may not be available from every company or in every state.
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