Tesla Model 3 Insurance Rates

Average insurance rates for a Tesla Model 3 are $1,536 a year for full coverage insurance. Comprehensive costs an estimated $332 a year, collision insurance costs $680, and liability costs $388. A liability-only policy costs as little as $434 a year, and high-risk insurance costs around $3,350. Teenage drivers receive the highest rates at up to $5,626 a year.

Average premium for full coverage: $1,536

Rate estimates broken down by individual coverage type:

Estimates include $500 policy deductibles, liability limits of 30/60, and includes uninsured motorist and medical coverage. Rates are averaged for all 50 states and Model 3 trim levels.

Price Range by Coverage and Risk

Price Range by Location

Your location can have significant affects on the price of insurance. More rural locations tend to have a lower frequency of physical damage claims than densely populated cities. The diagram below illustrates the difference location can make on insurance prices.

These examples illustrate why it is important to compare rates for a targeted area and risk profile, instead of using average rates.

Use the form below to get customized rates for your location.

Additional Rate Information

The chart below illustrates average Tesla Model 3 insurance rates for other coverage scenarios.

• The best discount rate is $856
• Drivers who choose higher $1,000 deductibles will pay approximately $1,308 each year
• The average rate for a 40-year-old driver who has $500 deductibles is $1,536
• Using low $100 deductibles for comprehensive and collision insurance will increase the cost to $1,986
• Higher-risk drivers who are prone to accidents and violations could pay up to $3,350
• The cost for full coverage for a teen driver can cost as much as $5,626 a year

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Insurance rates for a Tesla Model 3 can also vary considerably based on your driver profile, the model year and trim level, and liability limits and deductibles.

Older drivers with a clean driving record and high deductibles may pay as little as $1,400 per year on average for full coverage. Rates are much higher for teen drivers, where even good drivers can expect to pay at least $5,600 a year. View Rates by Age

Where you 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 North Carolina, Wisconsin, and Vermont, or be forced to pay as much as $2,070 on average in Florida, New York, and Michigan.

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Using high physical damage deductibles could save up to $680 every year, while buying higher liability limits will increase premiums. Switching from a 50/100 limit to a 250/500 limit will cost as much as $349 more per year. View Rates by Deductible or Liability Limit

If you like to drive fast or tend to cause accidents, you are probably paying $1,800 to $2,500 extra per year, depending on your age. A high-risk auto insurance policy can cost as much as 44% to 130% more than a normal policy. View High Risk Driver Rates

How to Find Low Cost Tesla Model 3 Insurance

Saving money on car insurance not only requires being a good driver, but also maintaining good credit, avoid buying unnecessary coverage, and deciding if full coverage is necessary. Make time to compare rates once a year by quoting rates from direct insurance companies like GEICO and Progressive, and also from several local insurance agents.

The following list is a review of the data that was touched on in this article.

• It is possible to save approximately $190 per year just by quoting early and online
• Policyholders who want an increased level of liability coverage will pay an extra $430 annually to go from a minimum limit to 250/500 limits
• Drivers age 16 to 20 are charged the highest rates, costing up to $469 per month for full coverage
• Higher risk drivers who have several accidents or serious violations pay on average $1,810 more annually than a safer driver