Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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The average insurance rates for a Tesla Model 3 are $1,536 a year with full coverage. Comprehensive costs around $332, collision costs $680, and liability is estimated at $388. Liability-only insurance costs approximately $434 a year, with high-risk driver insurance costing around $3,350. Teenage drivers cost the most to insure at $5,626 a year or more.
Average premium for full coverage: $1,536
Policy rates for type of insurance:
These estimates include $500 comprehensive and collision deductibles, 30/60 liability limits, and includes uninsured/under-insured motorist coverage. Prices are averaged for all U.S. states and for different Model 3 trim levels.
Price Range Variability
Using a 40-year-old driver as an example, Tesla Model 3 insurance rates go from as low as $434 for your basic liability-only policy to a much higher rate of $3,350 for a driver required to buy high-risk insurance.
Urban vs. Rural Price Range
Living in a larger city can make a big difference on insurance rates. Areas with sparse population are shown to have a lower frequency of collision claims than densely populated cities.
The price range example below illustrates how rural and urban location affects auto insurance rates.
The examples above demonstrate why anyone shopping for car insurance should get quotes for a specific zip code and risk profile, instead of making a decision based on 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.
More Rate Information
The chart below details estimated Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The best discount rate is $856
- Choosing higher $1,000 deductibles can save about $228 annually
- The average rate for a good driver age 40 using $500 deductibles is $1,536
- Using more expensive low deductibles for comp and collision coverage will increase the cost to $1,986
- Higher-risk drivers who are prone to accidents and violations could pay at least $3,350 or more
- Policy cost for full coverage for a 16-year-old driver with full coverage can be $5,626 each year
Auto insurance rates for a Tesla Model 3 also range considerably based on your risk profile, the trim level and model year, and deductibles and policy limits.
An older driver with a good driving record and high deductibles may pay as low as $1,400 annually on average, or $117 per month, for full coverage. Rates are much higher for teenagers, where even good drivers will have to pay as much as $5,600 a year. View Rates by Age
Your home state plays a big part in determining prices for Tesla Model 3 insurance prices. A good driver about age 40 could pay as low as $1,100 a year in states like New Hampshire, Ohio, and Utah, or be forced to pay as much as $2,070 on average in Florida, Michigan, 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% |
Using high physical damage deductibles can save as much as $680 annually, while increasing your policy's liability limits will increase rates. Moving from a 50/100 limit to a 250/500 limit will raise rates by up to $349 extra every year. View Rates by Deductible or Liability Limit
If you have a few points on your driving record or tend to cause accidents, you may be forking out at least $1,800 to $2,500 in extra premium every year, depending on your age. High-risk driver insurance ranges from 44% to 130% more than a normal policy. View High Risk Driver Rates
Because rates have so much variability, the best way to find out your exact price is to compare rates from multiple companies. Each auto insurer uses a different method to calculate rates, and quoted rates will be varied 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 cheaper rates on insurance for a Tesla Model 3 takes avoiding accidents and violations, having good credit, not filing small claims, and maximizing policy discounts. Set aside time to shop around at every policy renewal by obtaining price quotes from direct companies like GEICO, Progressive, and Esurance, and also from local independent and exclusive agents.
The list below is a brief summary of the data raised in the charts and tables above.
- Insureds who may need higher liability limits will pay an extra $430 every year to raise limits from a 30/60 limit to 250/500 limits
- You may be able to save up to $190 per year simply by shopping early and online
- Increasing comprehensive and collision deductibles can save around $675 each year
- Teenagers are expensive to insure, as much as $469 each month if they have full coverage
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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