Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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Average insurance rates for a Tesla Model 3 are $1,536 a year with full coverage. Comprehensive insurance costs an estimated $332 each year, collision insurance costs $680, and liability costs around $388. Buying just liability costs as low as $434 a year, and insurance for high-risk drivers costs $3,350 or more. 16-year-old 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:
Prices are based on $500 physical damage deductibles, 30/60 liability limits, and includes uninsured motorist and medical coverage. Rates are averaged for all U.S. states and Model 3 models.
Price Range by Coverage and Risk
For the average driver, prices range range from the low end price of $434 for the bare minimum liability coverage to a high rate of $3,350 for a driver required to buy high-risk insurance.
Price Range by Location
Where you live can make a big difference on car insurance rates. More rural locations tend to have lower incidents of collision claims than congested cities. The graphic below illustrates how location impacts insurance prices.
These examples demonstrate why all drivers should compare prices for a targeted area, instead of making a decision based on rate averages.
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 Rate Information
The chart below details average Tesla Model 3 insurance rates for other coverage scenarios.
- The best full coverage rate is $856
- Using higher $1,000 deductibles will save approximately $228 annually
- The estimated price for a 40-year-old driver who has $500 deductibles is $1,536
- Buying low deductibles for physical damage coverage will cost an additional $450 annually
- High-risk insureds with multiple tickets or accidents could pay up to $3,350
- The cost that insures a 16-year-old driver can cost as much as $5,626 or more
Auto insurance rates for a Tesla Model 3 can also vary considerably based on the trim level and model year, your age and driving habits, and liability limits and deductibles.
If you like to drive fast or you caused an accident, you may be forking out $1,800 to $2,500 in extra premium per year, depending on your age. Insurance for high-risk drivers can be from 44% to 130% more than the average rate. View High Risk Driver Rates
More mature drivers with a good driving record and higher comprehensive and collision deductibles may pay as low as $1,400 a year for full coverage. Rates are highest for teen drivers, since even teens with perfect driving records will have to pay at least $5,600 a year. View Rates by Age
Where you live has a huge impact on Tesla Model 3 insurance prices. A driver around age 40 might see rates as low as $1,100 a year in states like Utah, Ohio, and New Hampshire, or at least $2,070 on average in New York, Michigan, 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% |
Opting for high physical damage deductibles could cut rates by as much as $680 annually, whereas increasing liability limits will increase premiums. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will cost as much as $349 extra every year. View Rates by Deductible or Liability Limit
| 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 Affordable Tesla Model 3 Insurance
Saving money on insurance for a Tesla Model 3 requires being a safe and courteous driver, maintaining a good credit score, eliminating unnecessary coverage, and consideration of higher deductibles. Comparison shop at every policy renewal by obtaining price quotes from direct companies like Progressive, GEICO, and Esurance, and also from insurance agencies where you live.
Below is a brief review of the data touched on above.
- Insureds who want higher levels of liability will pay around $430 every year to increase from a minimum limit to the 250/500 level
- You may be able to save approximately $190 per year just by quoting online in advance
- Increasing deductibles can save approximately $675 each year
- Teenage drivers are the costliest to insure, with premiums as much as $469 per month if the policy includes 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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