Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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U.S. average insurance prices for a Tesla Model 3 are $1,588 every 12 months for full coverage. Comprehensive insurance costs an estimated $344, collision insurance costs $724, and liability costs $384. Buying just liability costs as little as $432 a year, and insurance for high-risk drivers costs $3,470 or more. Teen drivers pay the highest rates at up to $5,792 a year.
Average premium for full coverage: $1,588
Price estimates broken down by individual coverage:
Includes $500 policy deductibles, 30/60 bodily injury liability limits, and includes medical and uninsured motorist coverage. Estimates are averaged for all states and for all Model 3 models.
Price Range from Low to High
For the average 40-year-old driver, Tesla Model 3 insurance prices range from the cheapest price of $432 for just liability coverage to the much higher price of $3,470 for a driver who requires high-risk insurance.
Geographic Price Range
Your location can make a big difference on insurance rates. More rural locations have more infrequent accident claims than larger metro areas. The example below illustrates the difference location can make on insurance prices.
The ranges above show why everyone should compare rates for a targeted area and their own driving history, instead of making a decision based on price 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.
Detailed Rate Analysis
The chart below shows average Tesla Model 3 insurance rates for other coverage scenarios.
- The lowest rate with discounts is $881
- Drivers who choose higher $1,000 deductibles will pay approximately $242 a year
- The average price for the average middle-age driver who has $500 deductibles is $1,588
- Choosing pricier low deductibles for comprehensive and collision insurance costs an extra $474 annually
- Drivers with multiple violations and an at-fault accident could pay up to $3,470
- The price to insure a 16-year-old driver for full coverage can cost as much as $5,792 a year
Insurance prices for a Tesla Model 3 are also quite variable based on deductibles and policy limits, your driver profile, and the model year and trim level.
Choosing high deductibles could save up to $720 annually, whereas buying more liability protection will increase premiums. Going from a 50/100 liability limit to a 250/500 limit will increase prices by as much as $345 more each year. View Rates by Deductible or Liability Limit
A more mature driver with no violations or accidents and higher deductibles may pay as low as $1,500 per year on average for full coverage. Prices are highest for teenage drivers, since even excellent drivers should be prepared to pay at least $5,700 a year. View Rates by Age
If you have some driving violations or you were responsible for an accident, you could be paying $1,900 to $2,600 additional each year, depending on your age. Tesla Model 3 insurance for high-risk drivers can cost from 45% to 133% more than average. View High Risk Driver Rates
The state you live in makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,050 a year in states like Iowa, Maine, and Idaho, or as much as $2,260 on average in New York, Louisiana, and Michigan.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,434 | -$154 | -9.7% |
| Alaska | $1,216 | -$372 | -23.4% |
| Arizona | $1,316 | -$272 | -17.1% |
| Arkansas | $1,588 | -$0 | 0.0% |
| California | $1,810 | $222 | 14.0% |
| Colorado | $1,514 | -$74 | -4.7% |
| Connecticut | $1,628 | $40 | 2.5% |
| Delaware | $1,794 | $206 | 13.0% |
| Florida | $1,982 | $394 | 24.8% |
| Georgia | $1,466 | -$122 | -7.7% |
| Hawaii | $1,142 | -$446 | -28.1% |
| Idaho | $1,076 | -$512 | -32.2% |
| Illinois | $1,180 | -$408 | -25.7% |
| Indiana | $1,198 | -$390 | -24.6% |
| Iowa | $1,070 | -$518 | -32.6% |
| Kansas | $1,506 | -$82 | -5.2% |
| Kentucky | $2,164 | $576 | 36.3% |
| Louisiana | $2,348 | $760 | 47.9% |
| Maine | $978 | -$610 | -38.4% |
| Maryland | $1,308 | -$280 | -17.6% |
| Massachusetts | $1,266 | -$322 | -20.3% |
| Michigan | $2,754 | $1,166 | 73.4% |
| Minnesota | $1,330 | -$258 | -16.2% |
| Mississippi | $1,902 | $314 | 19.8% |
| Missouri | $1,408 | -$180 | -11.3% |
| Montana | $1,704 | $116 | 7.3% |
| Nebraska | $1,250 | -$338 | -21.3% |
| Nevada | $1,904 | $316 | 19.9% |
| New Hampshire | $1,144 | -$444 | -28.0% |
| New Jersey | $1,774 | $186 | 11.7% |
| New Mexico | $1,404 | -$184 | -11.6% |
| New York | $1,672 | $84 | 5.3% |
| North Carolina | $912 | -$676 | -42.6% |
| North Dakota | $1,300 | -$288 | -18.1% |
| Ohio | $1,092 | -$496 | -31.2% |
| Oklahoma | $1,628 | $40 | 2.5% |
| Oregon | $1,454 | -$134 | -8.4% |
| Pennsylvania | $1,512 | -$76 | -4.8% |
| Rhode Island | $2,116 | $528 | 33.2% |
| South Carolina | $1,438 | -$150 | -9.4% |
| South Dakota | $1,338 | -$250 | -15.7% |
| Tennessee | $1,388 | -$200 | -12.6% |
| Texas | $1,912 | $324 | 20.4% |
| Utah | $1,176 | -$412 | -25.9% |
| Vermont | $1,084 | -$504 | -31.7% |
| Virginia | $950 | -$638 | -40.2% |
| Washington | $1,224 | -$364 | -22.9% |
| West Virginia | $1,456 | -$132 | -8.3% |
| Wisconsin | $1,096 | -$492 | -31.0% |
| Wyoming | $1,414 | -$174 | -11.0% |
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $424 | $870 | $332 | $1,762 |
| 2023 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2022 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2021 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2020 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2019 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
| 2018 Tesla Model 3 | $332 | $680 | $388 | $1,536 |
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 Shop for the Cheapest Tesla Model 3 Insurance
Getting lower rates on insurance for a Tesla Model 3 not only requires being a good driver, but also having above-average credit, eliminating unnecessary coverage, and possibly raising deductibles. Make time to compare rates at every other renewal by requesting quotes from direct carriers like Progressive, GEICO, and Esurance, and also from several local insurance agents.
The following list is a recap of the concepts that were touched on in this article.
- Drivers considered higher risk that have major violations or accidents pay on average $1,880 more annually than a safer driver
- Drivers age 16 to 20 are expensive to insure, with premiums as much as $483 a month if full coverage is included
- Drivers can save approximately $200 per year just by quoting online well ahead of the renewal date
- Increasing physical damage deductibles could save as much as $725 each year
- Drivers can save approximately $200 per year just by quoting online well ahead of the renewal date
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $5,792 |
| 20 | $3,702 |
| 30 | $1,668 |
| 40 | $1,588 |
| 50 | $1,450 |
| 60 | $1,424 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,062 |
| $250 | $1,840 |
| $500 | $1,588 |
| $1,000 | $1,346 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,588 |
| 50/100 | $1,665 |
| 100/300 | $1,761 |
| 250/500 | $2,010 |
| 100 CSL | $1,703 |
| 300 CSL | $1,914 |
| 500 CSL | $2,068 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,330 |
| 20 | $5,900 |
| 30 | $3,560 |
| 40 | $3,470 |
| 50 | $3,308 |
| 60 | $3,280 |
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 | $87 |
| Multi-vehicle | $85 |
| Homeowner | $22 |
| 5-yr Accident Free | $127 |
| 5-yr Claim Free | $106 |
| Paid in Full/EFT | $80 |
| Advance Quote | $84 |
| Online Quote | $116 |
| Total Discounts | $707 |
Discounts are estimated and may not be available from every company or in every state.
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