Tesla Model 3 Insurance Rates
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Michelle Robbins
Licensed Insurance Agent
Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
Licensed Insurance Agent
UPDATED: Mar 30, 2024
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U.S. average auto insurance rates for a Tesla Model 3 are $1,536 annually for full coverage insurance. Comprehensive insurance costs around $332 a year, collision costs $680, and liability coverage costs $388. Liability-only insurance costs as little as $434 a year, with high-risk driver insurance costing $3,350 or more. Teen drivers pay the highest rates at $5,626 a year or more.
Average premium for full coverage: $1,536
Price estimates for individual coverage:
Rate estimates include $500 physical damage deductibles, 30/60 split liability limits, and includes uninsured/under-insured motorist coverage. Estimates are averaged for all 50 states and Model 3 trim levels.
Price Range from Low to High
For a driver around age 40, Tesla Model 3 insurance prices go from as cheap as $434 for your basic liability-only policy to a high of $3,350 for a high-risk insurance policy.
Geographic Price Range
Your location has a large influence on car insurance rates. Areas with sparse population have fewer physical damage claims than larger metro areas.
The diagram below illustrates the difference between rural and urban areas on auto insurance rates.
The ranges above illustrate why it is important to compare rates for a specific zip code and their own personal driving habits, rather than using 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.
More Rate Information
The chart below illustrates estimated Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The lowest rate with discounts is $856
- Drivers who choose higher $1,000 deductibles will pay about $1,308 each year
- The estimated rate for the average middle-age driver using $500 deductibles is $1,536
- Choosing low $100 deductibles for comprehensive and collision insurance costs an additional $450 each year
- High-risk insureds with multiple violations and an at-fault accident could pay at least $3,350 or more
- The price with full coverage for a teenage driver can be $5,626 a year
Car insurance prices for a Tesla Model 3 are also quite variable based on the trim level and model year, your risk profile, and deductibles and policy limits.
Older drivers with no driving violations and high physical damage deductibles may only pay around $1,400 per year on average for full coverage. Prices are highest for teenage drivers, where even without any violations or accidents they will be charged as much as $5,600 a year. View Rates by Age
If you have some driving violations or you caused a few accidents, you are probably paying at least $1,800 to $2,500 extra each year, depending on your age. A high-risk auto insurance policy can cost around 44% to 130% more than average. View High Risk Driver Rates
Choosing high deductibles could save up to $680 a year, while buying higher liability limits will increase prices. Switching from a 50/100 bodily injury limit to a 250/500 limit will increase prices by as much as $349 extra every 12 months. View Rates by Deductible or Liability Limit
The state you live in makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay as low as $1,000 a year in states like Vermont, Wisconsin, and North Carolina, or as much as $2,070 on average in Michigan, New York, 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% |
Since prices can be so different, the only way to figure out your exact price is to get quotes and see how they stack up. Every company uses a different rate calculation, so rate quotes may be quite different between companies.
| 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 Buy the Best Tesla Model 3 Insurance
Getting lower rates on auto insurance not only requires being a safe and courteous driver, but also having a good credit score, not filing small claims, and qualifying for all possible discounts. Set aside time to compare rates at least every other year by getting quotes from direct insurance companies like GEICO, Progressive, and Esurance, and also from several local insurance agents.
Below is a brief recap of the car insurance concepts covered above.
- Drivers who tend to receive serious violations pay on average $1,810 more every year for auto insurance
- It is possible to save up to $190 per year simply by quoting early and online
- Increasing physical damage deductibles could save up to $675 each year
- Consumers who may need higher levels of liability will pay about $430 annually to go from a low limit to higher 250/500 limits
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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