Tesla Model 3 Insurance Rates

The 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 coverage costs around $388. Liability-only insurance costs as low as $434 a year, and high-risk driver insurance costs $3,350 or more. Teen drivers cost the most to insure at up to $5,626 a year.

Average premium for full coverage: $1,536

Policy rates broken down by type of insurance:

Includes $500 deductibles, 30/60 liability limits, and includes uninsured/under-insured motorist coverage. Prices are averaged for all U.S. states and Model 3 models.

Price Range Variability

Urban vs. Rural Price Range

Where you live has a large influence on car insurance rates. More rural locations are shown to have lower incidents of collision claims than larger metro areas. The graphic below illustrates how your location can change insurance prices.

The examples above demonstrate why all drivers should compare prices for a targeted area, rather than using price averages.

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

More Rate Information

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

• The lowest rate with discounts is $856
• Using higher $1,000 deductibles will save approximately $228 annually
• The estimated price for a good driver age 40 who has $500 deductibles is $1,536
• Choosing low deductibles for physical damage coverage will cost an additional $450 each year
• Higher-risk drivers with multiple violations and an at-fault accident could pay up to $3,350
• Policy cost that insures a teenage driver can cost as much as $5,626 or more

View Chart as Image

Auto insurance rates for a Tesla Model 3 also range considerably based on the trim level and model year, your age and driving habits, and liability limits and deductibles.

If you have a few points on your driving record or you caused an accident, you may be forking out $1,800 to $2,500 in extra premium every year, depending on your age. Insurance for high-risk drivers can be around 44% to 130% more than average. View High Risk Driver Rates

More mature drivers with a good driving record and higher comprehensive and collision deductibles may only pay around $1,400 a year, or $117 per month, for full coverage. Rates are highest for teenagers, since even teens with perfect driving records will have to pay at least $5,600 a year. View Rates by Age

Your home state has a huge impact on Tesla Model 3 insurance rates. A driver around age 40 might see rates as low as $1,100 a year in states like Utah, Ohio, and New Hampshire, or as much as $2,070 on average in New York, Michigan, and Florida.

View Chart as Image

Choosing high deductibles could cut rates by as much as $680 a year, whereas increasing liability limits will increase premiums. Moving from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $349 extra every year. View Rates by Deductible or Liability Limit

How to Find the Cheapest Tesla Model 3 Insurance

Finding cheaper rates on auto insurance requires not taking risks behind the wheel, maintaining a good credit score, not filing small claims, and consideration of higher deductibles. Shop around at every policy renewal by obtaining price quotes from direct companies, and also from insurance agencies where you live.

The following is a recap of the data illustrated above.

• Consumers who want higher liability limits will pay about $430 every year to increase from a 30/60 limit to the 250/500 level
• You may be able to save approximately $190 per year just by quoting online in advance
• Increasing comprehensive and collision deductibles can save approximately $675 each year
• Teens are the costliest to insure, as much as $469 each month if the policy includes full coverage