Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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Average auto insurance rates for a Tesla Model 3 are $1,536 annually including full coverage. Comprehensive costs around $332, collision insurance costs $680, and liability coverage is $388. A policy with just liability insurance costs around $434 a year, and coverage for high-risk drivers costs around $3,350. Teens receive the highest rates at up to $5,626 a year.
Average premium for full coverage: $1,536
Rate estimates for individual coverage type:
These estimates include $500 deductibles, 30/60 bodily injury liability limits, and includes UM/UIM and medical coverage. Rates are averaged for all 50 U.S. states and for different Model 3 trim levels.
Price Range by Coverage and Risk
Using a 40-year-old driver as an example, prices range range from as cheap as $434 for a discount liability-only rate to a much higher rate of $3,350 for a driver who requires high-risk insurance.
Price Range by Location
Choosing to live in a large city has a large influence on the price of insurance. Areas with sparse population tend to have fewer comprehensive and collision claims than cities with more traffic congestion. The price range example below illustrates how rural and urban location affects auto insurance rates.
These examples highlight why anyone shopping for car insurance should compare rates quotes for a specific zip code and their own personal driving habits, rather than using averaged prices.
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.
Rates by State, City, and Model
The chart below breaks down average Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The cheapest rate after discounts is $856
- Raising to $1,000 deductibles will save about $228 every year
- The estimated rate for a 40-year-old driver using $500 deductibles is $1,536
- Selecting more expensive low deductibles will cost $1,986
- Unlucky drivers with serious driving violations could pay at least $3,350
- The cost with full coverage for a teenage driver with full coverage can be $5,626
Insurance rates for a Tesla Model 3 can also vary considerably based on the trim level of your Model 3, your driving characteristics, and deductibles and policy limits.
An older driver with no violations or accidents and high physical damage deductibles may only pay around $1,400 every 12 months on average for full coverage. Rates are much higher for teen drivers, where even without any violations or accidents they should be prepared to pay as much as $5,600 a year. View Rates by Age
If you like to drive fast or you caused a few accidents, you are likely paying at least $1,800 to $2,500 additional per year, depending on your age. High-risk driver insurance is expensive and can cost around 44% to 130% more than the average policy. View High Risk Driver Rates
Choosing higher comprehensive and collision insurance deductibles can reduce rates by up to $680 a year, while increasing your policy's liability limits will increase rates. Changing from a 50/100 bodily injury limit to a 250/500 limit will cost as much as $349 more each year. View Rates by Deductible or Liability Limit
Where you live also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find rates as low as $1,180 a year in states like Missouri, New Hampshire, and Vermont, or have to pay at least $2,190 on average in Michigan, New York, and Louisiana.
| 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% |
| 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 Cheap Tesla Model 3 Insurance
Saving money on auto insurance consists of not taking risks behind the wheel, having good credit, not filing small claims, and deciding if full coverage is necessary. Set aside time to shop around at every other renewal by getting quotes from direct car insurance companies like Progressive and GEICO, and also from your local independent and exclusive agents.
The following is a brief summary of the concepts that were raised in the charts and tables above.
- Drivers that tend to have accidents or serious violations may pay on average $1,810 more every year for Model 3 insurance
- Teens are charged the highest rates, as much as $469 per month if they have full coverage
- You may be able to save up to $190 per year just by shopping early and online
- Increasing deductibles could save up to $675 each year
- You may be able to save up to $190 per year just by shopping early and online
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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