Tesla Model 3 Insurance Rates

Estimated insurance rates for a Tesla Model 3 are $1,536 a year for full coverage insurance. Comprehensive costs an estimated $332 a year, collision insurance costs $680, and liability coverage is $388. Liability-only coverage costs around $434 a year, and high-risk coverage costs around $3,350. 16-year-old drivers pay the most at up to $5,626 a year.

Average premium for full coverage: $1,536

Premium estimates broken down by type of coverage:

Prices are based on $500 policy deductibles, minimum liability limits, and includes UM/UIM and medical coverage. Rates include averaging for all 50 states and Model 3 trim levels.

Insurance Price Range by Risk and Coverage

Insurance Price Range by Location

Choosing to live in a large city has a large influence on the price of insurance. More rural locations are statistically proven to have lower incidents of physical damage claims than congested cities. The diagram below illustrates how where you live affects insurance prices.

These rate differences illustrate why it is important to compare rates quotes for a targeted area, rather than using rate averages.

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

Rates by State, City, and Model

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

• The best full coverage rate is $856
• Raising to $1,000 deductibles will save approximately $1,308 each year
• The estimated price for a 40-year-old good driver who has $500 deductibles is $1,536
• Buying low $100 deductibles bumps up the cost to $1,986
• Unlucky drivers with multiple tickets or accidents could pay up to $3,350
• An auto insurance policy that insures a teenage driver can cost as much as $5,626

View Chart as Image

Insurance prices for a Tesla Model 3 also have a wide range based on the trim level of your Model 3, your age and driving record, and liability limits and deductibles.

If you have a few violations or you caused an accident, you are probably paying $1,800 to $2,500 extra annually, depending on your age. A high-risk auto insurance policy is expensive and can cost around 44% to 130% more than the average rate. View High Risk Driver Rates

Older drivers with a clean driving record and higher comprehensive and collision deductibles may only pay around $1,400 every 12 months on average, or $117 per month, for full coverage. Prices are highest for drivers in their teens, since even teens with perfect driving records can expect to pay at least $5,600 a year. View Rates by Age

Where you choose to live also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find prices as low as $1,000 a year in states like North Carolina, Wisconsin, and Vermont, or at least $2,070 on average in Florida, New York, and Michigan.

View Chart as Image

Opting for high physical damage deductibles can reduce prices by up to $680 a year, while buying higher liability limits will increase premiums. Switching from a 50/100 bodily injury protection limit to a 250/500 limit will cost up to $349 more per year. View Rates by Deductible or Liability Limit

How to Find Affordable Tesla Model 3 Insurance

Finding better rates on auto insurance consists of being a good driver, having above-average credit, paying for small claims out-of-pocket, and deciding if full coverage is necessary. Comparison shop every couple of years by quoting rates from direct insurance companies, and also from local insurance agencies.

The following list is a brief review of the material that was touched on in the above illustrations.

• Consumers who want an increased level of liability coverage will pay around $430 annually to raise from 30/60 bodily injury limits to the 250/500 level
• Drivers age 16 to 20 are charged the highest prices, with premiums being up to $469 per month if full coverage is included
• Drivers with DUI or reckless driving convictions may have to pay on average $1,810 more annually than a safer driver
• Increasing policy deductibles can save approximately $675 each year