Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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U.S. average insurance rates for a Tesla Model 3 are $1,588 a year for full coverage. Comprehensive costs approximately $344, collision insurance costs $724, and liability is $384. Liability-only insurance costs around $432 a year, and high-risk driver insurance costs around $3,470. 16-year-old drivers pay the highest rates at up to $5,792 a year.
Average premium for full coverage: $1,588
Price estimates by individual coverage:
Prices are based on $500 deductibles, bodily injury liability limits of 30/60, and includes medical and UM/UIM coverage. Estimates are averaged for all states and for different Model 3 trim levels.
Price Range from Low to High
Using a middle-aged driver as an example, Tesla Model 3 insurance prices range from the low end price of $432 for just liability insurance to a much higher rate of $3,470 for a driver who has had serious violations or accidents.
Geographic Price Range
Choosing to live in a large city can make a big difference on car insurance rates. Rural locations have lower incidents of accident claims than congested cities. The price range example below illustrates how where you live affects auto insurance prices.
The ranges above show why anyone shopping for car insurance should compare rates quotes using their specific location, instead of making a decision based on rate 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 Details
The chart below shows average Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The best full coverage rate is $881
- Raising to $1,000 deductibles will save $242 a year
- The estimated price for the average middle-age driver who chooses $500 deductibles is $1,588
- Buying more expensive low deductibles bumps up the cost to $2,062
- Drivers with multiple tickets or accidents could pay around $3,470
- The price that insures a 16-year-old driver with full coverage can cost $5,792
Car insurance prices for a Tesla Model 3 are also quite variable based on the model year and trim level, how you drive, and physical damage deductibles and liability limits.
If you have some driving violations or you caused an accident, you could be paying anywhere from $1,900 to $2,600 extra each year, depending on your age. High-risk driver insurance is expensive and can cost from 45% to 133% more than the average rate. View High Risk Driver Rates
An older driver with no driving violations and higher comprehensive and collision deductibles may pay as low as $1,500 every 12 months on average for full coverage. Prices are highest for teenage drivers, since even teens with perfect driving records will be charged in the ballpark of $5,700 a year. View Rates by Age
The state you live in also has a big influence on Tesla Model 3 insurance prices. A middle-age driver might find prices as low as $1,050 a year in states like Iowa, Maine, and Idaho, or at least $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% |
Opting for high physical damage deductibles can reduce prices by up to $720 annually, while increasing your policy's liability limits will push prices upward. Going from a 50/100 bodily injury protection limit to a 250/500 limit will increase prices by as much as $345 extra every 12 months. View Rates by Deductible or Liability Limit
| 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 Find Affordable Tesla Model 3 Insurance
Getting lower rates on insurance for a Tesla Model 3 consists of not taking risks behind the wheel, having a positive credit history, eliminating unnecessary coverage, and attention to physical damage deductibles. Comparison shop every other policy renewal by getting rate quotes from direct carriers, and also from insurance agencies where you live.
The following is a brief review of the ideas that were touched on in the above illustrations.
- Teens pay the highest auto insurance prices, with premiums as much as $483 a month if full coverage is purchased
- Drivers considered higher risk with DUI or reckless driving convictions could be forced to pay on average $1,880 more per year for Model 3 insurance
- Increasing physical damage deductibles can save approximately $725 each year
- Drivers can save around $200 per year just by shopping early and online
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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