Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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The average auto insurance rates for a Tesla Model 3 are $1,536 annually with full coverage. Comprehensive costs on average $332 a year, collision costs $680, and liability costs $388. Liability-only coverage costs as little as $434 a year, with high-risk coverage costing around $3,350. Teenage drivers cost the most to insure at $5,626 a year or more.
Average premium for full coverage: $1,536
Policy rates by type of insurance:
Prices are based on $500 policy deductibles, split liability limits of 30/60, and includes additional medical/uninsured motorist coverage. Prices are averaged for all U.S. states and Model 3 trim levels.
Price Range Variability
For the average 40-year-old driver, Tesla Model 3 insurance rates go from as cheap as $434 for just the minimum liability insurance to a high of $3,350 for coverage for higher-risk drivers.
Urban vs. Rural Price Range
Your location can make a big difference on auto insurance rates. Rural areas are shown to have fewer collision claims than densely populated cities.
The diagram below illustrates the difference location can make on car insurance rates.
The examples above demonstrate why it is important to compare rates based on a specific location and their own personal driving habits, instead of making a decision based on average rates.
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.
Additional Rate Analysis
The chart below details estimated Tesla Model 3 insurance rates for different risk profiles and scenarios.
- The best discount rate is $856
- Drivers who choose higher $1,000 deductibles will pay around $1,308 annually
- The estimated rate for a good driver age 40 with $500 deductibles is $1,536
- Using low $100 deductibles for comprehensive and collision insurance will cost $1,986
- Drivers who are prone to accidents and violations could pay upwards of $3,350 or more
- Policy cost with full coverage for a 16-year-old driver may cost $5,626 a year
Insurance rates for a Tesla Model 3 also range considerably based on the model year and trim level, your driving record, and policy deductibles and limits.
Older drivers with no violations or accidents and high physical damage deductibles may pay as low as $1,400 per year on average, or $117 per month, for full coverage. Rates are much higher for teenagers, where even without any violations or accidents they should be prepared to pay upwards of $5,600 a year. View Rates by Age
If you have a few points on your driving record or you caused a few accidents, you may be forking out at a minimum $1,800 to $2,500 additional every year, depending on your age. A high-risk auto insurance policy can cost from 44% to 130% more than a normal policy. View High Risk Driver Rates
Using high physical damage deductibles could save up to $680 annually, while buying higher liability limits will cost you more. Moving from a 50/100 bodily injury limit to a 250/500 limit will raise rates by up to $349 more each year. View Rates by Deductible or Liability Limit
Your home state makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,100 a year in states like New Hampshire, Ohio, and Utah, or be forced to pay as much as $2,070 on average in Florida, Michigan, and New York.
| 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% |
Because rates have so much variability, the best way to find out exactly what you will pay is to get quotes from multiple companies. Every company uses a different method to calculate rates, and rates will be varied 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 Affordable Tesla Model 3 Insurance
Finding cheaper rates on insurance for a Tesla Model 3 not only requires avoiding accidents and claims, but also having good credit, not filing small claims, and insuring your home and auto with the same company. Make time to compare rates at least once a year by getting rate quotes from direct companies like Progressive, GEICO, and Esurance, and also from local independent and exclusive agents.
The points below are a brief review of the primary concepts that were touched on in this article.
- You may be able to save as much as $190 per year simply by quoting early and online
- Drivers considered higher risk with DUI or reckless driving convictions pay an average of $1,810 more each year to insure a Tesla Model 3
- Increasing comprehensive and collision deductibles could save up to $675 each year
- Drivers under the age of 20 pay higher rates, as much as $469 each month if they have full coverage
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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