Tesla Model 3 Insurance Rates
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Michelle Robbins
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Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
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UPDATED: Mar 30, 2024
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The average insurance prices for a Tesla Model 3 are $1,536 every 12 months for full coverage insurance. Comprehensive insurance costs an estimated $332, collision costs $680, and liability insurance is $388. Buying just liability costs around $434 a year, with insurance for high-risk drivers costing $3,350 or more. Teens cost the most to insure at $5,626 a year or more.
Average premium for full coverage: $1,536
Policy rates broken down by type of insurance:
Rate estimates include $500 policy deductibles, 30/60 bodily injury liability limits, and includes both medical and uninsured motorist insurance. Prices are averaged for all 50 states and for all Model 3 models.
Price Range Variability
For a 40-year-old driver, Tesla Model 3 insurance rates go from the cheapest price of $434 for minimum levels of liability insurance to the much higher price of $3,350 for a driver who requires high-risk insurance.
Urban vs. Rural Price Range
Choosing to live in a large city has a significant impact on the price of insurance. More rural locations are shown to have more infrequent physical damage claims than cities with more traffic congestion.
The example below illustrates how your location can change insurance prices.
The examples above illustrate why everyone should compare rates quotes for a targeted area and their own driving history, rather than relying on 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.
Additional Rate Details
The chart below illustrates estimated Tesla Model 3 insurance rates for other coverage scenarios.
- The cheapest rate after discounts is $856
- Raising to $1,000 deductibles will save approximately $228 each year
- The average price for a good driver age 40 who has $500 deductibles is $1,536
- Selecting pricier low deductibles costs an extra $450 a year
- Higher-risk drivers with serious driving violations could pay up to $3,350 or more
- Policy cost to insure a teen driver for full coverage can cost as much as $5,626
Insurance rates for a Tesla Model 3 also range considerably based on liability limits and deductibles, your risk profile, and the model year and trim level.
Choosing higher comprehensive and collision insurance deductibles can reduce rates by up to $680 each year, whereas buying more liability protection will increase premiums. Switching from a 50/100 liability limit to a 250/500 limit will raise rates by up to $349 more per year. View Rates by Deductible or Liability Limit
A more mature driver with a clean driving record and higher deductibles could pay as little as $1,400 every 12 months on average, or $117 per month, for full coverage. Rates are much higher for teenagers, since even excellent drivers can expect to pay at least $5,600 a year. View Rates by Age
If you have a few points on your driving record or you were responsible for an accident, you are probably paying $1,800 to $2,500 extra every year, depending on your age. Tesla Model 3 insurance for high-risk drivers is expensive and can cost anywhere from 44% to 130% more than the average policy. View High Risk Driver Rates
Your home state also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find rates as low as $1,000 a year in states like North Carolina, Wisconsin, and Vermont, or have to pay at least $2,070 on average in Florida, New York, and Michigan.
| 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 only way to figure out which auto insurance is cheapest is to regularly compare rates from as many companies as possible. Every auto insurance company calculates rates differently, so the rates will be varied.
| 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 Shop for the Best Tesla Model 3 Insurance
Finding cheaper rates on Tesla Model 3 insurance consists of being safe and accident-free, having good credit, being claim-free, and taking advantage of discounts. Invest the time to shop around at every other renewal by obtaining price quotes from direct insurance companies, and also from insurance agencies where you live.
Below you'll find a brief recap of the concepts that were illustrated above.
- High-risk drivers who tend to receive serious violations could be forced to pay on average $1,810 more annually than a low-risk driver
- Youthful drivers are charged the highest rates, possibly costing $469 each month if they have full coverage
- It is possible to save approximately $190 per year simply by quoting online well ahead of the renewal date
- Increasing comprehensive and collision deductibles could save as much as $675 each year
- It is possible to save approximately $190 per year simply by quoting online well ahead of the renewal date
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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