Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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The average insurance rates for a Tesla Model 3 are $1,650 a year for full coverage. Comprehensive insurance costs an estimated $358 each year, collision costs $780, and liability costs $376. Liability-only coverage costs as little as $426 a year, with high-risk coverage costing $3,612 or more. Teenage drivers cost the most to insure at $6,000 a year or more.
Average premium for full coverage: $1,650
Policy rates broken down by type of insurance:
Prices include $500 deductible amounts, split liability limits of 30/60, and includes UM/UIM and medical coverage. Prices are averaged for all states and Model 3 models.
Price Range Variability
For the average 40-year-old driver, Tesla Model 3 insurance rates go from the low end price of $426 for a discount liability-only rate to a high rate of $3,612 for coverage for higher-risk drivers.
Urban vs. Rural Price Range
Your location can have significant affects on insurance rates. More rural locations are shown to have lower incidents of accident claims than densely populated cities.
The graphic below illustrates the difference location can make on insurance prices.
The examples above show why all drivers should compare rates for a targeted area, instead of using 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.
Rates by State, City, and Model
The chart below shows estimated Tesla Model 3 insurance rates for other coverage scenarios.
- The best discount rate is $910
- Drivers who choose higher $1,000 deductibles will pay approximately $258 a year
- The estimated price for a good driver age 40 who has $500 deductibles is $1,650
- Using low deductibles for comprehensive and collision insurance will cost an additional $508 every year
- Higher-risk drivers who are prone to accidents and violations could pay up to $3,612 or more
- Policy cost that insures a teen driver can cost as much as $6,000 a year
Insurance rates for a Tesla Model 3 also range considerably based on the trim level and model year, how you drive, and liability limits and deductibles.
If you have a few points on your driving record or you caused an accident, you could be paying $2,000 to $2,700 additional every year, depending on your age. Insurance for high-risk drivers can cost as much as 45% to 135% more than a normal policy. View High Risk Driver Rates
More mature drivers with no violations or accidents and higher comprehensive and collision deductibles may pay as little as $1,500 per year on average, or $125 per month, for full coverage. Rates are much higher for teenagers, since even teens with perfect driving records should be prepared to pay at least $6,000 a year. View Rates by Age
Your home state makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,090 a year in states like Iowa, Maine, and Idaho, or be forced to pay as much as $2,350 on average in New York, Louisiana, and Michigan.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,490 | -$160 | -9.7% |
| Alaska | $1,264 | -$386 | -23.4% |
| Arizona | $1,368 | -$282 | -17.1% |
| Arkansas | $1,650 | -$0 | 0.0% |
| California | $1,878 | $228 | 13.8% |
| Colorado | $1,574 | -$76 | -4.6% |
| Connecticut | $1,692 | $42 | 2.5% |
| Delaware | $1,866 | $216 | 13.1% |
| Florida | $2,060 | $410 | 24.8% |
| Georgia | $1,526 | -$124 | -7.5% |
| Hawaii | $1,186 | -$464 | -28.1% |
| Idaho | $1,116 | -$534 | -32.4% |
| Illinois | $1,228 | -$422 | -25.6% |
| Indiana | $1,244 | -$406 | -24.6% |
| Iowa | $1,112 | -$538 | -32.6% |
| Kansas | $1,566 | -$84 | -5.1% |
| Kentucky | $2,248 | $598 | 36.2% |
| Louisiana | $2,440 | $790 | 47.9% |
| Maine | $1,018 | -$632 | -38.3% |
| Maryland | $1,360 | -$290 | -17.6% |
| Massachusetts | $1,314 | -$336 | -20.4% |
| Michigan | $2,864 | $1,214 | 73.6% |
| Minnesota | $1,380 | -$270 | -16.4% |
| Mississippi | $1,976 | $326 | 19.8% |
| Missouri | $1,464 | -$186 | -11.3% |
| Montana | $1,772 | $122 | 7.4% |
| Nebraska | $1,298 | -$352 | -21.3% |
| Nevada | $1,976 | $326 | 19.8% |
| New Hampshire | $1,190 | -$460 | -27.9% |
| New Jersey | $1,842 | $192 | 11.6% |
| New Mexico | $1,460 | -$190 | -11.5% |
| New York | $1,736 | $86 | 5.2% |
| North Carolina | $948 | -$702 | -42.5% |
| North Dakota | $1,352 | -$298 | -18.1% |
| Ohio | $1,138 | -$512 | -31.0% |
| Oklahoma | $1,692 | $42 | 2.5% |
| Oregon | $1,510 | -$140 | -8.5% |
| Pennsylvania | $1,572 | -$78 | -4.7% |
| Rhode Island | $2,200 | $550 | 33.3% |
| South Carolina | $1,494 | -$156 | -9.5% |
| South Dakota | $1,392 | -$258 | -15.6% |
| Tennessee | $1,444 | -$206 | -12.5% |
| Texas | $1,986 | $336 | 20.4% |
| Utah | $1,220 | -$430 | -26.1% |
| Vermont | $1,126 | -$524 | -31.8% |
| Virginia | $990 | -$660 | -40.0% |
| Washington | $1,272 | -$378 | -22.9% |
| West Virginia | $1,510 | -$140 | -8.5% |
| Wisconsin | $1,140 | -$510 | -30.9% |
| Wyoming | $1,468 | -$182 | -11.0% |
Using high physical damage deductibles could save up to $770 every year, whereas increasing liability limits will increase premiums. Going from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $339 more each year. View Rates by Deductible or Liability Limit
Because rates have so much variability, the only way to know which auto insurance is cheapest is to do a rate comparison and see which company has the best rate. Every company uses a different method to calculate rates, and rates will be varied.
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $444 | $906 | $316 | $1,802 |
| 2023 Tesla Model 3 | $424 | $870 | $332 | $1,762 |
| 2022 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2021 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2020 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2019 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2018 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
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 the Right Tesla Model 3 Insurance
Finding cheaper rates on car insurance not only requires having a good driving record, but also having a good credit score, avoid buying unnecessary coverage, and maximizing policy discounts. Compare prices at least once a year by getting quotes from direct carriers, and also from your local independent and exclusive agents.
The next list is a quick rundown of the primary concepts that were touched on in this article.
- Drivers can save approximately $210 per year simply by quoting online in advance
- Higher risk drivers with reckless driving or DUI convictions may pay on average $1,960 more annually to buy Tesla Model 3 insurance
- Increasing comprehensive and collision deductibles can save approximately $775 each year
- Drivers age 20 and younger are expensive to insure, costing up to $500 each month if comprehensive and collision insurance is included
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $6,000 |
| 20 | $3,856 |
| 30 | $1,740 |
| 40 | $1,650 |
| 50 | $1,506 |
| 60 | $1,482 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,158 |
| $250 | $1,920 |
| $500 | $1,650 |
| $1,000 | $1,392 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,650 |
| 50/100 | $1,725 |
| 100/300 | $1,819 |
| 250/500 | $2,064 |
| 100 CSL | $1,763 |
| 300 CSL | $1,970 |
| 500 CSL | $2,120 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,636 |
| 20 | $6,152 |
| 30 | $3,712 |
| 40 | $3,612 |
| 50 | $3,446 |
| 60 | $3,416 |
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 | $91 |
| Multi-vehicle | $88 |
| Homeowner | $23 |
| 5-yr Accident Free | $135 |
| 5-yr Claim Free | $110 |
| Paid in Full/EFT | $84 |
| Advance Quote | $88 |
| Online Quote | $121 |
| Total Discounts | $740 |
Discounts are estimated and may not be available from every company or in every state.
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