Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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Average insurance rates for a Tesla Model 3 are $1,588 a year for full coverage. Comprehensive insurance costs an estimated $344, collision costs $724, and liability coverage costs $384. Liability-only coverage costs as little as $432 a year, with high-risk coverage costing $3,470 or more. 16-year-old drivers receive the highest rates at $5,792 a year or more.
Average premium for full coverage: $1,588
Rate estimates broken down by individual coverage type:
Estimates include $500 deductible amounts, bodily injury liability limits of 30/60, and includes uninsured motorist and medical coverage. Rates are averaged for all states and for different Model 3 trim levels.
Price Range by Coverage and Risk
For a driver in their 40's, prices range go from the low end price of $432 for the bare minimum liability coverage to a much higher rate of $3,470 for a driver who has had serious violations or accidents.
Price Range by Location
Your location has a large influence on insurance rates. More rural locations tend to have lower incidents of accident claims than congested cities.
The price range example below illustrates how location helps determine insurance prices.
These examples show why anyone shopping for car insurance should compare rates for a targeted area, rather than using 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.
Additional Rate Information
The chart below shows estimated Tesla Model 3 insurance rates for other coverage scenarios.
- The best full coverage rate is $881
- Drivers who choose higher $1,000 deductibles will pay approximately $242 a year
- The estimated price for a 40-year-old driver who has $500 deductibles is $1,588
- Buying more expensive low deductibles for comprehensive and collision insurance will cost an additional $474 each year
- High-risk insureds with multiple tickets or accidents could pay up to $3,470 or more
- The cost that insures a teenage driver with full coverage can cost as much as $5,792 a year
Car insurance rates for a Tesla Model 3 can also vary considerably based on the model year and trim level, how you drive, and liability limits and deductibles.
If you like to drive fast or you caused an accident, you could be paying $1,900 to $2,600 extra per year, depending on your age. High-risk driver insurance can cost around 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 only pay around $1,500 per year on average for full coverage. Rates are highest for teen drivers, since even teens with perfect driving records will be charged at least $5,700 a year. View Rates by Age
Where you live makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay 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 could save up to $720 a year, while increasing your policy's liability limits will increase premiums. Going from a 50/100 bodily injury protection limit to a 250/500 limit will cost as much as $345 extra every 12 months. View Rates by Deductible or Liability Limit
With so much variability in rates, the only way to know which company is cheapest is to compare rates and see how they stack up. Every company utilizes a different rate formula, so rate quotes can be significantly different.
| 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 Low Cost Tesla Model 3 Insurance
Saving money on auto insurance not only requires having a good driving record, but also having a positive credit history, eliminating unneeded coverage, and not having any coverage lapses. Comparison shop every other policy renewal by getting rate quotes from direct carriers like Progressive, GEICO, and Esurance, and also from your local independent and exclusive agents.
The next list is a review of the ideas that were covered in the charts and tables above.
- Drivers age 20 and younger have the highest car insurance rates, costing as high as $483 per month if full coverage is purchased
- Drivers who have several accidents or serious violations may pay on average $1,880 more annually to buy Tesla Model 3 insurance
- Increasing deductibles can save approximately $725 each year
- Drivers can save approximately $200 per year simply 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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