Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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Average insurance prices for a Tesla Model 3 are $1,650 every 12 months for full coverage insurance. Comprehensive insurance costs around $358 a year, collision insurance costs $780, and liability costs $376. Liability-only coverage costs as little as $426 a year, and high-risk coverage costs $3,612 or more. Teens receive the highest rates at up to $6,000 a year.
Average premium for full coverage: $1,650
Rate estimates for individual coverage type:
Prices are based on $500 policy deductibles, liability limits of 30/60, and includes medical and uninsured motorist coverage. Rates are averaged for all 50 states and Model 3 trim levels.
Price Range by Coverage and Risk
For a 40-year-old driver, prices range range from the cheapest price of $426 for just liability coverage to a high of $3,612 for a driver that may need high-risk insurance.
Price Range by Location
Your location can make a big difference on car insurance rates. Areas with sparse population tend to have more infrequent physical damage claims than cities with more traffic congestion. The diagram below illustrates how your location can change auto insurance rates.
These examples illustrate why it is important to compare rates for a specific zip code and their own driving history, instead of making a decision based 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.
Detailed Rate Analysis
The chart below illustrates average Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The cheapest rate after discounts is $910
- Drivers who choose higher $1,000 deductibles will pay about $1,392 each year
- The average price for a 40-year-old driver using $500 deductibles is $1,650
- Selecting low $100 deductibles for comprehensive and collision insurance costs an extra $508 annually
- Drivers with serious driving violations could pay at least $3,612
- The cost to insure a 16-year-old driver can be $6,000 a year
Car insurance rates for a Tesla Model 3 can also vary considerably based on policy deductibles and limits, your risk profile, and the trim level and model year.
Choosing higher comprehensive and collision insurance deductibles could save up to $770 annually, while buying higher liability limits will increase rates. Switching from a 50/100 liability limit to a 250/500 limit will cost as much as $339 extra every 12 months. View Rates by Deductible or Liability Limit
Older drivers with no driving violations and higher deductibles may pay as low as $1,500 per year on average for full coverage. Rates are much higher for teen drivers, since even excellent drivers will be charged as much as $6,000 a year. View Rates by Age
If you like to drive fast or you were responsible for an accident, you are probably paying at least $2,000 to $2,700 extra per year, depending on your age. A high-risk auto insurance policy can cost from 45% to 135% more than the average policy. View High Risk Driver Rates
Where you live makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,080 a year in states like Vermont, Wisconsin, and North Carolina, or have to pay at least $2,220 on average in Michigan, New York, and Florida.
| 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% |
| 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 Shop for Affordable Tesla Model 3 Insurance
Saving money on insurance for a Tesla Model 3 not only requires avoiding accidents and claims, but also maintaining a good credit score, avoid buying unnecessary coverage, and consideration of higher deductibles. Invest the time to shop around once a year by getting quotes from direct insurance companies like GEICO, Progressive, and Esurance, and also from your local independent and exclusive agents.
The points below are a brief review of the data that was illustrated above.
- It is possible to save up to $210 per year just by quoting early and online
- Insureds who may need increased liability limits will pay approximately $410 annually to go from a minimum limit to a 250/500 level
- Drivers under the age of 20 are the costliest to insure, costing up to $500 per month if the policy includes full coverage
- Drivers considered higher risk with DUI or reckless driving convictions may pay on average $1,960 more every year to insure a Tesla Model 3
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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