Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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The average insurance prices for a Tesla Model 3 are $1,588 every 12 months for full coverage insurance. Comprehensive costs approximately $344 each year, collision costs $724, and liability costs $384. A liability-only policy costs as little as $432 a year, with high-risk insurance costing around $3,470. 16-year-old drivers cost the most to insure at $5,792 a year or more.
Average premium for full coverage: $1,588
Policy rates by type of insurance:
Estimates include $500 policy deductibles, minimum liability limits, and includes medical and UM/UIM coverage. Prices are averaged for all 50 states and Model 3 models.
Price Range Variability
For the normal driver, Tesla Model 3 insurance rates go from the cheapest price of $432 for just liability insurance to a high rate of $3,470 for high-risk insurance.
Urban vs. Rural Price Range
Your location can make a big difference on the price of auto insurance. Rural locations are shown to have more infrequent physical damage claims than congested cities.
The graphic below illustrates how geographic area affects auto insurance prices.
The examples above illustrate why all drivers should compare rates using their specific location and their own driving history, instead of making a decision based on 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.
More Rate Details
The chart below illustrates estimated Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The best full coverage rate is $881
- Drivers who choose higher $1,000 deductibles will pay $242 each year
- The average price for a good driver age 40 who chooses $500 deductibles is $1,588
- Buying low deductibles for comprehensive and collision insurance increases the price to $2,062
- Drivers with multiple tickets or accidents could pay around $3,470 or more
- Policy cost to insure a 16-year-old driver can cost $5,792 a year
Car insurance rates for a Tesla Model 3 also range considerably based on liability limits and deductibles, your risk profile, and the model of your Model 3.
Opting for high physical damage deductibles could save up to $720 annually, whereas increasing liability limits will push rates upward. Switching from a 50/100 liability limit to a 250/500 limit will raise rates by up to $345 extra every 12 months. View Rates by Deductible or Liability Limit
More mature drivers with no driving violations and higher deductibles may pay as low as $1,500 per year on average, or $125 per month, for full coverage. Rates are highest for teenagers, since even excellent drivers will be charged in the ballpark of $5,700 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 anywhere from $1,900 to $2,600 extra every year, depending on your age. Insurance for high-risk drivers can cost from 45% to 133% more than the average rate. View High Risk Driver Rates
Your home state makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,040 a year in states like North Carolina, Wisconsin, and Vermont, or at least $2,140 on average in Florida, New York, 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% |
Because rates have so much variability, the only way to figure out who has the best car insurance rates is to do a rate comparison from multiple companies. Every company utilizes a different rate formula, so rate quotes will be varied.
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $424 | $870 | $332 | $1,762 |
| 2023 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2022 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2021 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2020 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2019 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
| 2018 Tesla Model 3 | $332 | $680 | $388 | $1,536 |
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 Low Cost Tesla Model 3 Insurance
Finding cheaper rates on insurance for a Tesla Model 3 not only requires avoiding accidents and claims, but also maintaining a good credit score, being claim-free, and avoiding coverage lapses. Invest the time to compare rates every couple of years by getting rate quotes from direct insurance companies, and also from local insurance agencies.
The points below are a review of the material that was presented in the illustrations above.
- Insureds who purchase increased liability limits will pay around $420 annually to go from a 30/60 limit to a 250/500 level
- Drivers under the age of 20 pay the highest auto insurance rates, possibly costing $483 each month if the policy includes full coverage
- Drivers considered higher risk who have several accidents or serious violations may have to pay on average $1,880 more per year to insure a Tesla Model 3
- Increasing comprehensive and collision deductibles could save as much as $725 each year
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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