Compare 2020 Tesla Model 3 Insurance Rates in 2024

If you’re searching for cheaper insurance online, do you get frustrated by the sheer number of insurance companies that you can choose from? Many other people are too. Drivers have such a vast assortment of companies available that it can easily turn into a real difficult job to find better premium rates.

What determines Tesla Model 3 insurance rates?

Part of the car insurance buying process is learning some of the factors that help calculate the level of your policy premiums. If you have a feel for what impacts premium levels, this allows you to make good choices that could result in better car insurance rates.

Shown below are some of the things car insurance companies consider when setting prices.

• Do you know you’re credit rating? – Having a bad credit history can be a huge factor in calculating your car insurance rates. People with high credit ratings tend to file fewer claims than drivers with poor credit scores. If your credit leaves room for improvement, you could save money insuring your 2020 Tesla Model 3 by improving your rating.
• Mileage impacts rates – The more you drive in a year the higher your rate. Most insurance companies price each vehicle’s coverage based on how the vehicle is used. Vehicles that are left in the garage cost less to insure than vehicles that have high annual mileage. It’s a smart idea to ensure your declarations sheet shows the correct driver usage, because it can save money. A policy that improperly rates your Model 3 may be costing you higher rates.
• Safer vehicles cost less to insure – Vehicles that have high safety ratings get lower rates. Vehicles engineered for safety reduce occupant injuries and lower rates of occupant injuries means your insurance company pays less which can result in lower premiums. If the Tesla Model 3 is rated at least an “acceptable” rating on the Insurance Institute for Highway Safety website it may cost less to insure.
• Insurance rates for married couples – Getting married may earn you lower rates on car insurance. Marriage may mean you are more mature and statistics show married drivers get in fewer accidents.
• Car insurance liability coverage limits – Liability insurance will provide protection in the event that you are responsible for causing personal injury or damage in an accident. It provides for a legal defense to defend your case. Carrying liability coverage is mandatory and cheap compared to insuring for physical damage coverage, so drivers should buy more than the minimum limits required by law.
• Low coverage deductibles cost more – Comprehensive and collision coverage deductibles are how much you are required to spend before your car insurance pays a claim. Physical damage coverage, termed comprehensive and collision coverage on your policy, insures against damage to your car. Some examples of claims that would be covered are a windshield broken by a bird, collision with a deer, and damage from wind. The more of the claim the insured has to pay upfront, the bigger discount you will receive on Model 3 coverage.
• Uninterrupted coverage saves money – Driving with no insurance can get you a ticket and as a result your rates will increase for letting your insurance lapse. In addition to paying higher rates, being ticketed for driving with no insurance will get you fines and jail time. You could then be forced to submit proof of financial responsibility or a SR-22 with your state motor vehicle department.

Get cheaper auto insurance with discounts

Companies that sell car insurance do not advertise all possible discounts in an easy-to-find place, so the list below gives a summary of some of the more common and the more hidden auto insurance savings. If you aren’t receiving every discount you qualify for, you are just wasting money.

• Defensive Driver – Taking a driver safety class may get you a small discount and easily pay for the cost of the class.
• Paperwork-free – A few larger online companies will give you a small discount simply for signing on the internet.
• Accident Free – Drivers with accident-free driving histories are rewarded with significantly better rates on insurance coverage quote as opposed to accident-prone drivers.
• Service Members Pay Less – Being on active duty in the military may lower your auto insurance rates slightly.
• Early Switch Discount – Select insurance companies give a discount for switching companies early. This can save 10% or more.
• Passenger Safety Discount – Factory options such as air bags or automatic seat belts could see savings of 20% or more.
• Payment Method – By paying your policy upfront rather than paying monthly you can avoid the installment charge.

It’s important to note that some credits don’t apply to the entire policy premium. Most only apply to the cost of specific coverages such as comp or med pay. Even though it appears you could get a free auto insurance policy, you won’t be that lucky.

Some of the insurance companies that may offer quotes with some of the discounts shown above possibly include:

• Progressive
• AAA
• Farmers Insurance
• GEICO
• Esurance
• SAFECO
• State Farm

If you need cheaper insurance coverage quotes, ask all companies you are considering how you can save money. Some of the earlier mentioned discounts may not apply to policies in your state. To see a list of companies that offer the discounts shown above, enter your zip code here.

The insurance bait and switch

Companies like Allstate and Progressive consistently run television and radio advertisements. They all convey the message about saving some big amount if you change your policy. How do they all say the same thing? It’s all in the words they use.

Many companies provide the lowest rates for the type of insured that earns them the highest profit. An example of a preferred risk might be a married male, has a low-risk occupation, and drives a safe vehicle. Anyone who fits those characteristics receives the best prices and will also save when switching.

Potential insureds who are not a match for the ideal profile will probably have to pay higher premium rates and business not being written. The trick companies use is to say “people who switch” not “everybody who quotes” save money. That is how companies can truthfully make claims that they all have the best car insurance rates. Because each company has a different risk profile, it is so important to do a price quote comparison at every renewal. It is impossible to predict which insurance companies will have the best rates at this point in time.

Tailor your insurance coverage coverage to you

When buying adequate coverage for your vehicles, there really is no perfect coverage plan. Everyone’s situation is a little different.

These are some specific questions might help in determining if you could use an agent’s help.

• Will my insurance pay for OEM parts?
• Does having multiple vehicles earn me a discount?
• If my pet gets injured in an accident are they covered?
• How many claims can I have before being cancelled?
• Why does it cost so much to insure a teen driver?
• What if I owe more than I can insure my car for?
• Can I pay claims out-of-pocket if I buy high deductibles?

If you can’t answer these questions then you might want to talk to a licensed agent. To find lower rates from a local agent, fill out your zip code.

Car insurance 101

Learning about specific coverages of your auto insurance policy can help you determine which coverages you need and the correct deductibles and limits. Policy terminology can be difficult to understand and even agents have difficulty translating policy wording.

Comprehensive coverages

This coverage will pay to fix damage that is not covered by collision coverage. You first must pay your deductible and then insurance will cover the rest of the damage.

Comprehensive coverage pays for claims such as theft, damage from getting keyed, damage from a tornado or hurricane and hitting a deer. The most you can receive from a comprehensive claim is the actual cash value, so if it’s not worth much more than your deductible consider removing comprehensive coverage.

Collision coverage

Collision insurance pays to fix your vehicle from damage from colliding with another vehicle or an object, but not an animal. You first must pay a deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims such as rolling your car, crashing into a ditch, sustaining damage from a pot hole and hitting a parking meter. This coverage can be expensive, so consider removing coverage from vehicles that are older. You can also bump up the deductible to get cheaper collision coverage.

Liability auto insurance

Liability coverage can cover damage or injury you incur to other people or property by causing an accident. It protects YOU against other people’s claims, and doesn’t cover your injuries or vehicle damage.

Liability coverage has three limits: bodily injury per person, bodily injury per accident and property damage. As an example, you may have liability limits of 25/50/25 that means you have a limit of $25,000 per injured person, a limit of $50,000 in injury protection per accident, and $25,000 of coverage for damaged property.

Liability can pay for claims like funeral expenses, repair costs for stationary objects, court costs, emergency aid and loss of income. How much liability should you purchase? That is a personal decision, but it’s cheap coverage so purchase as high a limit as you can afford.

Coverage for medical payments

Med pay and PIP coverage kick in for bills such as rehabilitation expenses, ambulance fees, nursing services, chiropractic care and funeral costs. The coverages can be used to fill the gap from your health insurance plan or if you lack health insurance entirely. Coverage applies to not only the driver but also the vehicle occupants and also covers getting struck while a pedestrian. Personal Injury Protection is only offered in select states and gives slightly broader coverage than med pay

Uninsured and underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” do not carry enough liability coverage. This coverage pays for injuries to you and your family as well as damage to your Tesla Model 3.

Due to the fact that many drivers have only the minimum liability required by law, their limits can quickly be used up. For this reason, having high UM/UIM coverages is a good idea.

Money doesn’t grow on trees

Drivers switch companies for many reasons like extreme rates for teen drivers, delays in paying claims, unfair underwriting practices and being labeled a high risk driver. Regardless of your reason for switching companies, choosing a new company can be easier than you think.

Some companies don’t offer the ability to get quotes online and usually these regional insurance providers work with local independent agencies. Affordable 2020 Tesla Model 3 insurance can be found online in addition to many insurance agents, and you need to comparison shop both to have the best chance of lowering rates.

You just learned many tips how you can compare 2020 Tesla Model 3 insurance car insurance rates online. The key thing to remember is the more rate comparisons you have, the higher your chance of finding the cheapest insurance coverage. Drivers may discover the lowest priced auto insurance comes from a lesser-known regional company.