View 2022 Tesla Model 3 Car Insurance Rates in 2024

No sane person looks forward to buying insurance, especially when they could lower their rates if they shopped around.

Companies like Progressive, State Farm and GEICO all claim big savings with catchy ads and it is challenging if not impossible to sift through the bull and find the best price available.

It’s smart to do price comparisons periodically because prices change quite often. Just because you found the best price on Model 3 insurance at your last renewal a different company probably has better rates today. You can find a lot of information about insurance out there, but I’m going to show you some great ways to slash your insurance rates.

Car insurance policy discounts

Car insurance is not cheap, but you might be missing out on some discounts that you may not even be aware of. Certain discounts will be applied when you complete an application, but a few need to be specially asked for before being credited.

• Organization Discounts – Joining a civic or occupational organization can get you a small discount on your bill.
• Paperless Signup – Many companies provide a small discount for buying your policy on the web.
• Claim Free – Claim-free drivers have much lower rates as opposed to frequent claim filers.
• Passive Restraint Discount – Cars that have air bags or motorized seat belts may earn rate discounts of up to 25% or more.
• Mature Driver Discount – Mature drivers could receive a small decrease in premiums on Model 3 insurance.
• Homeowners Pay Less – Owning your own home or condo can earn you a little savings since home ownership demonstrates responsibility.
• Cautious Driver Discounts – Drivers who don’t get into accidents can save as much as half off their rates on Model 3 insurance compared to accident prone drivers.
• Theft Prevention System – Vehicles that have factory anti-theft systems are less likely to be stolen and earn discounts up to 10% off your car insurance quote.
• Service Members Pay Less – Being deployed with a military unit could be rewarded with lower car insurance rates.

Keep in mind that most credits do not apply to the entire cost. Most only cut the price of certain insurance coverages like comp or med pay. So when it seems like all the discounts add up to a free policy, it’s just not the way it works.

Larger car insurance companies and their possible discounts can be read below.

• Esurance discounts include online quote, Pac-12 alumni, online shopper, renters, paid-in-full, and anti-theft.
• The Hartford has discounts for driver training, defensive driver, anti-theft, good student, bundle, and air bag.
• AAA policyholders can earn discounts including AAA membership discount, anti-theft, good student, education and occupation, pay-in-full, and multi-policy.
• GEICO includes discounts for defensive driver, air bags, anti-theft, daytime running lights, federal employee, seat belt use, and military active duty.
• State Farm offers premium reductions for multiple autos, good student, driver’s education, accident-free, passive restraint, and multiple policy.

If you need cheaper car insurance quotes, ask every insurance company to apply every possible discount. Some credits might not be available to policyholders everywhere. For a list of insurance companies with significant discounts, enter your zip code here.

The quickest method we recommend to compare policy rates is to know the fact auto insurance companies actually pay money for the chance to give you rate quotes. All consumers are required to do is give the companies some data including your education level, if you lease or own, whether you have decent credit, and daily mileage. Your rating data is instantly provided to many of the top insurers and they return rate quotes within a short period of time.

To check rates for your 2022 Tesla Model 3 now, click here and find out if you can get cheaper insurance.

How to lower your insurance rates

Many different elements are considered when you get your auto insurance bill. Some factors are common sense such as your driving record, although some other factors are not quite as obvious such as your credit history or how safe your car is.

• Having a spouse reduces risk – Having a spouse can actually save you money on your auto insurance policy. Having a significant other generally demonstrates drivers are more mature it has been statistically shown that married drivers get in fewer accidents.
• Stressful employer may mean higher rates – Jobs such as military personnel, police officers and medical professionals usually pay higher average rates in part from intense work situations and lots of time spent at work. On the other hand, professions such as professors, students and performers generally pay rates lower than average on Model 3 insurance.
• Drivers with responsible credit save – Having a bad credit score factor in calculating your premium rate. Insureds that have good credit tend to be better drivers and file fewer claims as compared to drivers with bad credit. Therefore, if your credit rating is not that good, you could be paying less to insure your 2022 Tesla Model 3 if you improve your credit rating.
• Less chance of injury means lower auto insurance rates – Safe vehicles tend to be cheaper to insure. Highly rated vehicles help reduce the chance of injuries in an accident and reduced instances of injuries means less money paid by your insurance company and lower rates for you. If your Tesla scored better than four stars on Safercar.gov or an “acceptable” rating on iihs.org you may pay a lower rate.
• Incidental coverages are wasting money – There are a lot of extra coverages that can waste your money if you don’t pay attention. Add-on coverages like replacement cost coverage, better glass coverage, and membership fees could be just wasting money. These may sound like a good investment when buying your policy, but if they’re wasting money eliminate the coverages to reduce your premium.
• Lower auto insurance rates for being claim-free – If you are the type of insured that files lots of claims you should expect either policy cancellation or increased premiums. Car insurance companies give discounts to policyholders who only file infrequent claims. Auto insurance is meant to be used in the event of the large, substantial claims.
• More than one policy can earn a discount – Most auto insurance companies give discounts to people that buy multiple policies in the form of a multi-policy discount. The discount can add up to 10 percent or more. If you currently are using one company, consumers should still get quotes from other companies to confirm you are receiving the best rates possible. There is a good possibility that you can save even more than the discount even if you have your coverage with different companies.

How do I know if I need professional advice?

When choosing coverage, there is no best way to insure your cars. Coverage needs to be tailored to your specific needs and your policy should reflect that. For instance, these questions might help in determining if your situation may require specific advice.

• Does coverage extend to Mexico or Canada?
• Should I have combined single limit or split liability limits?
• Am I covered by my employer’s commercial auto policy when driving my personal car for business?
• Do I have coverage when using my vehicle for my home business?
• Can I make deliveries for my home business?
• I don’t drive much so do I pay less?
• Am I better off with higher deductibles on my 2022 Tesla Model 3?

If you’re not sure about those questions, you might consider talking to an agent. If you want to speak to an agent in your area, fill out your zip code.

Insurance coverage companies are expert advertisers

Insurance coverage companies such as 21st Century, Allstate and State Farm endlessly run television, radio, and online ads. All the ads convey the message about savings after switching your coverage. Is it even possible that every company can make the same claim? You have to listen carefully.

Different companies can use profiling for a prospective insured that will generate a profit. A good example of a profitable customer could possibly be between the ages of 30 and 50, has no claims, and drives less than 5,000 miles a year. A driver that fits those parameters may get the lowest car insurance rates and will probably save quite a bit of money when switching.

People who may not quite match the ideal profile will get higher premium rates which usually ends up with the customer not buying. The ad wording is “drivers who switch” but not “all drivers who get quotes” save the amount stated. That is how companies can truthfully advertise the way they do.

That is why you should get a wide range of price quotes. It is just not possible to predict with any certainty which company will have the lowest rates.

Auto insurance coverage information

Learning about specific coverages of a insurance policy helps when choosing the best coverages and proper limits and deductibles. Policy terminology can be ambiguous and nobody wants to actually read their policy. Shown next are the normal coverages offered by insurance companies.

Comprehensive or Other Than Collision

Comprehensive insurance coverage covers damage caused by mother nature, theft, vandalism and other events. You need to pay your deductible first then your comprehensive coverage will pay.

Comprehensive coverage protects against claims such as falling objects, rock chips in glass, damage from flooding and damage from getting keyed. The highest amount you’ll receive from a claim is the ACV or actual cash value, so if your deductible is as high as the vehicle’s value it’s probably time to drop comprehensive insurance.

Coverage for collisions

Collision insurance covers damage to your Model 3 resulting from colliding with another car or object. You will need to pay your deductible then your collision coverage will kick in.

Collision insurance covers things such as scraping a guard rail, driving through your garage door, backing into a parked car, colliding with a tree and colliding with another moving vehicle. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from vehicles that are 8 years or older. You can also increase the deductible to bring the cost down.

UM/UIM Coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants when the “other guys” either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants and damage to your Tesla Model 3.

Because many people carry very low liability coverage limits, their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is important protection for you and your family. Usually the UM/UIM limits are set the same as your liability limits.

Medical costs insurance

Personal Injury Protection (PIP) and medical payments coverage pay for bills like EMT expenses, ambulance fees and rehabilitation expenses. They are used to fill the gap from your health insurance program or if you lack health insurance entirely. Coverage applies to not only the driver but also the vehicle occupants as well as getting struck while a pedestrian. Personal injury protection coverage is only offered in select states and may carry a deductible

Liability

This provides protection from injuries or damage you cause to other’s property or people that is your fault. It protects you against other people’s claims. Liability doesn’t cover your injuries or vehicle damage.

It consists of three limits, bodily injury per person, bodily injury per accident and property damage. As an example, you may have limits of 50/100/50 which means a limit of $50,000 per injured person, $100,000 for the entire accident, and $50,000 of coverage for damaged property. Some companies may use one limit called combined single limit (CSL) that pays claims from the same limit and claims can be made without the split limit restrictions.

Liability insurance covers claims such as bail bonds, legal defense fees, pain and suffering, loss of income and court costs. How much coverage you buy is up to you, but it’s cheap coverage so purchase as large an amount as possible.

In the end, you save

When buying insurance coverage, you should never skimp on critical coverages to save a buck or two. There are many occasions where an insured dropped liability coverage limits and discovered at claim time that their decision to reduce coverage ended up costing them more. The proper strategy is to buy a smart amount of coverage at the lowest possible cost, not the least amount of coverage.

Lower-priced insurance is available from both online companies in addition to many insurance agents, so you need to shop car insurance with both to get a complete price analysis. Some companies may not provide online rate quotes and usually these small insurance companies only sell through independent agents.