Tesla Model 3 Insurance Rates

U.S. average insurance rates for a Tesla Model 3 are $1,588 a year for full coverage insurance. Comprehensive costs around $344 a year, collision insurance costs $724, and liability costs around $384. Buying just liability costs as low as $432 a year, and insurance for high-risk drivers costs around $3,470. 16-year-old drivers pay the highest rates at up to $5,792 a year.

Average premium for full coverage: $1,588

Price estimates for individual coverage:

Estimates include $500 deductible amounts, 30/60 liability limits, and includes medical and UM/UIM coverage. Estimates are averaged for all 50 states and Model 3 trim levels.

Price Range from Low to High

Geographic Price Range

Where you live can make a big difference on car insurance rates. Areas with sparse population have a lower frequency of physical damage claims than congested cities. The diagram below illustrates the difference between rural and urban areas on auto insurance rates.

The ranges above illustrate why it is important to compare prices for a specific zip code and risk profile, instead of making a decision based on rate averages.

Use the form below to get customized rates for your location.

More Rate Details

The chart below illustrates average Tesla Model 3 insurance rates for additional coverage choices and driver risks.

• The best full coverage rate is $881
• Using higher $1,000 deductibles will save about $1,346 each year
• The average rate for the average middle-age driver using $500 deductibles is $1,588
• Buying low $100 deductibles for physical damage coverage will increase the cost to $2,062
• High-risk insureds with multiple tickets or accidents could pay at least $3,470
• The price for full coverage for a 16-year-old driver can be $5,792 or more

View Chart as Image

Insurance prices for a Tesla Model 3 are also quite variable based on your driving record, the model year and trim level, and deductibles and policy limits.

Older drivers with no violations or accidents and high deductibles may pay as low as $1,500 a year for full coverage. Prices are highest for teenage drivers, where even good drivers should be prepared to pay as much as $5,700 a year. View Rates by Age

The state you live in has a huge impact on Tesla Model 3 insurance prices. A driver around age 40 might see prices as low as $1,040 a year in states like Vermont, Wisconsin, and North Carolina, or at least $2,140 on average in Michigan, New York, and Florida.

View Chart as Image

Opting for high physical damage deductibles could cut prices by as much as $720 annually, while buying higher liability limits will increase prices. Switching from a 50/100 limit to a 250/500 limit will increase prices by as much as $345 more each year. View Rates by Deductible or Liability Limit

If you have some driving violations or tend to cause accidents, you are probably paying at least $1,900 to $2,600 additional each year, depending on your age. A high-risk auto insurance policy can be from 45% to 133% more than the average rate. View High Risk Driver Rates

How to Find Low Cost Tesla Model 3 Insurance

Getting lower rates on insurance for a Tesla Model 3 requires having a good driving record, having a good credit history, not filing small claims, and deciding if full coverage is necessary. Set aside time to compare rates at every policy renewal by quoting rates from direct insurance companies like Progressive and GEICO, and also from local exclusive and independent agents.

The next list is a review of the data covered above.

• Insureds who may need increased levels of liability coverage will pay around $420 annually to increase from a low limit to 250/500 limits
• It is possible to save up to $200 per year just by quoting early and online
• Increasing physical damage deductibles can save around $725 each year
• Drivers age 20 and younger are charged the highest prices, as much as $483 a month including comprehensive and collision insurance