Tesla Model 3 Insurance Rates
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Michelle Robbins
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Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
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UPDATED: Mar 30, 2024
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U.S. average insurance rates for a Tesla Model 3 are $1,588 a year with full coverage. Comprehensive costs an estimated $344, collision costs $724, and liability is estimated at $384. Liability-only coverage costs approximately $432 a year, with high-risk coverage costing around $3,470. Teenage drivers pay the highest rates at $5,792 a year or more.
Average premium for full coverage: $1,588
Price estimates broken down by individual coverage:
Estimates include $500 deductible amounts, minimum liability limits, and includes uninsured/under-insured motorist coverage. Estimates are averaged for all U.S. states and for all Model 3 models.
Price Range from Low to High
For the average driver, Tesla Model 3 insurance prices go from as low as $432 for your basic liability-only policy to the much higher price of $3,470 for high-risk insurance.
Geographic Price Range
Living in a larger city can make a big difference on car insurance rates. More rural locations have a lower frequency of collision claims than densely populated cities.
The example below illustrates how location impacts insurance prices.
The ranges above demonstrate why everyone should get quotes for a targeted area and risk profile, instead of making a decision based on average rates.
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 Information
The chart below details estimated Tesla Model 3 insurance rates for other coverage scenarios.
- The best discount rate is $881
- Choosing higher $1,000 deductibles can save approximately $242 annually
- The average rate for the average middle-age driver who has $500 deductibles is $1,588
- Using pricier low deductibles for comp and collision coverage will increase the cost to $2,062
- Higher-risk drivers who are prone to accidents and violations could pay up to $3,470 or more
- The price for full coverage for a 16-year-old driver for full coverage can cost as much as $5,792 each year
Auto insurance prices for a Tesla Model 3 are also quite variable based on your driving record, the trim level and model year, and liability limits and deductibles.
A more mature driver with a good driving record and high deductibles may pay as low as $1,500 annually on average for full coverage. Prices are much higher for teenage drivers, where even good drivers will have to pay at least $5,700 a year. View Rates by Age
The state you live in plays a big part in determining prices for Tesla Model 3 insurance prices. A good driver about age 40 could pay as low as $1,140 a year in states like Utah, Ohio, and New Hampshire, or be forced to pay as much as $2,140 on average in New York, Michigan, and Florida.
| 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% |
Using high physical damage deductibles can save as much as $720 annually, whereas buying more liability protection will increase premiums. Moving from a 50/100 limit to a 250/500 limit will increase prices by as much as $345 extra every year. View Rates by Deductible or Liability Limit
If you have some driving violations or tend to cause accidents, you may be forking out $1,900 to $2,600 in extra premium each year, depending on your age. Tesla Model 3 insurance for high-risk drivers ranges from 45% to 133% more than a normal policy. View High Risk Driver Rates
Since prices can be so different, the best way to find out which car insurance is cheapest is to regularly compare prices from multiple companies. Each auto insurer uses a different method to calculate prices, and quoted prices may be quite different from one company to the next.
| 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 Find Low Cost Tesla Model 3 Insurance
Getting lower rates on insurance for a Tesla Model 3 takes having a good driving record, having good credit, avoid buying unnecessary coverage, and qualifying for all possible discounts. Spend time shopping around every couple of years by getting rate quotes from direct companies like Progressive and GEICO, and also from local exclusive and independent agents.
The next list is a review of the material that was touched on above.
- Insureds who want increased levels of liability coverage will pay an extra $420 every year to raise limits from a low limit to 250/500 limits
- Drivers age 20 and younger are the costliest to insure, costing up to $483 a month if they have full coverage
- Drivers considered higher risk who have several accidents or serious violations may pay on average $1,880 more annually to buy Tesla Model 3 insurance
- Increasing physical damage deductibles can save around $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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