Tesla Model 3 Insurance Rates

The average insurance rates for a Tesla Model 3 are $1,588 a year for full coverage. Comprehensive costs around $344, collision insurance costs $724, and liability coverage costs around $384. A liability-only policy costs as low as $432 a year, and high-risk insurance costs around $3,470. Teen drivers cost the most to insure at up to $5,792 a year.

Average premium for full coverage: $1,588

Policy rates for type of insurance:

Rate estimates include $500 policy deductibles, 30/60 liability limits, and includes additional medical/uninsured motorist coverage. Prices are averaged for all states and for different Model 3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Where you live has a large influence on auto insurance rates. Areas with sparse population are shown to have lower incidents of accident claims than larger metro areas. The price range example below illustrates how rural and urban location affects auto insurance rates.

The examples above show why anyone shopping for car insurance should compare prices for a specific zip code, rather than using price averages.

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

Additional Rate Analysis

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

• The lowest rate with discounts is $881
• Using higher $1,000 deductibles will save about $242 a year
• The estimated price for a good driver age 40 using $500 deductibles is $1,588
• Choosing more expensive low deductibles for physical damage coverage bumps up the cost to $2,062
• Higher-risk drivers with multiple violations and an at-fault accident could pay at least $3,470
• Policy cost that insures a teenage driver with full coverage can be $5,792 or more

View Chart as Image

Car insurance rates for a Tesla Model 3 also range considerably based on the model year and trim level, how you drive, and deductibles and policy limits.

If you have a few points on your driving record or you caused an accident, you could be paying at least $1,900 to $2,600 extra every year, depending on your age. High-risk driver insurance can be around 45% to 133% more than average. View High Risk Driver Rates

An older driver with no driving violations and higher comprehensive and collision deductibles may only pay around $1,500 a year, or $125 per month, for full coverage. Rates are highest for teenagers, since even teens with perfect driving records will be charged as much as $5,700 a year. View Rates by Age

Your home state has a huge impact on Tesla Model 3 insurance rates. A driver around age 40 might see rates as low as $1,050 a year in states like Idaho, Maine, and Iowa, or as much as $2,260 on average in Michigan, Louisiana, and New York.

View Chart as Image

Choosing high deductibles could cut rates by as much as $720 a year, while increasing your policy's liability limits will increase rates. Going from a 50/100 bodily injury protection limit to a 250/500 limit will raise rates by up to $345 extra every 12 months. View Rates by Deductible or Liability Limit

How to Find the Best Tesla Model 3 Insurance

Finding cheaper rates on auto insurance requires avoiding accidents and claims, having a positive credit history, avoid buying unnecessary coverage, and consideration of higher deductibles. Shop around at every policy renewal by requesting quotes from direct carriers, and also from several local insurance agents.

The points below are a brief recap of the data raised in the charts and tables above.

• Consumers who may need increased liability limits will pay about $420 each year to increase from a 30/60 limit to the 250/500 level
• Drivers can save up to $200 per year just by shopping early and online
• Increasing comprehensive and collision deductibles can save approximately $725 each year
• Drivers under the age of 20 are the costliest to insure, costing up to $483 each month if full coverage is purchased