Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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Estimated insurance prices for a Tesla Model 3 are $1,588 every 12 months for full coverage. Comprehensive insurance costs on average $344, collision insurance costs $724, and liability is $384. Liability-only insurance costs around $432 a year, and high-risk driver insurance costs $3,470 or more. Teenage drivers pay the most at up to $5,792 a year.
Average premium for full coverage: $1,588
Premium estimates by type of coverage:
Includes $500 policy deductibles, minimum liability limits, and includes uninsured motorist and medical coverage. Rates include averaging for all states and for all Model 3 models.
Insurance Price Range by Risk and Coverage
For the normal driver, insurance rates for a Tesla Model 3 range from the cheapest price of $432 for the bare minimum liability coverage to the much higher price of $3,470 for high-risk insurance.
Insurance Price Range by Location
Choosing to live in a large city can make a big difference on car insurance rates. Rural areas are statistically proven to have more infrequent accident claims than densely populated cities. The example below illustrates how geographic area affects car insurance rates.
These rate differences show why everyone should compare rates quotes based on a specific location and their own driving history, 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.
Additional Rate Information
The chart below shows average Tesla Model 3 insurance rates for different risk profiles and scenarios.
- The best discount rate is $881
- Raising to $1,000 deductibles will save around $242 a year
- The average price for a 40-year-old good driver with $500 deductibles is $1,588
- Using pricier low deductibles costs an extra $474 annually
- Drivers who are prone to accidents and violations could pay upwards of $3,470
- An auto insurance policy to insure a 16-year-old driver for full coverage may cost $5,792
Insurance prices for a Tesla Model 3 also have a wide range based on physical damage deductibles and liability limits, your driver profile, and the trim level of your Model 3.
Using high physical damage deductibles can reduce prices by up to $720 annually, whereas buying more liability protection will cost you more. Going from a 50/100 liability limit to a 250/500 limit will cost up to $345 more each year. View Rates by Deductible or Liability Limit
A more mature driver with no violations or accidents and higher deductibles may pay as low as $1,500 every 12 months on average, or $125 per month, for full coverage. Prices are much higher for drivers in their teens, since even excellent drivers should be prepared to pay upwards of $5,700 a year. View Rates by Age
If you have a few violations or you were responsible for an accident, you could be paying at a minimum $1,900 to $2,600 additional annually, depending on your age. Tesla Model 3 insurance for high-risk drivers is expensive and can cost from 45% to 133% more than a normal policy. View High Risk Driver Rates
Where you choose to live also has a big influence on Tesla Model 3 insurance prices. A middle-age driver might find prices as low as $1,050 a year in states like Idaho, Maine, and Iowa, or be forced to pay as much as $2,260 on average in Michigan, Louisiana, and New York.
| 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% |
| 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 Shop for the Cheapest Tesla Model 3 Insurance
Finding better rates on insurance for a Tesla Model 3 consists of avoiding accidents and claims, having above-average credit, not filing small claims, and dropping full coverage on older vehicles. Invest the time to compare rates every couple of years by getting quotes from direct carriers, and also from local independent and exclusive agents.
The points below are a recap of the material that was presented in the illustrations above.
- Insureds who require increased liability limits will pay an extra $420 each year to raise from 30/60 bodily injury limits to a 250/500 level
- Drivers under the age of 20 pay higher prices, as much as $483 per month if full coverage is included
- Drivers considered higher risk that have major violations or accidents pay an average of $1,880 more each year to insure a Tesla Model 3
- Increasing policy deductibles could save as much as $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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