Tesla Model 3 Insurance Rates
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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 including full coverage. Comprehensive insurance costs on average $344, collision costs $724, and liability coverage costs $384. Buying just liability costs as little as $432 a year, with insurance for high-risk drivers costing $3,470 or more. Teens pay the highest rates at $5,792 a year or more.
Average premium for full coverage: $1,588
Price estimates by individual coverage:
Prices include $500 policy deductibles, 30/60 liability coverage, and includes medical and UM/UIM coverage. Estimates are averaged for all 50 U.S. states and for different Model 3 trim levels.
Price Range from Low to High
For a driver in their 40's, Tesla Model 3 insurance prices go from as low as $432 for just liability insurance to a much higher rate of $3,470 for a policy for a high-risk driver.
Geographic Price Range
Your location has a large influence on car insurance rates. Rural areas have a lower frequency of comprehensive and collision claims than cities with more traffic congestion.
The price range example below illustrates how location helps determine car insurance rates.
The ranges above highlight why anyone shopping for car insurance should compare rates based on a specific location and risk profile, rather than using averaged prices.
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 Details
The chart below breaks down estimated Tesla Model 3 insurance rates for different risk profiles and scenarios.
- The cheapest rate after discounts is $881
- Drivers who choose higher $1,000 deductibles will pay around $242 every year
- The average rate for the average middle-age driver with $500 deductibles is $1,588
- Selecting more expensive low deductibles for comprehensive and collision insurance will cost an extra $474 each year
- High-risk insureds with serious driving violations could pay upwards of $3,470 or more
- The price for full coverage for a teenage driver with full coverage may cost $5,792 a year
Insurance prices for a Tesla Model 3 are also quite variable based on your driving record, the model of your Model 3, and policy deductibles and limits.
An older driver with no violations or accidents and high deductibles may only pay around $1,500 per year on average for full coverage. Prices are much higher for teenage drivers, where even good drivers should be prepared to pay upwards of $5,700 a year. View Rates by Age
The state you live in makes a big difference in Tesla Model 3 insurance rates. A 40-year-old driver could pay as low as $1,220 a year in states like Missouri, New Hampshire, and Vermont, or have to pay at least $2,260 on average in Michigan, New York, and Louisiana.
| 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% |
Choosing higher comprehensive and collision insurance deductibles could save up to $720 a year, while increasing your policy's liability limits will cost you more. Changing 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 likely paying at a minimum $1,900 to $2,600 additional each year, depending on your age. High-risk driver insurance can cost around 45% to 133% more than the average policy. View High Risk Driver Rates
Since prices can be so different, the best way to figure out exactly what you will pay is to compare prices and see how they stack up. Every company calculates prices differently, and 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 the Right Tesla Model 3 Insurance
Getting lower rates on auto insurance not only requires being safe and accident-free, but also having a good credit history, being claim-free, and insuring your home and auto with the same company. Invest time comparing rates every year by requesting rates from direct car insurance companies like Progressive and GEICO, and also from local exclusive and independent agents.
Below you'll find a quick rundown of the coverage data covered in the charts and tables above.
- You may be able to save as much as $200 per year simply by shopping early and online
- Increasing physical damage deductibles can save around $725 each year
- Youthful drivers pay higher prices, possibly costing $483 a month including comprehensive and collision insurance
- Drivers with reckless driving or DUI convictions may pay on average $1,880 more each year than a low-risk driver
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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