Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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Estimated auto insurance rates for a Tesla Model 3 are $1,588 annually with full coverage. Comprehensive insurance costs around $344, collision insurance costs $724, and liability insurance costs around $384. A liability-only policy costs as low as $432 a year, and high-risk insurance costs $3,470 or more. 16-year-old drivers pay the most at up to $5,792 a year.
Average premium for full coverage: $1,588
Premium estimates for type of coverage:
Prices are based on $500 comprehensive and collision deductibles, 30/60 split liability limits, and includes uninsured/under-insured motorist coverage. Rates include averaging for all U.S. states and for all Model 3 models.
Insurance Price Range by Risk and Coverage
For an average driver, insurance rates for a Tesla Model 3 range from as cheap as $432 for your basic liability-only policy to the much higher price of $3,470 for a high-risk insurance policy.
Insurance Price Range by Location
Where you live has a significant impact on insurance rates. Areas with sparse population are statistically proven to have fewer collision claims than congested cities. The example below illustrates the effect of geographic area on auto insurance rates.
These rate differences demonstrate why everyone should compare prices for a specific zip code and their own personal driving habits, rather than relying on rate averages.
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 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 $242 annually
- The estimated rate for a 40-year-old good driver using $500 deductibles is $1,588
- Buying pricier low deductibles for physical damage coverage costs an additional $474 a year
- Drivers with multiple tickets or accidents could pay at least $3,470
- An auto insurance policy with full coverage for a teen driver for full coverage can be $5,792 or more
Auto insurance prices for a Tesla Model 3 also have a wide range based on the model of your Model 3, your driving record, and deductibles and policy limits.
A more mature driver with a good driving record and high physical damage deductibles could pay as little as $1,500 a year, or $125 per month, for full coverage. Prices are highest for drivers in their teens, where even without any violations or accidents they will have to pay as much as $5,700 a year. View Rates by Age
If you have a few violations or you caused a few accidents, you may be forking out at least $1,900 to $2,600 in extra premium annually, depending on your age. Tesla Model 3 insurance for high-risk drivers can be anywhere from 45% to 133% more than the average rate. View High Risk Driver Rates
Opting for high physical damage deductibles could cut prices by as much as $720 each year, whereas buying more liability protection will increase prices. Moving from a 50/100 bodily injury limit to a 250/500 limit will cost up to $345 extra every year. View Rates by Deductible or Liability Limit
Where you choose to live has a huge impact on Tesla Model 3 insurance rates. A driver around age 40 might see prices as low as $1,140 a year in states like New Hampshire, Ohio, and Utah, or at least $2,140 on average in Florida, Michigan, 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 Buy Affordable Tesla Model 3 Insurance
Finding better rates on Tesla Model 3 insurance requires avoiding accidents and violations, having above-average credit, being claim-free, and possibly raising deductibles. Take the time to compare rates at least every other year by requesting quotes from direct companies, and also from local exclusive and independent agents.
The list below is a brief review of the car insurance concepts covered in the above illustrations.
- High-risk drivers with DUI or reckless driving convictions may pay on average $1,880 more every year for car insurance
- You may be able to save up to $200 per year just by quoting online well ahead of the renewal date
- Increasing policy deductibles could save up to $725 each year
- Drivers who may need higher liability limits will pay around $420 every year to increase from 30/60 bodily injury limits to higher 250/500 limits
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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