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 $1,650 annually including full coverage. Comprehensive insurance costs an estimated $358, collision insurance costs $780, and liability is estimated at $376. Liability-only insurance costs approximately $426 a year, and high-risk driver insurance costs $3,612 or more. Teenage drivers pay the most at up to $6,000 a year.
Average premium for full coverage: $1,650
Premium estimates broken down by type of coverage:
Estimates include $500 policy deductibles, split liability limits of 30/60, and includes medical/PIP and uninsured motorist coverage. Rates include averaging for all 50 U.S. states and for all Model 3 models.
Insurance Price Range by Risk and Coverage
Using a middle-aged driver as an example, insurance rates for a Tesla Model 3 range from as cheap as $426 for liability-only coverage to the much higher price of $3,612 for coverage for higher-risk drivers.
Insurance Price Range by Location
Living in a larger city can make a big difference on the price of auto insurance. More rural locations are statistically proven to have fewer comprehensive and collision claims than densely populated cities. The example below illustrates how where you live affects insurance prices.
These rate differences highlight why everyone should get quotes for a targeted area and their own personal driving habits, 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 Charts and Tables
The chart below breaks down average Tesla Model 3 insurance rates for other coverage scenarios.
- The best discount rate is $910
- Choosing higher $1,000 deductibles can save approximately $258 every year
- The estimated rate for a 40-year-old good driver who has $500 deductibles is $1,650
- Using pricier low deductibles for comp and collision coverage costs an additional $508 annually
- Higher-risk drivers who are prone to accidents and violations could pay up to $3,612
- An auto insurance policy with full coverage for a 16-year-old driver for full coverage can cost as much as $6,000 each year
Insurance prices for a Tesla Model 3 also have a wide range based on the model of your Model 3, your driving characteristics, and liability limits and deductibles.
A more mature driver with no violations or accidents and high physical damage deductibles may pay as low as $1,500 annually on average, or $125 per month, for full coverage. Prices are much higher for drivers in their teens, where even without any violations or accidents they should be prepared to pay at least $6,000 a year. View Rates by Age
If you have a few violations or you caused a few accidents, you are likely paying $2,000 to $2,700 additional annually, depending on your age. Tesla Model 3 insurance for high-risk drivers ranges from 45% to 135% more than a normal policy. View High Risk Driver Rates
Using high physical damage deductibles can save as much as $770 annually, whereas buying more liability protection will increase premiums. Changing from a 50/100 bodily injury limit to a 250/500 limit will cost up to $339 more each year. View Rates by Deductible or Liability Limit
Where you choose to live plays a big part in determining prices for Tesla Model 3 insurance prices. A good driver about age 40 could pay as low as $1,260 a year in states like Vermont, New Hampshire, and Missouri, or be forced to pay as much as $2,350 on average in Louisiana, New York, and Michigan.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,490 | -$160 | -9.7% |
| Alaska | $1,264 | -$386 | -23.4% |
| Arizona | $1,368 | -$282 | -17.1% |
| Arkansas | $1,650 | -$0 | 0.0% |
| California | $1,878 | $228 | 13.8% |
| Colorado | $1,574 | -$76 | -4.6% |
| Connecticut | $1,692 | $42 | 2.5% |
| Delaware | $1,866 | $216 | 13.1% |
| Florida | $2,060 | $410 | 24.8% |
| Georgia | $1,526 | -$124 | -7.5% |
| Hawaii | $1,186 | -$464 | -28.1% |
| Idaho | $1,116 | -$534 | -32.4% |
| Illinois | $1,228 | -$422 | -25.6% |
| Indiana | $1,244 | -$406 | -24.6% |
| Iowa | $1,112 | -$538 | -32.6% |
| Kansas | $1,566 | -$84 | -5.1% |
| Kentucky | $2,248 | $598 | 36.2% |
| Louisiana | $2,440 | $790 | 47.9% |
| Maine | $1,018 | -$632 | -38.3% |
| Maryland | $1,360 | -$290 | -17.6% |
| Massachusetts | $1,314 | -$336 | -20.4% |
| Michigan | $2,864 | $1,214 | 73.6% |
| Minnesota | $1,380 | -$270 | -16.4% |
| Mississippi | $1,976 | $326 | 19.8% |
| Missouri | $1,464 | -$186 | -11.3% |
| Montana | $1,772 | $122 | 7.4% |
| Nebraska | $1,298 | -$352 | -21.3% |
| Nevada | $1,976 | $326 | 19.8% |
| New Hampshire | $1,190 | -$460 | -27.9% |
| New Jersey | $1,842 | $192 | 11.6% |
| New Mexico | $1,460 | -$190 | -11.5% |
| New York | $1,736 | $86 | 5.2% |
| North Carolina | $948 | -$702 | -42.5% |
| North Dakota | $1,352 | -$298 | -18.1% |
| Ohio | $1,138 | -$512 | -31.0% |
| Oklahoma | $1,692 | $42 | 2.5% |
| Oregon | $1,510 | -$140 | -8.5% |
| Pennsylvania | $1,572 | -$78 | -4.7% |
| Rhode Island | $2,200 | $550 | 33.3% |
| South Carolina | $1,494 | -$156 | -9.5% |
| South Dakota | $1,392 | -$258 | -15.6% |
| Tennessee | $1,444 | -$206 | -12.5% |
| Texas | $1,986 | $336 | 20.4% |
| Utah | $1,220 | -$430 | -26.1% |
| Vermont | $1,126 | -$524 | -31.8% |
| Virginia | $990 | -$660 | -40.0% |
| Washington | $1,272 | -$378 | -22.9% |
| West Virginia | $1,510 | -$140 | -8.5% |
| Wisconsin | $1,140 | -$510 | -30.9% |
| Wyoming | $1,468 | -$182 | -11.0% |
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $444 | $906 | $316 | $1,802 |
| 2023 Tesla Model 3 | $424 | $870 | $332 | $1,762 |
| 2022 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2021 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2020 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2019 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2018 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
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 Low Cost Tesla Model 3 Insurance
Finding better rates on insurance for a Tesla Model 3 takes avoiding accidents and claims, having good credit, refrain from filing small claims, and possibly raising deductibles. Take the time to comparison shop at least once a year by requesting quotes from direct car insurance companies, and also from insurance agencies where you live.
The points below are a review of the primary concepts that were touched on in the above illustrations.
- You may be able to save approximately $210 per year just by quoting online well ahead of the renewal date
- Drivers considered higher risk who have several accidents or serious violations could be forced to pay on average $1,960 more annually to insure a Tesla Model 3
- Increasing policy deductibles could save up to $775 each year
- Drivers under the age of 20 are expensive to insure, with the cost nearing $500 per month if they have full coverage
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $6,000 |
| 20 | $3,856 |
| 30 | $1,740 |
| 40 | $1,650 |
| 50 | $1,506 |
| 60 | $1,482 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $2,158 |
| $250 | $1,920 |
| $500 | $1,650 |
| $1,000 | $1,392 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,650 |
| 50/100 | $1,725 |
| 100/300 | $1,819 |
| 250/500 | $2,064 |
| 100 CSL | $1,763 |
| 300 CSL | $1,970 |
| 500 CSL | $2,120 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,636 |
| 20 | $6,152 |
| 30 | $3,712 |
| 40 | $3,612 |
| 50 | $3,446 |
| 60 | $3,416 |
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 | $91 |
| Multi-vehicle | $88 |
| Homeowner | $23 |
| 5-yr Accident Free | $135 |
| 5-yr Claim Free | $110 |
| Paid in Full/EFT | $84 |
| Advance Quote | $88 |
| Online Quote | $121 |
| Total Discounts | $740 |
Discounts are estimated and may not be available from every company or in every state.
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