Tesla Model 3 Insurance Rates
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Michelle Robbins
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Michelle Robbins has been a licensed insurance agent for over 13 years. Her career began in the real estate industry, supporting local realtors with Title Insurance. After several years, Michelle shifted to real estate home warranty insurance, where she managed a territory of over 100 miles of real estate professionals. Later, Agent Robbins obtained more licensing and experience serving families a...
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UPDATED: Mar 30, 2024
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Average insurance prices for a Tesla Model 3 are $1,536 every 12 months with full coverage. Comprehensive costs around $332, collision costs $680, and liability insurance is $388. A policy with just liability insurance costs around $434 a year, with coverage for high-risk drivers costing around $3,350. Teen drivers receive the highest rates at $5,626 a year or more.
Average premium for full coverage: $1,536
Rate estimates for individual coverage type:
These estimates include $500 comprehensive and collision deductibles, 30/60 liability limits, and includes UM/UIM and medical coverage. Rates are averaged for all U.S. states and for all Model 3 models.
Price Range by Coverage and Risk
For a driver around age 40, prices range go from the cheapest price of $434 for a discount liability-only rate to the much higher price of $3,350 for a driver required to buy high-risk insurance.
Price Range by Location
Choosing to live in a large city has a significant impact on insurance rates. Areas with sparse population tend to have more infrequent collision claims than larger metro areas.
The example below illustrates the difference between rural and urban areas on auto insurance rates.
These examples demonstrate why everyone should compare rates quotes for a specific zip code and their own driving history, rather than relying on price 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.
Rates by State, City, and Model
The chart below details estimated Tesla Model 3 insurance rates for additional coverage choices and driver risks.
- The lowest rate with discounts is $856
- Raising to $1,000 deductibles will save about $228 annually
- The average price for a 40-year-old driver using $500 deductibles is $1,536
- Choosing pricier low deductibles increases the price to $1,986
- Higher-risk drivers with multiple violations and an at-fault accident could pay at least $3,350 or more
- The cost to insure a teen driver for full coverage can be $5,626
Insurance rates for a Tesla Model 3 can also vary considerably based on policy deductibles and limits, your driving record, and the trim level and model year.
Choosing high deductibles can reduce rates by up to $680 each year, whereas buying more liability protection will increase rates. Moving from a 50/100 liability limit to a 250/500 limit will cost as much as $349 more each year. View Rates by Deductible or Liability Limit
A more mature driver with no violations or accidents and higher deductibles could pay as little as $1,400 every 12 months on average for full coverage. Rates are highest for teen drivers, since even excellent drivers should be prepared to pay as much as $5,600 a year. View Rates by Age
If you like to drive fast or you were responsible for an accident, you may be forking out at least $1,800 to $2,500 additional per year, depending on your age. Tesla Model 3 insurance for high-risk drivers is expensive and can cost anywhere from 44% to 130% more than average. View High Risk Driver Rates
Where you live also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find rates as low as $1,100 a year in states like New Hampshire, Ohio, and Utah, or as much as $2,070 on average in Florida, Michigan, and New York.
| State | Premium | Compared to U.S. Avg | Percent Difference |
|---|---|---|---|
| Alabama | $1,388 | -$148 | -9.6% |
| Alaska | $1,176 | -$360 | -23.4% |
| Arizona | $1,274 | -$262 | -17.1% |
| Arkansas | $1,536 | -$0 | 0.0% |
| California | $1,750 | $214 | 13.9% |
| Colorado | $1,464 | -$72 | -4.7% |
| Connecticut | $1,576 | $40 | 2.6% |
| Delaware | $1,734 | $198 | 12.9% |
| Florida | $1,916 | $380 | 24.7% |
| Georgia | $1,418 | -$118 | -7.7% |
| Hawaii | $1,102 | -$434 | -28.3% |
| Idaho | $1,040 | -$496 | -32.3% |
| Illinois | $1,142 | -$394 | -25.7% |
| Indiana | $1,158 | -$378 | -24.6% |
| Iowa | $1,036 | -$500 | -32.6% |
| Kansas | $1,456 | -$80 | -5.2% |
| Kentucky | $2,092 | $556 | 36.2% |
| Louisiana | $2,272 | $736 | 47.9% |
| Maine | $946 | -$590 | -38.4% |
| Maryland | $1,268 | -$268 | -17.4% |
| Massachusetts | $1,224 | -$312 | -20.3% |
| Michigan | $2,662 | $1,126 | 73.3% |
| Minnesota | $1,286 | -$250 | -16.3% |
| Mississippi | $1,838 | $302 | 19.7% |
| Missouri | $1,362 | -$174 | -11.3% |
| Montana | $1,648 | $112 | 7.3% |
| Nebraska | $1,208 | -$328 | -21.4% |
| Nevada | $1,838 | $302 | 19.7% |
| New Hampshire | $1,106 | -$430 | -28.0% |
| New Jersey | $1,714 | $178 | 11.6% |
| New Mexico | $1,358 | -$178 | -11.6% |
| New York | $1,614 | $78 | 5.1% |
| North Carolina | $882 | -$654 | -42.6% |
| North Dakota | $1,256 | -$280 | -18.2% |
| Ohio | $1,058 | -$478 | -31.1% |
| Oklahoma | $1,574 | $38 | 2.5% |
| Oregon | $1,406 | -$130 | -8.5% |
| Pennsylvania | $1,464 | -$72 | -4.7% |
| Rhode Island | $2,046 | $510 | 33.2% |
| South Carolina | $1,390 | -$146 | -9.5% |
| South Dakota | $1,294 | -$242 | -15.8% |
| Tennessee | $1,342 | -$194 | -12.6% |
| Texas | $1,848 | $312 | 20.3% |
| Utah | $1,134 | -$402 | -26.2% |
| Vermont | $1,048 | -$488 | -31.8% |
| Virginia | $918 | -$618 | -40.2% |
| Washington | $1,184 | -$352 | -22.9% |
| West Virginia | $1,408 | -$128 | -8.3% |
| Wisconsin | $1,062 | -$474 | -30.9% |
| Wyoming | $1,364 | -$172 | -11.2% |
With so much variability in rates, the best way to find out your exact price is to regularly compare rates from as many companies as possible. Every auto insurance company uses a different rate calculation, and rates can be significantly different.
| Model Year | Comprehensive | Collision | Liability | Total Premium |
|---|---|---|---|---|
| 2024 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
| 2023 Tesla Model 3 | $394 | $842 | $354 | $1,726 |
| 2022 Tesla Model 3 | $380 | $808 | $364 | $1,688 |
| 2021 Tesla Model 3 | $358 | $780 | $376 | $1,650 |
| 2020 Tesla Model 3 | $344 | $724 | $384 | $1,588 |
| 2019 Tesla Model 3 | $332 | $680 | $388 | $1,536 |
| 2018 Tesla Model 3 | $318 | $610 | $390 | $1,454 |
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 Cheap Tesla Model 3 Insurance
Saving money on Tesla Model 3 insurance consists of avoiding accidents and violations, having above-average credit, eliminating unnecessary coverage, and taking advantage of discounts. Set aside time to compare rates at every policy renewal by obtaining price quotes from direct companies like GEICO, Progressive, and Esurance, and also from several local insurance agents.
The list below is a brief summary of the data covered above.
- Drivers who may need higher liability limits will pay about $430 every year to raise from a minimum limit to a 250/500 level
- You may be able to save up to $190 per year simply by quoting online well ahead of the renewal date
- Increasing deductibles could save as much as $675 each year
- Teenagers are charged the highest rates, with premiums as much as $469 per month if full coverage is included
Rate Tables and Charts
Rates by Driver Age
| Driver Age | Premium |
|---|---|
| 16 | $5,626 |
| 20 | $3,572 |
| 30 | $1,612 |
| 40 | $1,536 |
| 50 | $1,402 |
| 60 | $1,380 |
Full coverage, $500 deductibles
Rates by Deductible
| Deductible | Premium |
|---|---|
| $100 | $1,986 |
| $250 | $1,776 |
| $500 | $1,536 |
| $1,000 | $1,308 |
Full coverage, driver age 40
Rates by Liability Limit
| Liability Limit | Premium |
|---|---|
| 30/60 | $1,536 |
| 50/100 | $1,614 |
| 100/300 | $1,711 |
| 250/500 | $1,963 |
| 100 CSL | $1,652 |
| 300 CSL | $1,866 |
| 500 CSL | $2,021 |
Full coverage, driver age 40
Rates for High Risk Drivers
| Age | Premium |
|---|---|
| 16 | $8,082 |
| 20 | $5,700 |
| 30 | $3,436 |
| 40 | $3,350 |
| 50 | $3,196 |
| 60 | $3,170 |
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 | $84 |
| Multi-vehicle | $82 |
| Homeowner | $22 |
| 5-yr Accident Free | $122 |
| 5-yr Claim Free | $102 |
| Paid in Full/EFT | $76 |
| Advance Quote | $80 |
| Online Quote | $112 |
| Total Discounts | $680 |
Discounts are estimated and may not be available from every company or in every state.
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