Tesla Model 3 Insurance Rates
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Michelle Robbins
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UPDATED: Mar 30, 2024
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The average insurance rates for a Tesla Model 3 are $1,536 a year including full coverage. Comprehensive insurance costs approximately $332, collision costs $680, and liability costs $388. Liability-only insurance costs as little as $434 a year, with high-risk driver insurance costing $3,350 or more. Teen drivers cost the most to insure at $5,626 a year or more.
Average premium for full coverage: $1,536
Policy rates by type of insurance:
Rates are based on $500 deductibles, liability limits of 30/60, and includes uninsured motorist and medical coverage. Prices are averaged for all 50 U.S. states and for all Model 3 models.
Price Range Variability
For the average driver, Tesla Model 3 insurance rates go from as low as $434 for the bare minimum liability coverage to the much higher price of $3,350 for a driver that may need high-risk insurance.
Urban vs. Rural Price Range
Your location can have significant affects on car insurance prices. Rural locations are shown to have a lower frequency of comprehensive and collision claims than larger metro areas.
The example below illustrates how location impacts auto insurance prices.
The examples above highlight why everyone should compare rates using their specific location and risk profile, instead of using 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.
Additional Rate Information
The chart below breaks down estimated Tesla Model 3 insurance rates for additional coverage and risk scenarios.
- The lowest rate with discounts is $856
- Drivers who choose higher $1,000 deductibles will pay $228 every year
- The average rate for a good driver age 40 who chooses $500 deductibles is $1,536
- Choosing pricier low deductibles for comprehensive and collision insurance will cost an extra $450 every year
- Higher-risk drivers with multiple violations and an at-fault accident could pay around $3,350 or more
- Policy cost for full coverage for a teen driver for full coverage can cost $5,626 a year
Auto insurance rates for a Tesla Model 3 also range considerably based on your risk profile, the model of your Model 3, and physical damage deductibles and liability limits.
A more mature driver with a good driving record and high deductibles may pay as little as $1,400 per year on average, or $117 per month, for full coverage. Rates are highest for teenagers, where even good drivers will have to pay in the ballpark of $5,600 a year. View Rates by Age
Your home state makes a big difference in Tesla Model 3 insurance prices. A 40-year-old driver could pay as low as $1,180 a year in states like Vermont, New Hampshire, and Missouri, or as much as $2,190 on average in Louisiana, New York, and Michigan.
| 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% |
Choosing high deductibles could save up to $680 every year, whereas buying more liability protection will push rates upward. Changing from a 50/100 limit to a 250/500 limit will raise rates by up to $349 extra every year. View Rates by Deductible or Liability Limit
If you have a few points on your driving record or tend to cause accidents, you are likely paying anywhere from $1,800 to $2,500 in extra premium every year, depending on your age. Tesla Model 3 insurance for high-risk drivers can cost as much as 44% to 130% more than average. View High Risk Driver Rates
Because rates have so much variability, the best way to figure out who has the best auto insurance rates is to regularly compare rates and see which company has the best rate. Every company uses a different rate calculation, and quoted rates will be varied from one company to the next.
| 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 Find the Best Cheap Tesla Model 3 Insurance
Finding cheaper rates on car insurance not only requires not taking risks behind the wheel, but also having good credit, paying for small claims out-of-pocket, and not having any coverage lapses. Spend time shopping around once a year by getting rate quotes from direct car insurance companies like GEICO, Progressive, and Esurance, and also from insurance agencies where you live.
The following is a quick review of the data that was touched on above.
- You may be able to save around $190 per year simply by quoting online well ahead of the renewal date
- Policyholders who purchase higher liability limits will pay about $430 per year to go from a 30/60 limit to 250/500 limits
- Teens have the highest car insurance rates, with premiums being up to $469 each month if they have full coverage
- Higher risk drivers with a DUI or reckless driving violation could be forced to pay on average $1,810 more per year for Model 3 insurance
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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