Tesla Model 3 Insurance Rates

U.S. average insurance rates for a Tesla Model 3 are $1,588 a year including full coverage. Comprehensive costs around $344 a year, collision insurance costs $724, and liability insurance is $384. Liability-only coverage costs around $432 a year, and high-risk coverage costs around $3,470. 16-year-old drivers pay the highest rates at up to $5,792 a year.

Average premium for full coverage: $1,588

Price estimates for individual coverage:

These estimates include $500 policy deductibles, split liability limits of 30/60, and includes medical and UM/UIM coverage. Estimates are averaged for all 50 U.S. states and Model 3 trim levels.

Price Range from Low to High

Geographic Price Range

Choosing to live in a large city has a significant impact on the price of insurance. Areas with sparse population have a lower frequency of comprehensive and collision claims than congested cities. The diagram below illustrates how location helps determine auto insurance rates.

The ranges above highlight why it is important to compare rates quotes for a specific zip code and risk profile, rather than relying on rate averages.

Use the form below to get customized rates for your location.

More Rate Details

The chart below breaks down average Tesla Model 3 insurance rates for additional coverage choices and driver risks.

• The best full coverage rate is $881
• Raising to $1,000 deductibles will save about $1,346 every year
• The average rate for the average middle-age driver using $500 deductibles is $1,588
• Buying low $100 deductibles will increase the cost to $2,062
• Higher-risk drivers with multiple tickets or accidents could pay at least $3,470
• The price for full coverage for a teen driver can be $5,792

View Chart as Image

Auto insurance prices for a Tesla Model 3 are also quite variable based on your driving record, the model of your Model 3, and deductibles and policy limits.

Older drivers with a good driving record and high deductibles could pay as little as $1,500 every 12 months on average for full coverage. Prices are highest for teenage drivers, where even good drivers will have to pay as much as $5,700 a year. View Rates by Age

The state you live in also has a big influence on Tesla Model 3 insurance rates. A middle-age driver might find prices as low as $1,220 a year in states like Missouri, New Hampshire, and Vermont, or at least $2,260 on average in Michigan, New York, and Louisiana.

View Chart as Image

Opting for high physical damage deductibles can reduce prices by up to $720 each year, while buying higher liability limits will increase prices. Changing from a 50/100 limit to a 250/500 limit will increase prices by as much as $345 extra every year. View Rates by Deductible or Liability Limit

If you have some driving violations or tend to cause accidents, you are likely paying at least $1,900 to $2,600 in extra premium each year, depending on your age. A high-risk auto insurance policy is expensive and can cost anywhere from 45% to 133% more than the average rate. View High Risk Driver Rates

How to Find Cheap Tesla Model 3 Insurance

Getting lower rates on Tesla Model 3 insurance consists of being a good driver, having good credit, being claim-free, and possibly raising deductibles. Invest time comparing rates at least once a year by requesting rates from direct car insurance companies like Progressive and GEICO, and also from several local insurance agents.

The following list is a brief summary of the primary concepts that were covered in the charts and tables above.

• You may be able to save up to $200 per year just by quoting early and online
• High-risk drivers that tend to have accidents or serious violations pay on average $1,880 more every year than a safer driver
• Increasing physical damage deductibles can save around $725 each year
• Drivers age 16 to 20 are expensive to insure, possibly costing $483 a month if they have full coverage