Tesla Model 3 Insurance Rates
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UPDATED: Mar 30, 2024
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Estimated insurance prices for a Tesla Model 3 are $1,588 every 12 months for full coverage insurance. Comprehensive insurance costs around $344 each year, collision costs $724, and liability is $384. A liability-only policy costs around $432 a year, with high-risk insurance costing $3,470 or more. 16-year-old drivers pay the most at $5,792 a year or more.
Average premium for full coverage: $1,588
Premium estimates for type of coverage:
These estimates include $500 deductibles, 30/60 liability limits, and includes medical/PIP and uninsured motorist coverage. Rates include averaging for all 50 states and Model 3 models.
Insurance Price Range by Risk and Coverage
For an average driver, insurance rates for a Tesla Model 3 go from the cheapest price of $432 for liability-only coverage to a high rate of $3,470 for a driver required to buy high-risk insurance.
Insurance Price Range by Location
Choosing to live in a large city can have significant affects on car insurance rates. Areas with sparse population are statistically proven to have more infrequent physical damage claims than congested cities.
The graphic below illustrates the effect of geographic area on auto insurance rates.
These rate differences illustrate why all drivers should compare rates quotes for a specific zip code and their own driving history, instead of using 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.
Additional Charts and Tables
The chart below illustrates estimated 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 $242 each year
- The average price for a 40-year-old good driver using $500 deductibles is $1,588
- Buying low deductibles costs an extra $474 every year
- At-risk drivers with multiple tickets or accidents could pay at least $3,470 or more
- An auto insurance policy to insure a teen driver can be $5,792
Auto insurance prices for a Tesla Model 3 also have a wide range based on physical damage deductibles and liability limits, your risk profile, and the trim level and model year.
Opting for high physical damage deductibles can reduce prices by up to $720 every year, whereas increasing liability limits will increase prices. Switching from a 50/100 liability limit to a 250/500 limit will cost up to $345 extra every year. View Rates by Deductible or Liability Limit
More mature drivers with a good driving record and higher deductibles may pay as little as $1,500 every 12 months on average, or $125 per month, for full coverage. Prices are highest for drivers in their teens, since even excellent drivers will have to pay as much as $5,700 a year. View Rates by Age
If you have a few violations or you were responsible for an accident, you are probably paying at least $1,900 to $2,600 in extra premium annually, depending on your age. Insurance for high-risk drivers is expensive and can cost as much as 45% to 133% more than the average rate. View High Risk Driver Rates
Where you choose to live also has a big influence on Tesla Model 3 insurance prices. A middle-age driver might find prices as low as $1,040 a year in states like Vermont, Wisconsin, and North Carolina, or at least $2,140 on average in Michigan, New York, and Florida.
| 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% |
With such a large range in prices, the only way to figure out your exact price is to do a rate comparison and see which company has the best price. Every auto insurance company utilizes a different rate formula, and quoted prices will be substantially different.
| 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 Shop for Cheap Tesla Model 3 Insurance
Finding better rates on car insurance consists of not taking risks behind the wheel, having a good credit score, paying for small claims out-of-pocket, and maximizing policy discounts. Take the time to compare rates at every policy renewal by getting quotes from direct insurance companies, and also from your local independent and exclusive agents.
The following is a brief summary of the data covered in the above illustrations.
- Policyholders who may need higher liability limits will pay around $420 annually to raise from 30/60 bodily injury limits to a 250/500 level
- It is possible to save up to $200 per year simply by quoting online in advance
- Increasing policy deductibles could save as much as $725 each year
- Teens are expensive to insure, with premiums being up to $483 per month if comprehensive and collision insurance is included
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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