Tesla Model 3 Insurance Rates

The average insurance rates for a Tesla Model 3 are $1,588 a year including full coverage. Comprehensive insurance costs around $344, collision costs $724, and liability costs $384. Liability-only coverage costs as little as $432 a year, with high-risk coverage costing $3,470 or more. Teenage drivers cost the most to insure at $5,792 a year or more.

Average premium for full coverage: $1,588

Policy rates for type of insurance:

Prices are based on $500 comprehensive and collision deductibles, liability coverage up to 30/60, and includes uninsured motorist and medical coverage. Prices are averaged for all 50 U.S. states and for different Model 3 trim levels.

Price Range Variability

Urban vs. Rural Price Range

Your location can have significant affects on the price of insurance. Areas with sparse population are shown to have a lower frequency of comprehensive and collision claims than densely populated cities.

The price range example below illustrates how location helps determine auto insurance rates.

The examples above highlight why anyone shopping for car insurance should compare rates for a specific zip code and risk profile, instead of using average rates.

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

Additional Rate Information

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

• The best discount rate is $881
• Drivers who choose higher $1,000 deductibles will pay about $242 every year
• The average rate for a good driver age 40 using $500 deductibles is $1,588
• Using more expensive low deductibles for comprehensive and collision insurance will cost an extra $474 every year
• Higher-risk drivers who are prone to accidents and violations could pay at least $3,470 or more
• Policy cost for full coverage for a teen driver with full coverage can be $5,792 a year

View Chart as Image

Insurance rates for a Tesla Model 3 also range considerably based on your risk profile, the model of your Model 3, and deductibles and policy limits.

An older driver with no violations or accidents and high deductibles may pay as little as $1,500 per year on average, or $125 per month, for full coverage. Rates are much higher for teenagers, where even good drivers should be prepared to pay as much as $5,700 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 $1,220 a year in states like Missouri, New Hampshire, and Vermont, or be forced to pay as much as $2,260 on average in Michigan, New York, and Louisiana.

View Chart as Image

Using high physical damage deductibles could save up to $720 every year, while increasing your policy's liability limits will increase rates. Changing from a 50/100 limit to a 250/500 limit will raise rates by up to $345 more each 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 at least $1,900 to $2,600 additional every year, depending on your age. High-risk driver insurance can cost as much as 45% to 133% more than a normal policy. View High Risk Driver Rates

Because rates have so much variability, the best way to figure out your exact price is to compare rates and see which company has the best rate. Every company uses a different method to calculate rates, and rates will be varied from one company to the next.

How to Find Affordable Tesla Model 3 Insurance

Finding cheaper rates on car insurance not only requires avoiding accidents and violations, but also having a good credit history, paying for small claims out-of-pocket, and taking advantage of discounts. Invest time comparing rates every time your policy renews by getting quotes from direct car insurance companies like GEICO, Progressive, and Esurance, and also from several local insurance agents.

The list below is a brief review of the information covered in the charts and tables above.

• You may be able to save up to $200 per year simply by shopping early and online
• Teenagers are charged the highest rates, with premiums being up to $483 each month including comprehensive and collision insurance
• Increasing comprehensive and collision deductibles can save around $725 each year
• Higher risk drivers with DUI or reckless driving convictions pay on average $1,880 more every year for car insurance
• Policyholders who may need higher liability limits will pay an extra $420 per year to go from a 30/60 limit to 250/500 limits