Buy Cheap Tesla Model 3 Auto Insurance in 2024
Average Tesla Model 3 insurance costs $1,802 a year, or around $150 a month. On average, Tesla Model 3 comprehensive insurance coverage costs $439, collision coverage costs $641, and liability coverage costs $508.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
UPDATED: Aug 26, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our auto insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different auto insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Aug 26, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our auto insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different auto insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
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Key takeaways:
- Full coverage Tesla insurance costs around $1,802 a year or $150 each month
- A liability-only Tesla insurance policy costs around $722 a year or $60 each month
- Tesla insurance for the Model 3 costs around $283 more per year than the average vehicle
The cost of insurance can be expensive if drivers don’t take advantage of the savings they can get with insurance discounts, especially when it comes to luxury cars. Some electric vehicles may even need additional coverages because insurance providers know that these models are more expensive than the average vehicle. Tesla Model 3 insurance costs around $283 more per year than the average rate for other vehicles. Our guide dissects Tesla motor insurance rates and offers saving advice, so read on.
You can start comparing quotes for Tesla Model 3 car insurance rates from some of the best car insurance companies by now using our free online tool.
How much does average Tesla Model 3 insurance cost?
The average Tesla Model 3 auto insurance costs are $1,802 a year or $150 a month.
The chart below details how Tesla Model 3 insurance rates compare to other electric luxury sedans like the Tesla Model S.
| Vehicle | Comprehensive | Collision | Liability | Total |
| Tesla Model 3 | $444 | $906 | $316 | $1,802 |
| Tesla Model S | $582 | $1186 | $316 | $2,220 |
However, you can do a few things to find the cheapest Tesla insurance rates online.
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What impacts the cost of Tesla Model 3 insurance?
The Tesla Model 3 trim and model you choose can impact the total price for Tesla Model 3 insurance coverage. However, multiple factors affect your rates, including typical discounts and bundling options.
Age of the Vehicle
The average Tesla Model 3 car insurance rates are higher for newer models. For example, car insurance for a 2020 Tesla Model 3 costs $1,802, while a 2018 Tesla Model 3 insurance costs are $1,744, $58.
| Model Year | Comprehensive | Collision | Liability | Total |
| 2020 Tesla Model 3 | $444 | $906 | $316 | $1,802 |
| 2019 Tesla Model 3 | $424 | $870 | $332 | $1,762 |
| 2018 Tesla Model 3 | $406 | $864 | $338 | $1,744 |
Driver Age
The driver’s age can have a significant effect on the cost of Tesla Model 3 car insurance. For example, a 20-year-old driver could pay around $184 more each month for their Tesla Model 3 car insurance than a 30-year-old driver.
Driver Location
Where you live can have a large impact on Tesla Model 3 insurance rates. For example, drivers in Houston may pay $1,328 a year more than drivers in Columbus.
Your Driving Record
Your driving record can impact the cost of Tesla Model 3 car insurance. Teens and drivers in their 20s see the highest jump in their Tesla Model 3 car insurance rates with violations on their driving record.
What safety ratings does this vehicle have?
Safety ratings will affect your Tesla Model 3 auto insurance rates. One of the perks of being an autonomous vehicle owner is that there is a lot of extra technology in the vehicle that insurance carriers will know about that is designed to help keep you safe. It is hard to get into tons of accidents when your car is smart enough to help avoid them.
See the chart below:
| Test Type | Rating |
| Small overlap front: driver-side | Good |
|---|---|
| Small overlap front: passenger-side | Good |
| Moderate overlap front | Good |
| Side | Good |
| Roof strength | Good |
| Head restraints and seats | Good |
| Source: Insurance Institute for Highway Safety | |
Good Tesla Model 3 crash test ratings can lower your Tesla Model 3 auto insurance rates. See Tesla Model 3 crash test results below:
| Vehicle Tested | Overall | Frontal | Side | Rollover |
| 2020 Tesla Model 3 4 DR RWD | 5 stars | 5 stars | 5 stars | 5 stars |
| 2020 Tesla Model 3 4 DR AWD | 5 stars | 5 stars | 5 stars | 5 stars |
| 2019 Tesla Model 3 4 DR RWD | 5 stars | 5 stars | 5 stars | 5 stars |
| 2019 Tesla Model 3 4 DR AWD | 5 stars | 5 stars | 5 stars | 5 stars |
| 2018 Tesla Model 3 4 DR RWD | 5 stars | 5 stars | 5 stars | 5 stars |
| 2018 Tesla Model 3 4 DR AWD | N/R | N/R | 5 stars | 5 stars |
| 2017 Tesla Model 3 DR RWD | N/R | N/R | N/R | N/R |
| 1-5 Star Rating Scale, N/R = No Rating | Source: National Highway Traffic Safety Administration | ||||
|---|---|---|---|---|
What are the Tesla Model 3 safety features?
The Tesla Model 3 safety features play a vital role in keeping passengers safe in crashes, but they can also help lower your Tesla Model 3 auto insurance rates. The Tesla Model 3’s safety features include:
- Driver Air Bag
- Passenger Air Bag
- Front Head Air Bag
- Rear Head Air Bag
- Front Side Air Bag
- 4-Wheel ABS
- 4-Wheel Disc Brakes
- Brake Assist
- Electronic Stability Control
- Daytime Running Lights
- Child Safety Locks
- Traction Control
- Blind Spot Monitor
- Auto-Leveling Headlights
- Lane Departure Warning
- Lane Keeping Assist
- Cross-Traffic Alert
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What should you expect when it comes to the finance and insurance cost?
If you are financing a Tesla Model 3, most lenders will require you to carry stronger policies. Whenever you finance a car, you are required by the lender to carry full coverage auto insurance. With your Tesla, you can expect the same and then some. You will need collision coverage, bodily injury, and other coverages that line up with the minimum car insurance requirements where you live.
When you need to protect more expensive models, you may face a tremendous insurance cost that you weren’t expecting. Unfortunately, there is more of a burden on owners of these types of vehicles, and average car insurance typically doesn’t cut it.
Since you will need comprehensive insurance, you should shop around and look at multiple insurance estimates and quotes. Insurance agents can also help you determine what insurance products are going to be best for your needs and make recommendations; they will also be able to help you look at vehicle features, facts about your driving history, and other things to see what discounts you qualify for to ensure that you’re getting the lowest insurance prices that you qualify for.
How can you save money on insurance premiums?
If you want to reduce the cost of your Tesla Model 3 insurance rates, follow these tips below:
- Choose a Tesla Model 3 with Cheaper Repair Costs. This is especially important because these vehicles can’t get service at just any auto body shop; you have to go to one of your state’s Tesla-approved Body Repair Shops.)
- Understand the Different Types of Auto Insurance for Your Tesla Model 3. Look at the different insurance offerings and their annual rates. Learn about what each of the different insurers and policies has to offer. You can use this information to get the cheapest auto insurance while still getting the coverage you need. If you’re willing to look past a typical insurance company, you can find a customized insurance policy provider.
- Bundle Your Tesla Model 3 Auto Insurance with Home Insurance.
- Tell Your Insurer About Different Drivers or Uses for Your Tesla Model 3.
- Choose Automatic Payments or EFT for Your Tesla Model 3 Insurance Policy.
What are the top Tesla Model 3 insurance companies?
Several top car insurance companies offer competitive rates for the Tesla Model 3 rates based on discounts for safety features. Take a look at this list of top car insurance companies popular with Tesla Model 3 drivers organized by market share.
| Rank | Company | Volume | Market Share |
| 1 | State Farm | $65,615,190 | 9.3% |
| 2 | Geico | $46,106,971 | 6.6% |
| 3 | Progressive | $39,222,879 | 5.6% |
| 4 | Liberty Mutual | $35,600,051 | 5.1% |
| 5 | Allstate | $35,025,903 | 5.0% |
| 6 | Travelers | $28,016,966 | 4.0% |
| 7 | USAA | $23,483,080 | 3.3% |
| 8 | Chubb | $23,388,385 | 3.3% |
| 9 | Farmers | $20,643,559 | 2.9% |
| 10 | Nationwide | $18,442,145 | 2.6% |
| Source: Insurance Information Institute | |||
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Compare Free Tesla Model 3 Insurance Quotes Online
You can start comparing quotes for Tesla Model 3 car insurance rates from some of the best car insurance companies by now using our free online tool.
Frequently Asked Questions
Is it possible to find cheap auto insurance for a Tesla Model 3?
Yes, it is possible to find affordable auto insurance for a Tesla Model 3. While Tesla vehicles generally have higher insurance rates due to their cost and advanced features, there are strategies to help keep your premiums reasonable. Shopping around for quotes from multiple insurance companies, taking advantage of available discounts, and considering factors like your driving record and deductible can contribute to finding cheaper auto insurance rates for your Tesla Model 3.
What factors can influence the cost of Tesla Model 3 Auto Insurance?
Several factors can influence the cost of Tesla Model 3 auto insurance. These include:
- Vehicle value: The value of the Tesla Model 3 plays a role in determining insurance rates. Generally, higher-value vehicles have higher insurance premiums.
- Safety features: The advanced safety features of the Tesla Model 3, such as Autopilot and collision avoidance systems, may lead to lower insurance rates due to the vehicle’s enhanced safety profile.
- Repair costs: Teslas, including the Model 3, can have higher repair costs due to their specialized parts and technology. Insurance companies consider this when calculating premiums.
- Location: Where you live can impact insurance rates. Factors like population density, crime rates, and accident statistics in your area can affect the cost of insuring your Tesla Model 3.
- Driving record: Your driving history, including accidents, tickets, and violations, can influence the cost of your auto insurance. A clean driving record generally leads to lower premiums.
- Deductible amount: The deductible is the amount you pay out-of-pocket before insurance coverage kicks in. Choosing a higher deductible can lower your premium, but ensure you can comfortably afford the deductible amount if needed.
Are there any specific auto insurance discounts available for a Tesla Model 3?
Yes, there may be specific auto insurance discounts available for a Tesla Model 3. While the availability of discounts can vary between insurance companies, some common ones include:
- Safe driver discount: If you have a clean driving record with no accidents or traffic violations, you may be eligible for a safe driver discount.
- Multi-policy discount: If you have multiple insurance policies with the same company, such as auto and home insurance, you may qualify for a discount by bundling them.
- Safety features discount: Tesla Model 3’s advanced safety features, such as automatic emergency braking and lane departure warning, may make you eligible for discounts.
- Good student discount: Full-time students with good grades can often receive a discount on their auto insurance premiums.
Should I purchase additional coverage for my Tesla Model 3 to protect its value?
While the minimum required auto insurance coverage is mandatory in most jurisdictions, purchasing additional coverage for your Tesla Model 3 can help protect its value. Consider the following options:
- Collision coverage: This coverage pays for repairs or replacement if your Tesla Model 3 is damaged in an accident, regardless of fault.
- Comprehensive coverage: Comprehensive insurance covers damage to your vehicle caused by non-collision incidents, such as theft, vandalism, or natural disasters.
- Uninsured/underinsured motorist coverage: This coverage protects you if you’re involved in an accident with a driver who doesn’t have insurance or lacks sufficient coverage.
- Gap insurance: If you have a loan or lease on your Tesla Model 3, gap insurance can cover the difference between the vehicle’s value and the outstanding balance in the event of a total loss.
Can I take advantage of any incentives or programs to reduce insurance costs for a Tesla Model 3?
While insurance costs are primarily determined by the insurance company and various factors, you may be eligible for certain incentives or programs that can potentially reduce your insurance costs. For example:
- Electric vehicle (EV) incentives: Some states or municipalities offer incentives for owning an electric vehicle, which can indirectly reduce your insurance costs. These incentives vary by location, so check with local authorities or your insurance provider for information.
- Usage-based insurance programs: Some insurance companies offer usage-based insurance programs where your premiums are based on your driving habits. If you’re a safe and low-mileage driver, this type of program can potentially lead to lower insurance rates.
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Tim Bain
Licensed Insurance Agent
Tim Bain is a licensed insurance agent with 23 years of experience helping people protect their families and businesses with the best insurance coverage to meet their needs. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.