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Compare Tesla Model 3 Insurance Quotes [Rates + Cheap Coverage Guide]

Car insurance rates for a Tesla Model 3 average $1,802 a year, or around $150 a month. Finding Tesla Model 3 teenager insurance rates can cost on average $6,586 a year, so shop around to find cheap coverage.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best...

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UPDATED: Jun 24, 2020

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Key takeaways:

  • Full coverage costs around $1,802 a year or $150 each month
  • A liability-only policy costs around $722 a year or $60 each month
  • Highest rates are for teenage drivers at around $6,586 a year or $549 each month
  • Good drivers can save as much as $743 a year by earning policy discounts
  • Tesla Model 3 insurance costs around $283 more per year than the average vehicle

Tesla Model 3 insurance rates are about $283 more per year than the average vehicle, partly owing to its high MSRP. Full coverage for the Tesla Model 3 costs about $1,802 a year or $150 a month, though good drivers can save around $743 a year for remaining claim-free. Let’s look at Tesla Model 3 insurance rates, safety ratings, and more.

You can start comparing quotes for Tesla Model 3 car insurance rates from some of the best car insurance companies by using our free online tool now.

Tesla Model 3 Insurance Cost

The average Tesla Model 3 car insurance rates are $1,802 a year or $150 a month.

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Are Tesla Model 3s Expensive to Insure?

The chart below details how Tesla Model 3 insurance rates compare to other electric luxury sedans like the Tesla Model S, , and .

Vehicle Comprehensive Collision Liability Total
Tesla Model 3 $444 $906 $316 $1,802
Tesla Model S $582 $1,186 $316 $2,220

However, there are a few things you can do to find the cheapest Tesla insurance rates online.

What Impacts the Cost of Tesla Model 3 Insurance?

You might have noticed that there is a multitude of factors that impact Tesla Model 3 car insurance rates. Your age, location, driving record, and model year all play a role in what you will ultimately pay to insure the Tesla Model 3.

Age of the Vehicle

Older Tesla Model 3 models generally cost less to insure. For example, auto insurance rates for a 2020 Tesla Model 3 are $1,802, while 2018 Tesla Model 3 rates are $1,744, a difference of $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

Driver age can have a significant impact on Tesla Model 3 auto insurance rates. For example, 20-year-old drivers pay approximately $2,204 more each year for their Tesla Model 3 auto insurance than 30-year-old drivers.

Driver Location

Where you live can have a large impact on Tesla Model 3 insurance rates. For example, drivers in Los Angeles may pay $666 a year more than drivers in Philadelphia.

Your Driving Record

Your driving record can have an impact on the cost of Tesla Model 3 auto insurance. Teens and drivers in their 20’s see the highest jump in their Tesla Model 3 car insurance with violations on their driving record.

Tesla Model 3 Safety Ratings

Your Tesla Model 3 auto insurance rates are influenced by the Tesla Model 3’s safety ratings. See the breakdown 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

Tesla Model 3 Crash Test Ratings

Tesla Model 3 crash test ratings will affect your Tesla Model 3 car insurance rates.

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

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

Tesla Model 3 Finance and Insurance Cost

If you are financing a Tesla Model 3, you will pay more if you purchase Tesla Model 3 car insurance at the dealership, so be sure to shop around and compare Tesla Model 3 car insurance quotes from the best companies using our FREE tool below.

Enter your zip code below to view companies that have cheap auto insurance rates.

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Ways to Save on Tesla Model 3 Insurance

If you want to reduce the cost of your Tesla Model 3 insurance rates, follow these tips below:

  • Choose Automatic Payments or EFT for Your Tesla Model 3 Insurance Policy
  • Consider Tesla Model 3 Insurance Costs Before Buying a Tesla Model 3
  • Never Drink and Drive Your Tesla Model 3
  • Check Reviews and State Complaints Before You Choose an Insurer
  • Buy Winter Tires for Your Tesla Model 3

Top Tesla Model 3 Insurance Companies

Who is the top car insurance company for Tesla Model 3 insurance rates? While the actual rates you pay will depend on many factors, here are some of the top companies offering Tesla Model 3 auto insurance coverage (ordered by market share). Many of these companies offer discounts for security systems and other safety features that the Tesla Model 3 offers.

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

Compare Free Tesla Model 3 Insurance Quotes Online

You can start comparing quotes for Tesla Model 3 insurance from some of the top car insurance companies by using our free online tool today.

About Eric Stauffer

Author: Eric StaufferI am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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