Are Tesla Model 3s Expensive to Insure? [Comprehensive Guide]
Average auto insurance rates for a Tesla Model 3 cost $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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Written by
Sara Routhier
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Reviewed by
Cynthia Lanctot
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UPDATED: Oct 27, 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 can be expensive if drivers don’t take advantage of savings. Tesla Model 3 insurance costs around $283 more per year than the average vehicle. Our guide dissects insurance rates for the Tesla Model 3 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 using our free online tool now.
Tesla Model 3 Insurance Cost
The average Tesla Model 3 auto insurance costs 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.
| Vehicle | Comprehensive | Collision | Liability | Total |
| Tesla Model 3 | $444 | $906 | $316 | $1,802 |
| Tesla Model S | $582 | $1186 | $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?
The Tesla Model 3 trim and model you choose can impact the total price you will pay for Tesla Model 3 insurance coverage.
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, 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
The driver 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 have an impact on the cost of Tesla Model 3 car insurance. Teens and drivers in their 20’s see the highest jump in their Tesla Model 3 car insurance rates with violations on their driving record.
Tesla Model 3 Safety Ratings
The Tesla Model 3’s safety ratings will affect your Tesla Model 3 auto insurance rates. 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 | |
Tesla Model 3 Crash Test Ratings
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 | ||||
|---|---|---|---|---|
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, most lenders will require your carry higher Tesla Model 3 coverage options including comprehensive coverage, so be sure to shop around and compare Tesla Model 3 auto insurance quotes from the best auto insurance companies using our FREE tool below.
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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 a Tesla Model 3 with Cheaper Repair Costs
- Understand the Different Types of Auto Insurance for Your Tesla Model 3
- 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
Top Tesla Model 3 Insurance Companies
Several top car insurance companies offer competitive rates for the Tesla Model 3 rates based on factors like discounts for safety features. Take a look at this list of top car insurance companies that are 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 | |||
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 using our free online tool now.