Mathew B. Sims is Editor-in-Chief and has authored, edited, and contributed to several books. He has been working in the insurance industry ensuring content is accurate for consumers who are searching for the best policies and rates. He has also been featured on sites like UpJourney.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring that ex...

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Jun 23, 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 $150 per month for full coverage which is about $1,800 per year. You can spend $283 more per year when you insure a Telsa Model 3. Continue reading to learn how you can save more money on Tesla Model 3 insurance rates.

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

Tesla Model 3 Insurance Cost

The average Tesla Model 3 auto 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.

Vehicle Comprehensive Collision Liability Total
Tesla Model 3 $444 $906 $316 $1,802
Tesla Model S $582 $1186 $316 $2,220
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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 auto insurance coverage.

Age of the Vehicle

Older Tesla Model 3 models generally cost less to insure. For example, auto insurance for a 2020 Tesla Model 3 costs $1,802, while 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
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Driver Age

Driver age can have a significant effect on Tesla Model 3 auto insurance rates. For example, 20-year-old drivers pay $2,204 more for their Tesla Model 3 auto insurance each year 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 Jacksonville may pay $1,081 a year more than drivers in Indianapolis.

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 auto insurance with violations on their driving record.

Tesla Model 3 Safety Ratings

Your Tesla Model 3 auto insurance rates are tied to the safety ratings of the Tesla Model 3. 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
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Tesla Model 3 Crash Test Ratings

Good Tesla Model 3 crash test ratings mean the VW is safer, which could mean cheaper Tesla Model 3 auto 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
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Tesla Model 3 Safety Features

Having a variety of safety features on your Tesla Model 3 can help lower your Tesla Model 3 insurance costs. 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 rates from the best companies using our FREE tool below.

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

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5 Ways to Save on Tesla Model 3 Insurance

There are many ways that you can save on Tesla Model 3 auto insurance. Below are five actions you can take to find cheap Tesla Model 3 auto insurance rates.

  • Move to the Countryside
  • Talk to Your Credit Card Company to Save on Rental Car Costs
  • Don’t Always Pick the Cheapest Tesla Model 3 Insurance Policy
  • Wait Six Years for Accidents to Disappear from Your Record
  • Buy a Dashcam for Your Tesla Model 3

Top Tesla Model 3 Insurance Companies

Who is the best auto 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
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Compare Free Tesla Model 3 Insurance Quotes Online

Save on your Tesla Model 3 auto insurance rates by taking advantage of our FREE comparison tool.