What is the Best Car Insurance for a Tesla Model 3?

Tesla Model 3 insurance rates cost $1,802/yr, or around $150/mo on average. Comprehensive, collision, and liability insurance cost around $439, $641, and $508, respectively. Tesla Model 3 insurance costs around $283 more per year than the average vehicle. Good drivers can save up to $743 a year on these costs by earning discounts on their policy.

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Rachel Bodine graduated from college with a BA in English. She has since worked as a Feature Writer in the insurance industry and gained a deep knowledge of state and countrywide insurance laws and rates. Her research and writing focus on helping readers understand their insurance coverage and how to find savings. Her expert advice on insurance has been featured on sites like PhotoEnforced, All...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insurance...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Oct 30, 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 with full coverage costing around $1,802 year or $150 a month. Good drivers can save up to $743 a year in policy discounts. Let’s take a quick 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.

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

Even though the average annual rate for the Tesla Model 3 is $1,802, your policy can be higher or lower depending upon your profile. Those factors include your age, home address, driving history, and the model year of your Tesla Model 3.

Age of the Vehicle

The average Tesla Model 3 car insurance rates are higher for newer models. For example, car 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
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Driver Age

Driver age can have a significant impact on Tesla Model 3 auto insurance rates. As an example, a 40-year-old driver could pay $190 less each month for their Tesla Model 3 auto insurance compared to a 20-year-old driver.

Driver Location

Where you live can have a large impact on Tesla Model 3 insurance rates. For example, drivers in Los Angeles may pay $1,549 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 car insurance with violations on their driving record.

Tesla Model 3 Safety Ratings

Your Tesla Model 3 car 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 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
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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.

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Ways to Save on Tesla Model 3 Insurance

You have more options at your disposal to save money on your Tesla Model 3 car insurance costs. For example, try these five tips:

  • Take Advantage of Referral Fees
  • Take a Refresher Course as an Older Driver
  • Buy a Tesla Model 3 with an Anti-Theft Device
  • Move to the Countryside
  • Use an Accurate Job Title When Requesting Tesla Model 3 Auto Insurance

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
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