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Tesla Model 3 Car Insurance Cost

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Looking for a new or used Tesla Model 3? And wondering how much it costs to insure by year? We researched average annual insurance costs for each model year and have compiled the results for you below.

Tesla Model 3 insurance facts

  • Average full coverage auto insurance premium: $182/month

  • Most affordable companies: Nationwide ($124/month) & Progressive ($132/month)

  • Model 3 car insurance cost vs. average rate: $216 more expensive than the average vehicle

Explore the pricing information below to find how much it will cost you to insure your Tesla Model 3 by model year and auto insurer.

Below average Tesla Model 3 insurer costs by state:

How much does it cost to insure my Tesla Model 3?

Select the year of your car

2021 Tesla Model 3

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Average Cost to Insure Per Year

$2,187

List Price

$37,490

Trims Available

Standard - Standard Plus - Mid Range - Long Range - Performance - With Engine: All Wheel Drive (Dual Motor), Transmission: 1-spd auto with Driver Assist Technologies and Autonomous Driving - Traffic-Aware Cruise Control, Autosteer, Navigate on Autopilot, Auto Lane Change, Autopark, Smart Summon, Traffic and Stop Sign Control, with Safety Features - Forward Collision Warning, Automatic Emergency Braking, Lane Departure Avoidance, Blind Spot Collision Warning, Red Light Recognition, Front-impact airbags, Side impact airbags, Pretensioners

2020 Tesla Model 3

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Average Cost to Insure Per Year

$2,145

List Price

$35,000

Trims Available

Standard - Standard Plus - Mid Range - Long Range - Performance - With Engine: All Wheel Drive (Dual Motor), Transmission: 1-spd auto with Driver Assist Technologies and Autonomous Driving - Traffic-Aware Cruise Control, Autosteer, Navigate on Autopilot, Auto Lane Change, Autopark, Smart Summon, Traffic and Stop Sign Control, with Safety Features - Forward Collision Warning, Automatic Emergency Braking, Lane Departure Avoidance, Blind Spot Collision Warning, Red Light Recognition, Front-impact airbags, Side impact airbags, Pretensioners

2019 Tesla Model 3

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Average Cost to Insure Per Year

$2,078

List Price

$35,000

Trims Available

Standard - Standard Plus - Mid Range - Long Range - Performance

2018 Tesla Model 3

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Average Cost to Insure Per Year

$1,813

List Price

$46,000

Trims Available

Standard Range - Mid Range - Long Range - Performance

2017 Tesla Model 3

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Average Cost to Insure Per Year

$1,621

List Price

$35,000

Trims Available

Standard - Long Range

Risk factors affecting Tesla Model 3 insurance rates

The make and model of your vehicle, along with the year of manufacture, are the three most important factors in determining your car's value, which in turn is the main factor in determining your insurance premium. Your own personal driving history, age, marital status, credit scoretype of vehicle, coverage levels, and other personal factors are also important components of your rate.

How to save money on Tesla Model 3 insurance?

Many driver discounts are available to people through most major auto insurance companies, such as

  • Student discounts

  • Safe drivers

  • Senior discounts

With all Tesla models, you can get the following insurance discounts:

  • Passive restraint systems

  • Anti-lock brakes

  • Anti-theft devices

Tesla Automobile Brand

Tesla is the best-selling plug-in and electric car manufacturer with nearly 25% of the electric car market selling to a small higher income group of buyers in the United States with many customers in Arizona, California, Florida, NevadaOregon, and Texas. The target market of Tesla is higher income (above 100K+), but with the lower-priced Model 3, Tesla gains more customers with lower income (50 to 100K). All Tesla automobiles have five-star safety ratings, with the Model 3 consistently getting "Top Safety Pick" and 5-star safety and crash test ratings from the National Highway Traffic Safety Administration (NHTSA). Current Tesla models include the Model 3, S, X, and the Y.

Higher than average Model 3 repair costs equal higher insurance rates

Many consumers are attracted to Tesla automobiles for green technology, safety ratings, and driver-assist technologies, such as the autonomous system AutoPilot, their excellent all-wheel drive (AWD) system, plus the horsepower with the Model S going 0 to 60 in 1.99 seconds. Current automotive parts are sold directly from Tesla and are some of the most expensive repair parts and costs for vehicle owners. Repair parts for ToyotaHonda, and Subaru can be 120 to 284% less expensive. Repairing a Tesla is higher than average since repair parts are more costly and not as available as popular vehicles. For this reason, many Teslas are going to have higher than average insurance rates to similar cars in its class.

Average depreciation for Tesla Model 3 affecting auto policies

Tesla has an average depreciating value, according to CarandDriver.com, affecting auto insurance rates. As your vehicle's value goes down each year, your auto policy could go down at each renewal. On the other hand, in an auto accident, you need repair parts that rarely go down in price for all Tesla models. This could put you in a difficult situation position since many car insurance companies will subtract depreciation from the amount paid for your insurance claim resulting in a situation where your claim payout doesn't fully cover your repair cost.

High IIHS and NHTSA safety ratings lower coverage rates for drivers

Teslas are known for their excellent safety ratings, safety features, 5-star crash test ratings, AutoPilot driver-assist technologies, lowering car insurance rates for drivers with a good driving record, sometimes getting 20% driver discounts for passive restraints, and safety features in Tesla models. The Model 3 is Insurance Institute for Highway Safety (IIHS) "Top Safety Pick," and the NHTSA consistently gives Tesla Model 3, S, X, and Y top safety ratings each year, lowering your car insurance costs.

AutoInsureSavings.org licensed insurance agents to recommend comprehensive and collision coverage, uninsured motorist coverage, and roadside assistance for new Tesla automobile owners when buying an insurance policy.

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