Compare the Cost of Tesla Model 3 Insurance by Model Year and Company

Based on MoneyGeek’s findings, the average Tesla Model 3 insurance cost is $1,712 per year. This vehicle is one of the more expensive car models to insure. Individual rates, however, can vary depending on the auto insurance company and the model year of your car. To make sure you’re getting the most comprehensive policy at a fair price, be sure to compare insurance quotes from various carriers.

Loading...
By  
  |  

If you are looking for a car insurance policy for your Tesla Model 3, it helps to shop around. Get a personalized Tesla Model 3 insurance quote from different insurers to find the best deal possible. Different companies will have different costs depending on the model year of your car, and the cheapest option can change over time.

Key Takeaways

car2

Tesla Model 3 insurance rates are more expensive than the cost to insure an average car model. The average cost of insurance for a Tesla Model 3 is $1,712 per year, which is $285 more than the average cost of insurance across all car models.

find

Depending on the insurance company, the cost to insure a Tesla Model 3 can change by as much as $1,077 per year.

coins

The insurance rate for a Tesla Model 3 can change as much as $149 per year depending on how old the car is. Insurers charge less expensive rates for older models.

How Much It Costs to Insure a Tesla Model 3 and the Cheapest Company

Your auto insurance provider can affect your Tesla Model 3 insurance cost. The average rate for this vehicle is $1,712 per year, but the price may vary depending on the insurer. USAA offers the cheapest average insurance rate for a Tesla Model 3 at $1,255 per year. Allstate is the most expensive option, with an average rate of $2,332 per year for a Tesla Model 3. That’s a potential difference of $1,077 per year.

The Average Annual Cost of Tesla Model 3 Insurance by Company

MoneyGeek found average insurance rates from different carriers using a sample driver profile. Rates above are for a Tesla Model 3 owner with 100/300/100 liability insurance with comprehensive and collision coverage.

The Average Cost to Insure a Tesla Model 3 by Company

Scroll for more

swipe icon
Loading...

Is a Tesla Model 3 Expensive to Insure?

Auto insurance providers use various factors to determine rates for a given model. Typically, the value of the car and its designation affect the cost. Insurance rates for expensive cars and sports or electric vehicles are higher.

A Tesla Model 3 is expensive to insure because it’s an electric car. Repair costs for electric cars are more expensive than standard vehicles, which leads to higher insurance rates.

The Best Car Insurance Company for a Tesla Model 3

Aside from Tesla Model 3 insurance costs, drivers may want to consider other factors to find the best car insurance company for their needs.

Based on MoneyGeek’s rating system, which takes affordability, customer complaints, customer satisfaction and financial stability into account, we found that:

  • USAA is the best company for a Tesla Model 3 auto insurance, but only military members and their families qualify for a policy.
  • The second-best option for a Tesla Model 3 car insurance is State Farm, an excellent option if you don’t qualify for a USAA policy.

1
USAA
Score:99

5/5

Affordability

4.5/5

Claims Ratings

5/5

User Satisfaction

5/5

Financial Stability

2
State Farm
Score:88

4.7/5

Affordability

4/5

Claims Ratings

3/5

User Satisfaction

5/5

Financial Stability

3
Progressive
Score:84

4.5/5

Affordability

4/5

Claims Ratings

3/5

User Satisfaction

4.5/5

Financial Stability

4
GEICO
Score:72

3.4/5

Affordability

3.5/5

Claims Ratings

3/5

User Satisfaction

5/5

Financial Stability

5
Allstate
Score:69

3/5

Affordability

4.5/5

Claims Ratings

3/5

User Satisfaction

4.5/5

Financial Stability

How Much It Costs to Insure a Tesla Model 3 by Model Year

Older versions of a Tesla Model 3 tend to be cheaper than newer ones due to value depreciation. The same is true for insurance; an older vehicle means lower comprehensive and collision insurance rates. For example, the average cost of insurance for a 2017 Tesla Model 3, the oldest version, is $1,618 per year. It costs an average of $1,767 annually to insure a 2020 Tesla Model 3. That’s a $149 difference. Different auto insurance providers offer cheaper options for certain model years. USAA has the most affordable insurance rate for a 2020 Tesla Model 3, at $1,173 annually.

Select the model year of your Tesla Model 3 below to see how rates compare. The average cost of auto insurance will vary depending on the model year.

The Average Cost to Insure a Tesla Model 3 by Model Year

Scroll for more

swipe icon
  • Company
    Average Annual Rates (2020 model)
    Average Annual Rates (2019 model)
    Average Annual Rates (2018 model)
    Average Annual Rates (2017 model)
  • 1.
    $1,173
    $1,183
    $1,349
    $1,314
  • 2.
    $1,462
    $1,432
    $1,405
    $1,314
  • 3.
    $1,427
    $1,446
    $1,464
    $1,478
  • 4.
    $1,567
    $1,560
    $1,489
    $1,480
  • 5.
    Allied
    $1,715
    $1,702
    $1,699
    $1,692

How Expensive Is It to Insure a Tesla Model 3 Compared to Other Cars?

A Tesla Model 3 has more expensive insurance rates compared to other car models. The average Tesla Model 3 insurance cost is $1,712 per year, compared to an average annual rate of $1,427 across all models. That said, it’s still cheaper to insure a Tesla Model 3 than more luxurious models, like the Tesla Model Y.

How Much It Costs to Insure a Tesla Model 3 for 16- to 25-Year-Olds

Given their inexperience on the road, young drivers are charged higher car insurance rates. The average rate for an 18-year-old driver with a Tesla Model 3 is $5,588 per year. This is significantly more expensive than the average insurance cost for a similar policy for a 40-year-old driver, which is only $1,712 annually. Check out the cost of car insurance for young drivers ages 16 to 25 below. Teen drivers looking for a way to save money may want to consider being added to their parents’ policy. Purchasing a separate policy can be very expensive for teens while being added to a parents’ insurance is significantly cheaper.

The Average Cost to Insure a Tesla Model 3 by Driver Age

Scroll for more

swipe icon
  • Age
    Average Annual Rates
  • 16
    $7,163
  • 17
    $6,346
  • 18
    $5,588
  • 19
    $4,002
  • 20
    $3,572
  • 21
    $2,828
  • 22
    $2,605
  • 23
    $2,383
  • 24
    $2,237
  • 25
    $2,030
  • 40
    $1,712

How Does Location Affect the Cost of Tesla Model 3 Insurance?

The costs listed on this page are based on national average Tesla Model 3 insurance rates. However, location can have a significant impact on insurance rates. To find out more about auto insurance costs in individual states, visit MoneyGeek’s state page analysis.

FAQs About Tesla Model 3 Insurance

The model of your car will affect the price of auto insurance, but it’s only one of many factors that impact car insurance rates. Read the most common questions below to find out more about Tesla Model 3 insurance rates.

Read More About Car Insurance

Methodology

MoneyGeek collected insurance rates from various carriers for a Tesla Model 3 Standard Range Plus across all available model years. The base driver is a 40-year-old male with a full coverage policy with:

  • $100,000 in bodily injury liability insurance per person
  • $300,000 in bodily injury liability insurance per accident
  • $100,000 in property damage liability insurance per accident
  • Comprehensive and collision insurance with a $1,000 deductible

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.