Cost of Tesla Model 3 Car Insurance (2024)
The Tesla Model 3 is more expensive to insure than most other cars, but you can still find affordable rates with USAA, State Farm, and GEICO.
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Written byJacqueline DeMarco
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13+ years writing insurance and personal finance content
Insurance, lending, and retirement expert
Jacqueline has contributed content, and her personal finance passion, to dozens of noteworthy financial brands, including Credit Karma, Bankrate, and MagnifyMoney.
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Edited byDanny Smith
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Licensed auto and home insurance agent
4+ years in content creation and marketing
As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.
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Updated November 21, 2024
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Table of contents
You can expect to spend an average of $231 per month to insure a Tesla Model 3, but how much you actually pay depends on a variety of factors, like your location, age, and driving record. The Tesla Model 3 is a very popular model due to it having the lowest starting price of any new Tesla electric car on the market ($40,240).[1]
Remember that the insurance rates below are averages — you should always compare car insurance quotes from multiple companies before purchasing a policy.
Quick Facts
The average cost of liability-only car insurance for the Tesla Model 3 is $154 per month.
A full-coverage car insurance policy for a Tesla Model 3 costs $307 per month, on average.
The cost to insure a Tesla Model 3 is higher than the national average of $154 per month.
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Cost of Tesla Model 3 insurance
The average cost of a car insurance policy for a Tesla Model 3 is $231 per month, much higher than the national average. However, the car insurance company you choose can greatly affect how much you spend on premiums. USAA typically offers the lowest rates for this car model, but you have to have some sort of military affiliation to qualify.[2]
2023 Tesla Model 3 insurance
If you’re planning to buy the latest Tesla Model 3 (2023), you can expect an MSRP of $40,240.[1] This table can give you an idea of what you might spend on car insurance with a handful of popular car insurance companies.
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| USAA | $150 |
| State Farm | $166 |
| GEICO | $171 |
| Allstate | $204 |
| American Family | $258 |
| Progressive | $247 |
| Liberty Mutual | $270 |
| Travelers | $298 |
| Farmers | $350 |
| The General | $382 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
2022 Tesla Model 3 insurance
Despite having a higher MSRP ($48,490) than the 2023 model, the 2022 Tesla Model 3 has lower average monthly car insurance costs.[1]
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| USAA | $131 |
| State Farm | $145 |
| GEICO | $150 |
| Allstate | $178 |
| American Family | $226 |
| Progressive | $216 |
| Liberty Mutual | $236 |
| Travelers | $260 |
| Farmers | $306 |
| The General | $333 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
2021 Tesla Model 3 insurance
The 2021 Tesla Model 3 came with an MSRP of $39,190, and you can expect to pay the following average monthly premiums for car insurance for one.[1]
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| USAA | $126 |
| State Farm | $141 |
| GEICO | $145 |
| Allstate | $172 |
| American Family | $218 |
| Progressive | $209 |
| Liberty Mutual | $228 |
| Travelers | $252 |
| Farmers | $296 |
| The General | $323 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
2020 Tesla Model 3 insurance
With a much lower starting price of $36,200, the 2020 Tesla Model 3 also comes with lower average insurance quotes.[1]
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| USAA | $125 |
| State Farm | $139 |
| GEICO | $144 |
| Allstate | $171 |
| American Family | $216 |
| Progressive | $207 |
| Liberty Mutual | $226 |
| Travelers | $250 |
| Farmers | $294 |
| The General | $320 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
2019 Tesla Model 3 insurance
The 2019 Tesla Model 3 had the exact same MSRP as the 2020 model, at $36,200, but comes with slightly lower auto insurance premiums.[1]
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| USAA | $121 |
| State Farm | $135 |
| GEICO | $139 |
| Allstate | $165 |
| American Family | $209 |
| Progressive | $200 |
| Liberty Mutual | $219 |
| Travelers | $242 |
| Farmers | $284 |
| The General | $310 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
2018 Tesla Model 3 insurance
The 2018 Tesla Model 3 was cheaper than the most current model, with a starting price of just $36,000.[1]
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| USAA | $111 |
| State Farm | $123 |
| GEICO | $127 |
| Allstate | $151 |
| American Family | $191 |
| Progressive | $183 |
| Liberty Mutual | $200 |
| Travelers | $220 |
| Farmers | $259 |
| The General | $282 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
2017 Tesla Model 3 insurance
Back in 2017, you could snag a Tesla Model 3 starting at $36,200. This table outlines the average monthly auto insurance quotes for this model.[1]
Insurance Company ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| USAA | $109 |
| State Farm | $121 |
| GEICO | $125 |
| Allstate | $149 |
| American Family | $189 |
| Progressive | $180 |
| Liberty Mutual | $197 |
| Travelers | $218 |
| Farmers | $256 |
| The General | $279 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
Recent quotes for other Insurify users
Drivers using Insurify have found quotes as cheap as $39/mo for liability only and $60/mo for full coverage.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 21, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 21, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 21, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 21, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Tesla Model 3 car insurance coverages
Nearly every state requires you to carry liability coverage, but you’ll also likely want to insure your Tesla with some other common coverages. These are some options you should consider:[3]
Collision coverage
Collision coverage pays for repairs or replacement of your car if it’s damaged in a collision with another vehicle or object. It also helps cover the costs of repairing your vehicle, regardless of who’s at fault in the accident.
Comprehensive coverage
Comprehensive coverage provides protection from non-collision events, such as vandalism, theft, and natural disasters. It covers the costs of repairing or replacing your vehicle if it’s damaged in any way other than a collision.
Uninsured/underinsured motorist coverage
Uninsured/underinsured motorist coverage protects you if you’re involved in an accident with a driver who either doesn’t have insurance or doesn’t have enough insurance to cover the damages. Uninsured/underinsured motorist coverage pays for medical bills, lost wages, and vehicle repairs.
Personal injury protection (PIP) coverage
Personal injury protection (PIP) coverage helps pay for medical expenses for you and your passengers after an accident, regardless of who’s at fault. It covers things like hospital visits, surgeries, and rehabilitation.
Tesla Model 3 car insurance FAQs
If you want to learn even more about Tesla Model 3 insurance, check out the answers to these commonly asked questions below.
Who has the cheapest Tesla Model 3 insurance?
USAA offers the cheapest car insurance for the Tesla Model 3. For example, USAA charges an average monthly rate of $150 for the 2023 model, whereas The General charges $382 per month. It’s helpful to get quotes from a few different car insurance companies to find a better deal.
Is the Tesla Model 3 expensive to insure?
Yes. The Tesla Model 3 can be much more expensive to insure than other cars. The national average cost of insurance is $154 per month, whereas it typically costs $231 per month to insure a Tesla Model 3.
How much does it cost to insure a Tesla Model 3?
How much it costs to insure a Tesla Model 3 depends on the type of car insurance you choose. The average cost of a full-coverage insurance policy for a Tesla Model 3 is $307 per month. If you want to save on your policy, you can choose to go with a liability-only policy, which only costs an average of $154 per month.
What factors can influence the insurance cost of a Tesla Model 3?
Insurers determine premiums for a Tesla Model 3 based on factors like your age, driving record, location, vehicle make, coverage level (full-coverage car insurance costs the most), and even credit history if your state allows it. Additionally, model year, safety features, annual mileage, and the local crime rate can affect your premium.
Methodology
Insurify data scientists analyzed more than 90 million quotes served to car insurance applicants in Insurify’s proprietary database to calculate the premium averages displayed on this page. These premiums are real quotes that come directly from Insurify’s 50+ partner insurance companies in all 50 states and Washington, D.C. Quote averages represent the median price for a quote across the given coverage level, driver subset, and geographic area.
Unless otherwise specified, quoted rates reflect the average cost for drivers between 20 and 70 years old with a clean driving record and average or better credit (a credit score of 600 or higher).
Liability-only premium averages correspond to policies with the following coverage limits:
- Bodily injury limits between state-minimum rates and $50,000 per person, $100,000 per accident
- Property damage limits between $10,000 and $50,000
- No additional coverage
- Comprehensive coverage with a $1,000 deductible
- Collision coverage with a $1,000 deductible
Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.
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Sources
- Tesla. "Compare Models."
- USAA. "Car Insurance Quotes Online."
- Insurance Information Institute. "What is covered by a basic auto insurance policy?."
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Jacqueline DeMarco
During college, Jacqueline DeMarco interned at a retirement plan advisory firm and was tasked with creating a presentation on the importance of financial wellness. During her research into how money can affect our health, relationships and career, Jacqueline realized just how important financial education is. Jacqueline is a contributor for Insurify and has worked with more than a dozen financial brands, including LendingTree, Capital One, Credit Karma, Fundera, Chime, Bankrate, Student Loan Hero, ValuePenguin, SoFi, and Northwestern Mutual, providing thoughtful content to give readers insight into complex topics that they likely didn’t learn in school.
Edited byDanny Smith
Licensed auto and home insurance agent
4+ years in content creation and marketing
As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.
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