Cost of Tesla Model 3 car insurance – Forbes Advisor


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Tesla Model 3 car insurance at a glance:

  • Average car insurance premium for a 30-year-old driver: $2,547
  • Most Affordable Insurance Companies for Tesla Model 3 Insurance: USAA, Nationwide, and Travelers
  • Cheapest state for Model 3 insurance: Maine
  • Most Expensive State for Model 3 Insurance: Louisiana

The Forbes Wheels team says the Tesla Model 3’s unrivaled performance, range and fast-charging network make it the best value electric vehicle (EV) for money. If you’re considering switching to an electric vehicle, insurance costs should be part of your budget calculation. Here we take a look at the average car insurance costs for a Tesla Model 3.

Tesla Model 3 Insurance Costs by Company

Tesla Model 3 owners can potentially save hundreds of dollars a year by comparing car insurance quotes from several different insurers. Of the major insurance companies we reviewed, USAA has the cheapest car insurance for a Tesla Model 3. If you are not eligible for USAA car insurance (you must have a military affiliation), Nationwide and Travelers are the next cheapest picks in our analysis.

Tesla owners can also purchase car insurance directly from Tesla Insurance.

Tesla Model 3 Insurance Costs by State

State variations in Tesla Model 3 insurance costs are due to state regulations, past claims in the state, medical expenses, repair costs, and more. Louisiana is the most expensive state for Tesla Model 3 car insurance.

Cost of insurance for a Tesla Model 3 according to the age of the driver

The cheapest driver’s age to insure a Tesla Model 3 is 60, according to Forbes Advisor rate analysis.

Between the ages of 30 and 40, women and men pay about the same for Model 3 insurance. For example, 40-year-old female drivers pay on average only $9 less per year than 40-year-old males.

The most expensive driver age to insure a Model 3 is 20 and under. Gender is also a price factor for this age group. For example, 20-year-old female drivers pay an average of $764 less per year than 20-year-old male drivers.

Insurers consider many factors when determining your car insurance rate. This includes your driving record, type of car, where you live, personal or business use of the car, annual mileage, past claims, credit-based insurance score (poor credit risk pay more), any recent failure of auto insurance coverage as well as the type and amount of insurance coverage selected.

Related: 9 Factors That Affect Your Car Insurance Rates

Tesla Model 3 vs similar cars

If you are considering a Tesla Model 3, you may also be looking for similar cars such as a Jaguar I-Pace, Mercedes-Benz C-Class and Volvo Polestar 2. Of these models, the Model 3 is the second cheapest to ensure. , on average. Insurance should not be a major factor in your car buying decision among these vehicles.

Related: The Most Expensive and Cheapest Green Cars to Insure

How to Save Money on Tesla Model 3 Car Insurance

There are many ways to reduce your car insurance costs. Here are a few:

  • Compare quotes. Not all insurers set the same price for Model 3 insurance, which is why you should compare car insurance quotes from at least three different insurance companies.
  • Ask for discounts. There are over a dozen common auto insurance discounts you may qualify for.
  • Participate in a telematics program. If you’re a safe driver, you could benefit from your insurer’s usage-based auto insurance program, which tracks and rewards safe driving behavior.
  • Buy the right amount of car insurance. You want to make sure you have adequate insurance, but not overpay for too much insurance. Here’s a guide to help you determine how much auto insurance you need.
  • Maintain good credit. Insurers in all states except California, Hawaii, Massachusetts, and Michigan may use your credit-based insurance score as a cost factor. But not all companies weigh this cost factor equally, which is why shopping around is so important.
  • Consider increasing your deductible. Generally, the higher your auto insurance deductible, the less premium you will pay. Common deductible amounts can range from $100 to $1,000 (or more).

Related: Test of the Tesla Model 3

Best car insurance companies 2022

With so many choices for car insurance companies, it can be difficult to know where to start to find the right car insurance. We’ve rated insurers to find the best car insurance companies, so you don’t have to.


Rates are based on drivers with clean records with $100,000 bodily injury liability per person, $300,000 per accident and $100,000 property damage liability, uninsured motorist coverage and any other coverage required in a state. The rate also includes collision and comprehensive coverage with a $500 deductible. Rates are from Quadrant Information Services as of June 2022.


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