Tesla Model 3 car insurance: cost and quotes

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

On average, it costs $3,515 per year to insure a Tesla Model 3, according to the latest data from Quadrant Information Services. That's 31 percent more than the average annual cost of car insurance. 

Of course, Model 3 premiums can vary based on a wide range of factors: shifting market conditions, risk factors in the location where your Tesla is garaged and personal factors like your age, credit rating and driving record. That said, you can expect to pay more for insurance than the average driver based on the price of parts and labor for Tesla repairs as well as vehicle characteristics like speed and safety.

Cheapest car insurance companies for a Tesla Model 3

The best way to find affordable car insurance for a Tesla Model 3 is to compare rates from multiple providers. To help you get started, we analyzed premium data from Quadrant Information Services to identify the cheapest providers on average for Model 3 owners. 

Don't miss that key word, though — these rates are averages, meaning that they represent the average premium for an “average” driver with no negative marks on their insurance history. Your actual rates could vary significantly from that average depending on your age, location, credit history, discount eligibility and other factors. We've also focused on providers with national reach, but found some cheaper rates from small regional carriers that only serve a few states. 

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

The cost to insure your Model 3 will depend on your personal insurance risk profile, but the rates in the chart below may give you a benchmark for what to expect from the most affordable Tesla insurers. 

2023 Tesla Model 3 car insurance premium by carrier

Other car insurance coverage for a Tesla Model 3

The average rates we've quoted in this article are for a standard full coverage car insurance policy — that is, a policy that includes comprehensive and collision insurance on top of the liability coverage required by law. 

But sticking to the minimum coverage required in your state — plus comprehensive and collision — may not offer enough financial protection in the event of a loss like a crash or theft. If you're not sure how much coverage you need for a Model 3, you may want to speak to an insurance agent about some of the following types of insurance: 

• Comprehensive and collision: If you're financing your Tesla, your lender will likely require you to carry both of these types of coverage as a condition of your auto loan. Even if you own your Tesla outright, these can be worthwhile if you can't afford to replace the car out of pocket.
• Gap insurance: If your Model 3 is declared a total loss while you still owe more on your loan than the insurance payout is worth, gap insurance can help to cover your loss.
• OEM parts coverage: If you want to have your Tesla repaired with only OEM (original equipment manufacturer) parts, this coverage can help to ensure that your provider will cover the full cost of repairs.

How to get a Tesla Model 3 car insurance quote

You can get an insurance quote for your car online, over the phone or in person, depending on the insurer. If you're in the market for a new vehicle, comparing quotes before you sign on the dotted line can help you determine how different models would fit into your budget. Here’s a step-by-step guide to gathering and comparing quotes:

• Gather personal details: You’ll likely be asked to provide your name, address, date of birth and driver’s license number, as well as the make, model and year of your car — and potentially the vehicle identification number (VIN). If you haven't purchased a car yet, you may be able to get sample quotes by providing an agent with the make and model. 
• Use online quote tools: To expedite the process of shopping around, you might consider using comparison websites or apps that allow you to get quotes from multiple insurers at once. Alternatively, go directly to insurance company websites and use their online quote tools to receive personalized quotes.
• Provide driver details and mileage: You could be asked for specific details about your vehicle, including add-on features or modifications. You might also need to provide your average annual mileage and how the vehicle is primarily used (e.g., for business purposes or personal use). Additionally, you’ll need to provide accurate information about all drivers who will be covered by the policy, including their driving history, age and relationship to you.
• Review quotes: Compare the quotes you receive, paying attention to coverage options, limits, deductibles and overall cost. Insurance experts also recommend reviewing customer service scores, financial strength ratings, digital tools and customer reviews to get a holistic view of how a carrier will meet your needs. 
• Select carrier and apply: Choose the insurance policy that best fits your needs and budget. Complete the application process by providing any additional required information and making your first premium payment.

Compare Tesla Model 3 with other similar cars

If you're considering buying a Model 3 and aren't sure if the insurance premium is worth it, you may want to compare ownership costs with two other high-end electric models: the BMW i4 and Ford Mustang Mach-E.

Frequently asked questions

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. These are sample rates and should only be used for comparative purposes. Your quotes will differ.

If otherwise specified, the base profile has been modified with the following driver characteristics: