Full coverage insurance for a Tesla Model 3 ranges from $1,286 to $8,884 annually. Rates depend on the model year, driver age, location, driving history, coverage and insurer. This article details Tesla Model 3 insurance costs and highlights the best and most affordable providers.
Tesla Model 3 Insurance Cost
Updated: April 11, 2025
Key Takeaways
State Farm offers the most affordable minimum coverage across all Tesla Model 3 model years at $464 annually.
For a Tesla Model 3, the average annual insurance cost is $597 for minimum coverage and $1,990 for full coverage.
MoneyGeek reviewed 1,793 Tesla Model 3 insurance quotes using Quadrant Information Services data, ensuring accurate and comprehensive insights.
Tesla Model 3 Insurance Rates
What Is the Average Tesla Model 3 Car Insurance Cost?
Tesla Model 3 insurance costs about $166 per month or $1,990 annually for full coverage, based on a 40-year-old male driver with a clean record. For minimum coverage, expect to pay around $50 monthly or $597 yearly.
| Minimum Coverage | $597 |
| Full Coverage | $1,990 |
Read more: Average Cost of Car Insurance
Tesla Model 3 Insurance Costs by Company
Tesla Model 3 insurance costs range from $1,344 to $2,946 annually, depending on age, model year and coverage level. The table below shows how these rates compare with averages for all vehicles from several national and midsize providers.
| Allstate | $2,726 | $1,805 | 51% |
| Auto-Owners | $1,467 | $1,225 | 20% |
| Farmers | $2,767 | $1,950 | 42% |
| GEICO | $2,333 | $1,326 | 76% |
| Kemper | $2,946 | $2,206 | 34% |
| Nationwide | $1,698 | $1,587 | 7% |
| Progressive | $2,459 | $1,738 | 41% |
| State Farm | $1,422 | $1,267 | 12% |
| Travelers | $1,699 | $1,519 | 12% |
| USAA | $1,344 | $1,198 | 12% |
Read more: Best Car Insurance Companies
Cost of Insuring a Tesla Model 3 by Model Year
Your Tesla Model 3's production year impacts insurance costs, with older models often being cheaper. For example, insuring a 2022 model costs $2,053 annually compared to $1,869 for a 2017 model. Below are average full and minimum coverage rates by model year.
| 2022 | $599 | $2,053 |
| 2021 | $599 | $2,066 |
| 2020 | $614 | $2,090 |
| 2019 | $613 | $1,915 |
| 2018 | $607 | $1,986 |
| 2017 | $619 | $1,869 |
Tesla Model 3 Insurance Costs by Driver Age
Tesla Model 3 insurance rates vary widely depending on the driver's age. For instance, 16-year-olds pay about $8,884 annually for full coverage, while 40-year-olds pay around $1,996. Below are the average minimum and full coverage rates for drivers across ages.
| 16 | $2,770 | $8,884 |
| 17 | $2,267 | $7,251 |
| 18 | $1,986 | $6,396 |
| 19 | $1,413 | $4,537 |
| 20 | $1,272 | $4,131 |
| 21 | $1,011 | $3,322 |
| 22 | $924 | $3,058 |
| 23 | $857 | $2,851 |
| 24 | $813 | $2,711 |
| 25 | $714 | $2,408 |
| 26 | $693 | $2,329 |
| 27 | $676 | $2,276 |
| 28 | $665 | $2,240 |
| 29 | $655 | $2,208 |
| 30 | $633 | $2,119 |
| 35 | $615 | $2,041 |
| 40 | $609 | $1,996 |
| 45 | $603 | $1,963 |
| 50 | $588 | $1,896 |
| 55 | $572 | $1,838 |
| 60 | $572 | $1,833 |
| 65 | $611 | $1,878 |
| 70 | $664 | $2,007 |
| 75 | $737 | $2,204 |
| 80 | $833 | $2,441 |
| 85 | $897 | $2,613 |
| 90 | $945 | $2,732 |
Tesla Model 3 Insurance Rates Explained
Several factors influence car insurance rates based on driver profiles. Insurers also consider vehicle-specific factors. Below is a breakdown of cost factors tied to your car.
Tesla Model 3 Rates vs. National Average
All Vehicles
Average Full Coverage Rate
$1,296Tesla Model 3
Average Full Coverage Rate
$1,990Premiums for Tesla Model 3 are:$694 more
This is 54% more expensive.
Value
The Tesla Model 3, an electric sedan, has an MSRP of $54,630. Its higher price often leads to increased insurance premiums.
Performance
The Tesla Model 3 delivers 271 to 425 horsepower and accelerates from 0 to 60 mph in 4.6 seconds. Its high performance often results in higher insurance premiums.
Fuel type
The Tesla Model 3's electric design can increase insurance costs due to expensive batteries and fewer repair shop options — factors insurers consider when setting rates.
Vehicle age
Newer Tesla Model 3 vehicles often have higher insurance costs than older models due to their higher value. However, classic or collector cars can also carry steep premiums because of their rarity and specialized coverage needs.
Vehicle size
The Tesla Model 3, a midsize sedan at 4,054 lbs, may incur higher insurance costs due to property damage risks.
Trim level
Higher trims of the Tesla Model 3, like Long Range and LTD Avail, have premium upgrades that raise the MSRP and insurance costs compared to the base model.
Cheapest Tesla Model 3 Insurance
State Farm offers the most affordable Tesla Model 3 insurance at $464 per year, based on a 40-year-old male driver with a clean record. Below is a breakdown of the cheapest car insurance for various coverage levels, age groups, driving records, model years and more.
Cheapest Tesla Model 3 Insurance by Coverage Level
Your chosen coverage level significantly impacts your Tesla Model 3 insurance rate. State Farm offers the lowest average minimum and full coverage rates. Below is a breakdown of the most affordable providers for each option.
Cheapest Tesla Model 3 Minimum Coverage
State Farm offers the cheapest minimum coverage insurance for a Tesla Model 3 at $39 per month. Other affordable options include Allstate at $46, GEICO at $47 and Travelers at $48.
| USAA | $34 | $409 |
| State Farm | $39 | $464 |
| Allstate | $46 | $558 |
| GEICO | $47 | $562 |
| Travelers | $48 | $582 |
| Nationwide | $54 | $650 |
| Farmers | $59 | $706 |
| Progressive | $60 | $723 |
*State Farm offers non-military-affiliated Tesla Model 3 owners the lowest average minimum coverage insurance rate. USAA is the most affordable option for military-affiliated drivers.
Best Tesla Model 3 Insurance Rates by Model Year
Because the above list doesn't account for your Tesla Model 3's production year, you might find lower rates depending on your vehicle's age. Check the table below for every model year's cheapest minimum coverage rates.
Data filtered by:Results filtered by:
Select
Model Year:2017
| Allstate | $535 | $45 |
| Farmers | $744 | $62 |
| GEICO | $550 | $46 |
| Nationwide | $672 | $56 |
| Progressive | $730 | $61 |
| State Farm | $479 | $40 |
| Travelers | $560 | $47 |
| USAA | $438 | $37 |
*USAA is available only to military veterans, active service members and their families.
Cheapest Full Coverage Tesla Model 3 Insurance
State Farm offers the cheapest full coverage for a Tesla Model 3 at $115 per month or $1,380 per year. Below is the complete list of full coverage car insurance providers and rates.
| USAA | $107 | $1,286 |
| State Farm | $115 | $1,380 |
| Nationwide | $133 | $1,593 |
| Travelers | $140 | $1,680 |
| GEICO | $185 | $2,216 |
| Progressive | $198 | $2,376 |
| Farmers | $213 | $2,555 |
| Allstate | $213 | $2,560 |
*On average, State Farm is the cheapest insurer for non-military-affiliated Tesla Model 3 owners seeking full coverage. For military-affiliated drivers, USAA is the most affordable option.
Cheapest Tesla Model 3 Insurance by Age
Young drivers aged 16 to 25 and seniors over 55 often face higher Tesla Model 3 insurance costs. Below is a breakdown of the most affordable options by age group.
Cheapest Tesla Model 3 Insurance for Young Drivers
The most affordable auto insurance rate for Tesla Model 3 drivers is from State Farm at $1,018 annually or $85 monthly for minimum coverage. Below is the complete list of affordable rates for Tesla Model 3 drivers aged 16 to 25.
| USAA | $70 | $843 |
| State Farm | $85 | $1,018 |
| Travelers | $100 | $1,205 |
| Allstate | $103 | $1,236 |
| GEICO | $112 | $1,345 |
| Nationwide | $143 | $1,718 |
| Farmers | $156 | $1,875 |
| Progressive | $177 | $2,128 |
*State Farm is the cheapest insurer for young non-military-affiliated drivers. USAA is the most affordable option for military-affiliated drivers.
Cheapest Tesla Model 3 Insurance for Seniors
State Farm offers the cheapest car insurance for seniors 55 and up at $43 monthly or $510 annually. Below is a full list of affordable Tesla Model 3 insurers.
| State Farm | $43 | $510 |
| USAA | $45 | $539 |
| Allstate | $55 | $664 |
| GEICO | $56 | $670 |
| Travelers | $57 | $690 |
| Nationwide | $64 | $765 |
| Progressive | $74 | $885 |
| Farmers | $80 | $962 |
Cheapest Tesla Model 3 Insurance After an Accident
State Farm, Allstate and Travelers offer Tesla Model 3 drivers the most affordable car insurance after an accident. Check out the complete list of providers below.
| State Farm | $49 | $584 |
| USAA | $51 | $615 |
| Allstate | $61 | $737 |
| Travelers | $69 | $831 |
| GEICO | $74 | $891 |
| Nationwide | $83 | $998 |
| Progressive | $99 | $1,188 |
| Farmers | $119 | $1,423 |
Tesla Model 3 Insurance Cost: Bottom Line
Comparing car insurance rates regularly can help you find the best deals. This article explores Tesla Model 3 insurance, examining costs across demographics and highlighting the cheapest providers.
Tesla Model 3 Insurance Rates: FAQ
Below are answers to common questions about insuring a Tesla Model 3.
What company has the cheapest car insurance for a Tesla Model 3?
State Farm offers the cheapest insurance for a Tesla Model 3, with an annual minimum coverage rate of $464.
What is the average cost of car insurance for a Tesla Model 3?
The Tesla Model 3's average annual insurance cost is $597 for minimum coverage and $1,990 for full coverage.
Tesla Model 3 Insurance Ratings: Our Review Methodology
MoneyGeek analyzed data and 1,793 Tesla Model 3 insurance quotes from Quadrant Information Services.
Drivers and Cars
MoneyGeek used a sample driver profile with the following characteristics to calculate the average rates for insuring a Tesla Model 3:
- 40-year-old male
- Clean driving record
- 12,000 miles driven annually
We also modified the sample driver profile to determine Tesla Model 3 insurance rates for different age groups, driving records and model years. MoneyGeek collected data for the following model years:
- 2012
- 2013
- 2014
- 2015
- 2016
- 2017
- 2018
- 2019
- 2020
- 2021
- 2022
If data on specific model years wasn't available, our data scientists estimated rates based on how insurers typically price car models each year. The published rates are estimates and may not reflect the rate you'll receive for your Tesla Model 3.
Coverage Levels
Each state differs in minimum coverage requirements, so our rates are a combination of minimum coverage policies in the states where we gathered our data.
MoneyGeek’s analysis includes average full coverage policy rates with comprehensive and collision coverage (with a $1,000 deductible) and increased liability limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $100,000 property damage liability per accident
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.