How We Went About Calculating The Representative Rates
In order to obtain the most accurate gauge of the current insurance market, we went to each of the insurance carrier websites and obtained quotes for a 2020 Tesla Model 3 in California. We detailed the information we used below the closer your profile fits that of the one we used, the more similar you can expect your rates to be to the ones quoted in this article.
- Zip Code: 90007
- 10 mile commute 5 days a week
- No group affiliations
- Rental Reimbursement and Roadside Assistance
- No mechanical breakdown coverage
- Medical Payments $5000
What Is The Best Tesla Car Insurance Coverage
For California drivers, a coverage policy offered by Tesla is probably your best option.
Tesla insurance claims that it can offer lower costs than equivalent policies from big insurers due to knowledge about their own cars and repair processes. Another factor that keeps Tesla coverage low is reducing commissions. These cost savings are carried to the customer.
Reliability And Safety Ratings For The Tesla Model 3
The Model 3 hasnt undergone crash testing with the National Highway Traffic Safety Administration. However, the Insurance Institute for Highway Safety has run a few tests. The car earned a superior rating for its front crash prevention and an A rating for its headlights.
US News also awarded the 2018 Tesla Model 3 a score of 9 out of 10, ranking it #4 in the Luxury Small Cars category. This score reflects reliability data and a range of safety and style features.
As of November 2021, Tesla has recalled almost 3,000 Model 3 and Model Y vehicles over concerns around faulty front suspension bolts that can lead to steering instability and the possibility of crashing. The recall affects models built between 2019 and 2021.
Recalls aside, the Model 3 is incredibly efficient. If you drive around 15,000 miles a year in cities and on highways, you can expect to pay $500 annually to charge the car.
To put this into perspective, a 25-mile drive will set you back only 84 cents. According to the US Department of Energy, you can save up to $5,250 in fuel costs over five years compared to the average new vehicle.
As for battery life, the base Model 3 travels around 220 miles on a full charge under ideal conditions. If you opt for the long-range battery, that number increases to 310 miles.
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Cheapest Car Insurance For Tesla Models
In most cases, Tesla insurance will be a bit more expensive than insurance for a standard vehicle. Car insurance quotes can vary dramatically between car insurance companies due to a variety of factors.
The best way to find an affordable policy that provides robust coverage is to shop a variety of insurance companies, always make sure you are comparing apples to apples when it comes to coverage levels and deductibles. Insure.com ran the numbers on a variety of different Tesla models to find the average premium for Teslas by insurer.
Below are the cheapest and most expensive insurers for each model followed by a chart that shows the average premium for a variety of insurance companies:
How Much Does Tesla Car Insurance Cost
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The high cost of a Tesla doesnt stop at its price tag. Insurance for a Tesla tends to be significantly more expensive than that of other popular vehicles, despite high safety ratings.
Still, rates can vary drastically, even among different Tesla models. Below are the average annual insurance rates by Tesla model, ranked from cheapest to most expensive:
These rates are for full coverage insurance for good drivers with good credit.
But these are just averages. Your rate will vary based on variables like location and insurance company. To get a better idea of what to expect, NerdWallet checked full coverage insurance rates from the nations largest auto insurers on the lowest-priced Tesla, the Model 3, in every state. Heres what we found.
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Californias Minimum Insurance Limits:
In our research, we compare what a bare bones policy costs compared to one that includes our recommended limits. For your reference, the minimum insurance requirements in California are:
Bodily Injury: $15,000 per person/ $30,000 per accident
Property Damage: $5,000
Uninsured Motorist: $15,000 per person/ $30,000 per accident
Tesla Insurance: Everything You Need To Know
Acquiring insurance for your Tesla is an important part of protecting you and your vehicle from any unforeseen circumstances. Getting your Tesla insured is not that different than insuring other vehicles, but there are a few unique options available to Tesla drivers.
Acquiring insurance for your Tesla is an important part of protecting you and your vehicle from any unforeseen circumstances. Getting your Tesla insured is not that different than insuring other vehicles, but there are a few unique options available to Tesla drivers.
Recommended Reading: 2022 Tesla Model 3 Long Range Specs
How To Estimate Your Tesla Model 3 Insurance Cost
At Compare.com, its our mission to find simple ways to help our customers save money on the things they need. While we partner with some of the companies and brands we talk about in our articles, all of our content is written and reviewed by our independent editorial team and never influenced by our partnerships. Learn about how we make money, review our editorial standards, and reference our data methodology to learn more about why you can trust Compare.com.
Nick Versaw
Getting insurance for your Tesla Model 3 shouldnt be an afterthought. Tesla insurance costs tend to be higher than that of other electric cars, so youll want to factor them into your budget along with other expenses like monthly lease or loan payments.
Tesla Model 3 insurance costs depend on several factors, though, so if one insurance quote is too high, its worth shopping around to see if you can get a better deal from a different car insurance company. The model year of your Tesla Model 3 can have an impact on your car insurance costs but your age and location matters too.
Heres everything you need to know about the cost of insurance for the Tesla Model 3, and what factors to consider before you drive home with a new EV.
Compare Car Insurance Rates
How Much Does Tesla Car Insurance Cost In My State
The cost of Tesla Model 3 insurance isnt fixed across the U.S., with average annual rates for full coverage ranging dramatically by state.
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Ohio has the lowest average cost to insure a Tesla Model 3, coming in at $1,308 annually.
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Louisiana has the highest average cost to insure a Tesla Model 3, at $3,731.
Below are the average Tesla Model 3 insurance rates in each state.
You can save money by shopping around to find the cheapest Tesla car insurance. Our analysis found that comparing rates could save you anywhere from around $500 to nearly $2,000 when compared with the state average. The table below shows the cheapest average rate we found in each state.
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Compare Free Tesla Model 3 Insurance Quotes Online
You can start comparing quotes for Tesla Model 3 car insurance rates from some of the best car insurance companies by now using our free online tool.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
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Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o… |
Tesla Insurance: A Look At Its Cost And Which States It’s Available In
Tesla Insurance is a competitively priced insurance product that offers Tesla owners a new option.
Tesla has a unique understanding of its vehicles, technology, safety features and repair costs, which help eliminate some fees associated with traditional insurance carriers. Tesla Insurance provides a convenient monthly payment and the ability to manage claims and coverage directly through the Tesla app.
It also puts you in control, since your insurance premium is in part based on your driving habits.
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What Does A 2019 Model 3 Cost To Insure
Car insurance rates for a 2019 Tesla Model 3 average $1,506 per year, or about $126 per month. Rates range from $1,434 per year for the Model 3 Standard Range AWD to $1,562 for the Model 3 Long Range AWD.
| 2019 Tesla Model 3 Trim Level | Annual Rate |
|---|
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Table Data Details:
How Much Does Tesla Insurance Cost
If you drive a Tesla Model S and only want the minimum amount of car insurance your state requires, youll pay an average of $789 per year, or $66 per month, for it. Thats the cheapest average cost of Tesla insurance we found during our survey of providers who cover these electric vehicles.
The Model 3 is the cheapest Tesla to insure if you want full-coverage car insurance, which typically includes liability, collision and comprehensive coverages. Based on our data, full-coverage policies for Tesla Model 3 vehicles cost $3,417 per year, or $285 per month, on average.
Keep reading for more on how much these and other Tesla models cost to insure.
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What Impacts The Cost Of Your Car Insurance
You might have noticed that there is a multitude of factors that impact car insurance rates. Your age, location, driving record, and model year all play a role in what you will ultimately pay to insure your car.
In the next section, well cover all of these factors in greater detail and explore more average annual insurance rates.
Tesla Model 3 Vs Bmw 3 Series Insurance Costs
Let’s start with some 3 on 3. The entry-level Model 3 is the Standard Range Plus model, which costs $2,114 to insure on average. BMW’s equivalent is the 330i, which costs the exact same $2,114 to insure. How to choose, then? Performance is similar the Tesla takes 5.0 seconds to hit 60 mph and the BMW needs 5.4. Starting price for both is right around $40,000. This Model 3 can cover 263 miles on a charge, while the 3 Series can cover about 200 additional miles on one tank of fuel. Of course, the BMW is far less efficient at 26/36 mpg city/highway to the Tesla’s 150/133 mpg-e.
Next up is the Model 3 Long Range, which costs $2,351 annually to insure. As its name suggests, this model’s driving range is much longer, at an EPA-rated 353 miles. Starting price is around $50,000, and 0-60 mph takes 4.0 seconds. Meanwhile, the comparable BMW M340i costs $2,392 to insure. The M340i’s 0-60 time is 4.2 seconds, and its starting price is about $54,500.
The range-topping Model 3 Performance costs $2,307 annually to insure. It can cover 315 miles on a charge, and its 0-60 time is just over 3.0 seconds. Prices start at about $58,000. Only the mighty M3, which costs $2,749 to insure annually, has a chance at keeping up. It takes 3.5 seconds to hit 60 mph in Competition spec. Given its starting price of just under $70,000, the M3 makes the Model 3 Performance seem like a value.
Model 3 vs. 3 Series insurance cost winner: Tesla
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How Much It Costs To Insure Atesla 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. Thats 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 aTesla Model 3 by Company
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What Insurance Does Tesla Offer
Tesla launched its Tesla Insurance program in August 2019, as a way for Tesla drivers to get their car insurance through the company as well, turning the whole Tesla experience into a one-stop shop. So far, Tesla Insurance is only available in nine states but the company has plans to expand to more U.S. states.
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Tesla Model 3 Insurance Costs By Company
Tesla Model 3 owners can possibly save hundreds of dollars a year by comparing car insurance quotes from several different insurers. Among the large insurance companies we looked at, USAA offers the cheapest car insurance for a Tesla Model 3. If you are not eligible for USAA car insurance , Nationwide and Travelers are the next cheapest choices in our analysis.
| Company |
|---|
| $2,547 |
Driving A Teslamodel 3
- The trim level you pick at the dealership affects your insurance rate. Opting for that top-of-the-line TRD trim will cost more upfront, and itâll add to your monthly expenses.
- Regular maintenance will keep your in peak shape and help you avoid accidents that could raise your rate. Be sure to follow the recommended maintenance schedule in your ownerâs manual!
- If you bought your TeslaModel 3 new, itâs worth considering new car replacement insurance to protect your investment.
Key Takeaway:
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Car Insurance For A Tesla: By Model
Since Teslas are expensive, luxury vehicles, it is expensive to insure them, on average. The following average rates may be useful for comparison. However, keep in mind that your specific characteristics influence the price you pay for insurance, so your individual premiums will likely be different than the ones listed below.
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Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and reviewed by subject matter experts, who ensure everything we publish is objective, accurate and worthy of your trust.
Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most price, customer service, policy features and savings opportunities so you can feel confident about which provider is right for you.
- We guide you throughout your search and help you understand your coverage options.
- We provide up-to-date, reliable market information to help you make confident decisions.
- We reduce industry jargon so you get the clearest form of information possible.
All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure were putting accuracy first.
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How Does The Tesla Safety Score Work
Broadly speaking, Tesla’s Safety Score works much like other telematic car insurance, similar to Progressive Snapshot. It monitors your driving habits and assigns a score between 0 and 100, with most drivers receiving an 80 or above.
Unlike many other telematics systems, Tesla is particular about what causes your score to go down:
- Forward collision warnings
- Unsafe following time
- Forced autopilot disengagement
Your Safety Score is calculated daily, and a weighted average based on driving time is calculated over the last 30 days.
| Safety Score range |
|---|
Rates are for a 2022 Tesla Model 3 in Texas. Tesla has stated it expects most drivers to receive a Safety Score of 80 or above, so we used that as our baseline when calculating premium impact.
How Much Does Tesla Car Insurance Cost In Different States
Tesla car insurance rates may differ greatly, depending on what state you’re in. For example, the cheapest state to insure your Tesla in is Ohio, where the open country makes the likelihood of accidents a lot lower. The average insurance policy for a Tesla Model 3 in Ohio is just $1,200.
However, if you live in a state where accidents are more common, and minimum insurance coverage rates are higher, then you could pay upwards of $3,000! The most expensive states to insure your Tesla in are California and Florida .
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