The 2024 Tesla Model 3 costs an average of $2,640 per year ($220/month) to insure for full coverage — $636 above the national average.
How Much Does It Cost to Insure a Tesla Model 3?
The average cost to insure a 2024 Tesla Model 3 is $2,640 per year ($220/month) for full coverage — $636 above the national average of $2,004. This vehicle's insurance cost is driven by proprietary repair network, expensive battery technology, and limited Tesla-certified repair shops.
| Insurer | Full Coverage/Yr | Liability Only/Yr | Best For |
|---|---|---|---|
| Geico | $2,217 | $844 | Clean record drivers |
| State Farm | $2,560 | $976 | Local agent experience |
| Progressive | $2,851 | $1,082 | High-risk drivers |
| Allstate | $3,141 | $1,188 | New car replacement |
| Nationwide | $2,402 | $923 | Safe driver rewards |
| USAA | $1,927 | $739 | Military only |
What Factors Determine Tesla Model 3 Insurance Rates
- Model year: Newer Tesla Model 3 models cost more to insure due to higher vehicle values and more expensive technology components.
- Trim level: Higher trim levels with more features cost more since repairs are more expensive.
- Your location: Tesla Model 3 insurance rates can vary by 50–100% between states.
- Your driving record: Your personal driving history affects your rate far more than the vehicle itself.
- Deductible choice: A $1,000 deductible instead of $500 reduces your Tesla Model 3 premium by approximately 15–20 percent.
Cheapest Way to Insure a Tesla Model 3
- Compare at least 5 insurers — rates for the Tesla Model 3 vary significantly between companies.
- Bundle your Tesla Model 3 insurance with home or renters insurance for 10–25% multi-policy savings.
- Choose a higher deductible to save 15–20 percent on collision and comprehensive.
- Enroll in a telematics program if you are a safe driver for 10–30% additional savings.
- Ask about anti-theft and safety feature discounts that apply to the Tesla Model 3.
Pro Tip
Get insurance quotes for the Tesla Model 3 before purchasing. The difference in insurance cost between trim levels and model years can be $400–$800 per year — a significant factor in total 5-year ownership cost.