How much is a tesla model 3 insurance

In this article, we at the Home Media reviews team will break down Tesla Model 3 insurance costs so you know what to expect. We’ve also researched the best car insurance companies to help you find the right coverage for your needs and protect your electric ride.

Tesla Model 3 Insurance Cost

Across national and regional providers, the average cost of full-coverage insurance for a 2022 Tesla Model 3 is $3,209 per year or $267 per month. These figures are well above the national averages of $1,730 per year or $144 per month for full-coverage car insurance. 

It’s important to note that there are many factors that determine car insurance premiums. The above estimates are based on a married 35-year-old driver with a clean driving record and good credit score. Along with your age, marital status, driving history and credit score, insurers also consider where you live, what type of car you drive and the gender on your license when they set car insurance rates. The types of coverage and limits you choose as well as your deductible also influence your premiums.

Tesla Model 3 Car Insurance Quote

The best way to find cheap coverage for your Tesla Model 3 is to compare car insurance quotes from multiple providers. You can typically get free quotes online from most major insurers, which makes shopping around a straightforward process.

Across the 2018-2022 model years, you’ll generally find the most affordable coverage from USAA. However, USAA car insurance policies are only available to active military, veterans and their immediate families. Nationwide, State Farm, Erie Insurance and Auto-Owners Insurance are affordable Tesla Model 3 insurance options for all other drivers.

Below, we compare the insurance carriers that provide the cheapest car insurance coverage on average for 2018-2022 Tesla Model 3 electric vehicles.

2022 Tesla Model 3 Insurance Cost

You can find the cheapest coverage for the 2022 Tesla Model 3 through USAA, with estimated average costs of $1,543 per year or $129 per month. Nationwide is the cheapest option for those who aren’t eligible for USAA insurance, at an average of $1,835 per year or $153 per month.

Car Insurance ProviderEstimated Monthly CostEstimated Annual CostUSAA$129$1,543Nationwide$153$1,835State Farm$176$2,107Auto-Owners Insurance$180$2,155Travelers$184$2,208Erie Insurance$190$2,281Progressive$234$2,806American Family Insurance$263$3,152Allstate$366$4,392Geico$375$4,499

2021 Tesla Model 3 Insurance Cost

USAA has the cheapest insurance prices for the 2021 Tesla Model 3 as well, at $1,355 per year or $113 per month. Nationwide checks in with the most affordable coverage for non-military drivers, at $1,881 per year or $157 per month.

Car Insurance ProviderEstimated Monthly CostEstimated Annual CostUSAA$113$1,355Nationwide$157$1,881State Farm$170$2,039Auto-Owners Insurance$171$2,053Erie Insurance$173$2,077Travelers$184$2,205Geico$221$2,657Progressive$228$2,731American Family Insurance$229$2,753Allstate$347$4,162

2020 Tesla Model 3 Insurance Cost

Once again it’s USAA with the cheapest coverage for the 2020 Tesla Model 3, with estimated average costs of $1,345 per year or $112 per month. For drivers who aren’t eligible for USAA policies, Nationwide is the most affordable option with an annual rate of $1,902 and a monthly rate of $159.

Car Insurance ProviderEstimated Monthly CostEstimated Annual CostUSAA$112$1,345Nationwide$159$1,902Auto-Owners Insurance$164$1,971State Farm$169$2,029Erie Insurance$171$2,054Travelers$179$2,149Geico$213$2,558Progressive$222$2,665American Family Insurance$225$2,703Allstate$326$3,907

2019 Tesla Model 3 Insurance Cost

USAA offers the cheapest Tesla for the 2019 Model 3, with averages of $1,202 per year or $100 per month. Auto-Owners Insurance comes in second with average costs of $1,480 per year or $123 per month.

Car Insurance ProviderEstimated Monthly CostEstimated Annual CostUSAA$100$1,202Auto-Owners Insurance$123$1,480Nationwide$126$1,516Erie Insurance$127$1,529State Farm$142$1,705Travelers$157$1,880American Family Insurance$162$1,946Geico$208$2,500Progressive$211$2,531Allstate$269$3,232

2018 Tesla Model 3 Insurance Cost

USAA offers the cheapest coverage for the 2018 Tesla Model 3, at an average estimated cost of $1,333 per year or $111 per month. For those who don’t qualify for USAA policies, Erie Insurance is the cheapest option at $1,638 per year or $136 per month.

Car Insurance ProviderEstimated Monthly CostEstimated Annual CostUSAA$111$1,333Erie Insurance$136$1,638Nationwide$145$1,737State Farm$148$1,776Travelers$149$1,793Auto-Owners Insurance$154$1,850Progressive$207$2,486American Family Insurance$216$2,594Geico$229$2,745Allstate$325$3,894

Other Car Insurance Coverage for a Tesla Model 3

The cost estimates in this article are for full-coverage car insurance, which includes bodily injury liability coverage, property damage liability insurance, collision coverage and comprehensive coverage. Collision protection covers damage to your vehicle from accidents you cause. Comprehensive coverage pays for damages caused by vandalism, theft and environmental threats such as natural disasters.

Depending on where you live and your state’s minimum requirements, you might need uninsured motorist coverage or personal injury protection (PIP) as well. Auto insurance companies also offer a variety of add-on policies for extra protection. These optional coverage types include:

• Mechanical breakdown insurance (MBI): This optional protection covers a wide range of parts on your vehicle in the case of a mechanical breakdown. It’s similar to an extended car warranty.
• Guaranteed asset protection insurance: Also known as gap insurance, this covers the difference between your vehicle’s value and what you owe on it in the event of a total loss. Most lenders require this coverage.
• New car replacement: If your new Tesla is totaled within a certain time window, this coverage option pays for a new vehicle to replace your old one.

Tesla Model 3 Insurance and Financing

Tesla offers its own insurance policies that use existing technology in its vehicles to track driving data. Currently, this usage-based Tesla insurance product is available in 11 states:

• Arizona
• California
• Colorado
• Illinois
• Maryland
• Nevada
• Ohio
• Oregon
• Texas
• Utah
• Virginia

The company uses this data to determine your Safety Score, which can lead to insurance discounts. The automaker uses the following metrics to determine its auto insurance rates:

• Safe driving habits
• How much you drive
• Type of vehicle
• Your location
• How many vehicles are insured
• Coverage choices beyond liability coverages

Tesla Model 3 Credit Requirements

You can finance a Tesla Model 3 for between 36 and 72 months through Tesla’s own lending options. Although the company doesn’t list a minimum credit score, you’ll need a score of 720 or above to qualify for the lowest annual percentage rate (APR) financing. Financing through Tesla is available to customers in 27 states.

Tesla Model 3 Insurance: Conclusion

As you would expect for an electric car loaded with advanced technology, it’s rather expensive to insure a Tesla Model 3. For Tesla owners who don’t qualify for USAA auto coverage, Nationwide, Auto-Owners Insurance and Erie Insurance are good choices for affordable Tesla Model 3 insurance.

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Tesla Model 3 Insurance: FAQ

Below are frequently asked questions about Tesla Model 3 insurance:

Frequently Asked Questions

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