Tesla Model 3 Car Insurance Costs 2022

Tesla Model 3 car insurance cost – Forbes Advisor

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Overview of Tesla Model 3 car insurance:

  • Average car insurance premiums for a 30-year-old driver: $2,547
  • Most Affordable Insurance Companies to Insure Tesla Model 3: USAA, Nationwide, and Travelers
  • Cheapest State Insurance Form 3: Maine
  • Most Expensive State Insurance Type 3: Louisiana

The Forbes Wheels team says the Tesla Model 3’s performance, range, and unparalleled fast charging network make it the best value in electric vehicles (EV). If you are considering switching to an EV, insurance costs should be part of your budget calculation. Here we look at the average car insurance costs for a Tesla Model 3.

Tesla Model 3 insurance costs by company

Tesla Model 3 owners can save hundreds of dollars a year by comparing auto insurance quotes from many different insurance companies. Of the large insurance companies we looked at, USAA offers the cheapest car insurance for your Tesla Model 3. If you don’t qualify for USAA car insurance (you need a military affiliation), Nationwide and Traveler are the next cheapest options in our analytics.

Tesla owners can also purchase car insurance directly from Tesla Insurance.

Tesla Model 3 insurance costs by state

Government differences in Tesla Model 3 insurance costs are due to state regulations, past state claims, medical costs, repair costs, and more. Louisiana is the most expensive state to insure a Tesla Model 3.

Insurance cost for Tesla Model 3 based on driver’s age

The cheapest driver age to insure a Tesla 3 is 60, according to a Forbes Advisor price analysis.

Between ages 30 to 40, women and men pay about the same amount for Model 3 insurance. For example, 40-year-old women pay an average of only $9 less than 40-year-old men.

The most expensive driver’s age to insure a Model 3 is 20 and under. Gender is also a price factor for this age group. For example, 20-year-old women pay an average of $764 less annually than 20-year-old men.

Insurance companies consider many factors when determining the price of your car insurance. This includes your driving history, type of vehicle, where you live, personal versus business use of the vehicle, annual mileage, your past claims, credit-based insurance score (low credit risk pays more), any recent delays in auto insurance coverage and the type and amount of coverage selected insurance.

Related9 Factors Affecting Your Car Insurance Rates

Tesla Model 3 vs similar cars

If you’re considering a Tesla Model 3, you might also be looking at similar cars like the Jaguar I-Pace, Mercedes-Benz C-Class, and Volvo Polestar 2. Of these models, the Model 3 is the second cheapest car to insure, on average. Insurance should not be a major factor in the car buying decision among these vehicles.

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How to save money on Tesla Model 3 car insurance

There are many ways you can reduce your car insurance costs. Here are a few:

  • Compare quotes. Not all insurance companies quote Form 3 insurance, which is why you should compare auto insurance quotes from at least three different insurance companies.
  • Ask about discounts. There are more than a dozen common car insurance deductibles you may be eligible for.
  • Participate in the Information Technology Program. If you are a safe driver, you may benefit from your insurance company’s usage-based car insurance program, which tracks and rewards safe driving behaviors.
  • Buy the right amount of car insurance. You want to make sure you have proper insurance but don’t overpay for too much insurance. Here is a guide to help determine how much car insurance you need.
  • Keep a good balance. Insurance companies in every state except California, Hawaii, Massachusetts, and Michigan can use the degree of credit-based insurance as a cost factor. But not all companies weigh this cost factor in the same way, which is why it’s so important to shop.
  • Consider raising your deductible. In general, the higher the discount percentage on your car insurance, the less you will pay in premium. Common deductibles can range from $100 to $1,000 (or higher).

Related: Tesla Model 3 review

Best car insurance companies 2022

With so many options for car insurance companies, it can be hard to know where to start finding the right car insurance. We’ve evaluated insurance companies to find the best car insurance companies, so you don’t have to.


Prices are based on drivers with a clean record of $100,000 in personal injury liability coverage, $300,000 per accident and $100,000 in property damage liability, uninsured drivers coverage and any other coverage required in the state. The price also includes collision and comprehensive coverage with a $500 discount. Prices are from Quad Information Services as of June 2022.

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