key Takeaways
Tesla Model 3 policy rates are more expensive than the cost to insure an average car model. The average cost of insurance for a Tesla Model 3 is $ 1,712 per year, which is $ 285 more than the average monetary value of insurance across all car models.
Depending on the indemnity party, the cost to insure a Tesla Model 3 can change by equally much as $ 1,077 per year .
The indemnity rate for a Tesla Model 3 can change adenine much as $ 149 per year depending on how erstwhile the cable car is. Insurers charge less expensive rates for older models.
How Much It Costs to Insure a Tesla Model 3 and the Cheapest Company
Your car indemnity supplier can affect your Tesla Model 3 insurance cost. The modal rate for this fomite is $ 1,712 per year, but the monetary value may vary depending on the insurance company. USAA offers the cheapest average indemnity rate for a Tesla Model 3 at $ 1,255 per class. Allstate is the most expensive option, with an average rate of $ 2,332 per year for a Tesla Model 3. That ’ s a likely remainder of $ 1,077 per year .
The Average Annual Cost of Tesla Model 3 Insurance by Company
MoneyGeek found average policy rates from different carriers using a sample driver profile. Rates above are for a Tesla Model 3 owner with 100/300/100 indebtedness policy with comprehensive examination and collision coverage .
The Average Cost to Insure a Tesla Model 3 by Company
coil for more
- company average annual Rates
- 1 .USAA $ 1,255
- 2 .State Farm $ 1,403
- 3 .Nationwide $ 1,453
- 4 .Progressive $ 1,524
- 5. Allied $ 1,702
- 6 .GEICO $ 2,107
- 7 .Allstate $ 2,332
Compare Auto Insurance Rates
see you ‘re getting the best rate for your car policy. Compare quotes from the top indemnity companies. widget-location-pin
Is a Tesla Model 3 Expensive to Insure?
Auto policy providers use assorted factors to determine rates for a given model. typically, the respect of the car and its appellation affect the cost. indemnity rates for expensive cars and sports or electric vehicles are higher. A Tesla Model 3 is expensive to insure because it ’ s an electric car. repair costs for electric cars are more expensive than criterion vehicles, which leads to higher policy rates.
The Best Car Insurance Company for a Tesla Model 3
apart from Tesla Model 3 policy costs, drivers may want to consider other factors to find the best car insurance company for their needs. Based on MoneyGeek ’ randomness rate system, which takes affordability, customer complaints, customer satisfaction and fiscal stability into account, we found that :
- USAA is the best company for a Tesla Model 3 auto insurance, but only military members and their families qualify for a policy.
- The second-best option for a Tesla Model 3 car insurance is State Farm, an excellent option if you don’t qualify for a USAA policy.
1 USAA score : 98.5
5/5 Affordability 4.5/5 Claims Ratings 5/5 User Satisfaction 5/5 fiscal constancy
2 State Farm score : 88
4.7/5 Affordability 4/5 Claims Ratings 3/5 User Satisfaction 5/5 fiscal stability
3 Nationwide score : 86.9
4.6/5 Affordability 4.5/5 Claims Ratings 3/5 User Satisfaction 4.5/5 fiscal constancy
4 Progressive score : 84
4.5/5 Affordability 4/5 Claims Ratings 3/5 User Satisfaction 4.5/5 fiscal constancy
5 Allied seduce : NaN
4.2/5 Affordability # N/A Claims Ratings # N/A User Satisfaction # N/A fiscal stability
6 GEICO mark : 72.1
3.4/5 Affordability 3.5/5 Claims Ratings 3/5 User Satisfaction 5/5 fiscal constancy
7 Allstate score : 69
3/5 Affordability 4.5/5 Claims Ratings 3/5 User Satisfaction 4.5/5 fiscal stability
How Much It Costs to Insure a Tesla Model 3 by Model Year
Older versions of a Tesla Model 3 tend to be cheaper than newer ones due to value disparagement. The same is true for policy ; an older vehicle means lower comprehensive examination and collision insurance rates. For example, the median cost of indemnity for a 2017 Tesla Model 3, the oldest translation, is $ 1,618 per class. It costs an average of $ 1,767 annually to insure a 2020 Tesla Model 3. That ’ s a $ 149 deviation. different car indemnity providers offer cheaper options for certain model years. USAA has the most low-cost indemnity rate for a 2020 Tesla Model 3, at $ 1,173 annually. Select the model year of your Tesla Model 3 below to see how rates compare. The average monetary value of car indemnity will vary depending on the exemplary year .
The Average Cost to Insure a Tesla Model 3 by Model Year
scroll for more
- company average annual Rates ( 2020 model ) average annual Rates ( 2019 model ) average annual Rates ( 2018 exemplary ) average annual Rates ( 2017 model )
- 1 .USAA $ 1,173 $ 1,183 $ 1,349 $ 1,314
- 2 .State Farm $ 1,462 $ 1,432 $ 1,405 $ 1,314
- 3 .Nationwide $ 1,427 $ 1,446 $ 1,464 $ 1,478
- 4 .Progressive $ 1,567 $ 1,560 $ 1,489 $ 1,480
- 5. Allied $ 1,715 $ 1,702 $ 1,699 $ 1,692
- 6 .GEICO $ 2,307 $ 2,205 $ 2,173 $ 1,742
- 7 .Allstate $ 2,434 $ 2,306 $ 2,354 $ 2,233
How Expensive Is It to Insure a Tesla Model 3 Compared to Other Cars?
A Tesla Model 3 has more expensive policy rates compared to other car models. The average Tesla Model 3 indemnity cost is $ 1,712 per class, compared to an average annual rate of $ 1,427 across all models. That said, it ’ s still cheaper to insure a Tesla Model 3 than more deluxe models, like the Tesla Model Y.
How Much It Costs to Insure a Tesla Model 3 for 16- to 25-Year-Olds
Given their inexperience on the road, young drivers are charged higher car indemnity rates. The average rate for an 18-year-old driver with a Tesla Model 3 is $ 5,588 per class. This is significantly more expensive than the average indemnity price for a like policy for a 40-year-old driver, which is merely $ 1,712 per annum. Check out the cost of car policy for young drivers ages 16 to 25 downstairs. adolescent drivers looking for a way to save money may want to consider being added to their parents ’ policy. Purchasing a distinguish policy can be very expensive for teens while being added to a parents ’ indemnity is significantly cheaper .
The Average Cost to Insure a Tesla Model 3 by Driver Age
scroll for more
- age average annual Rates
-
16 $7,163
-
17 $6,346
-
18 $5,588
-
19 $4,002
-
20 $3,572
-
21 $2,828
-
22 $2,605
-
23 $2,383
-
24 $2,237
-
25 $2,030
-
40 $1,712
How Does Location Affect the Cost of Tesla Model 3 Insurance?
The costs listed on this page are based on national average Tesla Model 3 indemnity rates. however, location can have a significant impact on policy rates. To find out more about car insurance costs in individual states, sojourn MoneyGeek ’ sulfur country page analysis.
FAQs About Tesla Model 3 Insurance
The model of your cable car will affect the price of car insurance, but it ’ s lone one of many factors that shock car indemnity rates. Read the most coarse questions below to find out more about Tesla Model 3 policy rates .
The average rate for a Tesla Model 3 indemnity is $ 1,712 per year. other factors, such as the model year of the car, your place of residency, and your insurance company, besides impact the price of your policy .
Yes, a Tesla Model 3 is considered expensive to insure. The average cost for Tesla Model 3 insurance is $ 1,712 annually. Since it is an electric car, the animate costs for a Tesla Model 3 are expensive, which increases policy premiums.
monthly, the average rate for a Tesla Model 3 indemnity is approximately $ 143. however, this rate may be higher or lower depending on your driving history and exemplar year.
Methodology
MoneyGeek collected indemnity rates from respective carriers for a Tesla Model 3 Standard Range Plus across all available model years. The base driver is a 40-year-old male with a full coverage policy with :
- $100,000 in bodily injury liability insurance per person
- $300,000 in bodily injury liability insurance per accident
- $100,000 in property damage liability insurance per accident
- Comprehensive and collision insurance with a $1,000 deductible