What is the Annual Tesla Model 3 Insurance Cost | What Factors Affect it?

What is the Annual Tesla Model 3 Insurance Cost
What is the Annual Tesla Model 3 Insurance Cost

Teslas are the beginning of the new dawn- an era with the world’s evolvement to viable energy with electric cars, solar and integrated renewable energy solutions.

This new intriguing car is not only shaping the vehicle industry, but it is also making its own statement. Every day more and more people are investing in Tesla Cars and making their way to a brighter future. But with the power comes the responsibility. Due to its high-cost price, insuring a Tesla has become a necessity. But how much does average Tesla Model 3 insurance cost?

Teslas are more expensive than any other usual car to insure. Due to its high repairing cost, high maintenance cost, and most importantly, high collision coverage, Tesla Insurance coverage rates are usually higher. 

However, the cost of insuring an average Tesla model depends on various factors like the Tesla model, Country location, and driving history. Therefore the question of how much does average Tesla Model 3 insurance cost could be different for every individual.

How Much an Average Tesla Model 3 Insurance Cost?

Want to insure your Tesla car? Well, before you accept any proposal, take a look at all the key factors that determine your Tesla car insurance policy.

1. Annual Insurance Rates by Tesla Model

The average cost to insure a new Tesla vehicle is $3,515 per year, but different Tesla models have different Tesla annual insurance rates. 

  • Model Y ($2,040).
  • Model 3 ($2,580).
  • Model S ($3,008).
  • Model X ($3,044).

The average cost of insurance for a Tesla Model 3 is $2,580 per year, which accounts for $215/month; for Model Y is $2,040; for S is $3,008 and for X is 3,044. But these are just the estimated average Tesla Insurance coverage rates. The actual value will vary on different factors.

2. Annual Tesla Model 3 Insurance Rates by State

Different States offer different Tesla insurance rates, due to which the average Tesla Model 3 insurance cost varies from state to state. Let’s take a look at different state’s Tesla Model 3 insurance cost.

Tesla Model 3 insurance rates by state

  • Alabama-   $1,292
  • Alaska-      $1,484
  • Arizona-     $1,206
  • Arkansas-  $1,138
  • California-  $1,520
  • Colorado-   $915
  • Connecticut- $1,309
  • Delaware-   $1,518
  • Florida-       $2,418
  • Georgia-     $1,374
  • Hawaii-       $1,258
  • Idaho-        $522
  • Illinois-       $754
  • Indiana-     $661
  • Iowa-         $741
  • Kansas-    $1,152
  • Kentucky-  $1,774
  • Louisiana- $1,892
  • Maine- $749
  • Maryland-$1,482
  • Massachusetts- $585
  • Michigan- $997
  • Minnesota- $761
  • Mississippi- $749
  • Missouri- $1350
  • Montana- $1265
  • Nebraska- $667
  • Nevada- $1400
  • New Hampshire- $752
  • New Jersey- $1323
  • New Mexico- ₹ 1322
  • New York- $1021
  • North Carolina- $1,005
  • North Dakota- $996
  • Ohio- $697
  • Oklahoma- $1725
  • Oregon- $1015
  • Pennsylvania- $996
  • Rhode Island- $1715
  • South Carolina- $619
  • South Dakota- $1129
  • Tennessee- $993
  • Texas- $1285
  • Utah- $998
  • Vermont- $698
  • Virginia- $881
  • Washington- $ 1068
  • Washington, D.C.- $890
  • West Virginia- $1152
  • Wisconsin- $887
  • Wyoming- $871

3. Annual Tesla Model 3 Insurance Rates by Insurance Companies

Tesla Model 3 insurance rates are also modified by different insurance companies and their policies. Let’s take a look at different Tesla insurance costs offered by different companies-

S.NoInsurance CompanyTesla Model 3 Insurance Rates
5State Farm$1,403

According to the analysis, the best company to insure Tesla Model 3 is USAA, but the only condition is members and their family should have a military background. After USAA, State Farm and Nationwide are your better options for Tesla Model 3 Insurance costs.

The average cost to insure Tesla Model 3 is $2,580 per annum. However different insurance companies offer different benefits. If you are looking for the the cheapest auto insurance rates to insure Tesla Model 3, Tesla insurance would be your perfect choice. Tesla Insurance is the cheapest Insurance option for Tesla buyers. But unfortunately, it is available only in 9 states currently. 

Tesla Insurance Annual rate$2,030

 4. Annual Tesla Model 3 Insurance Rates by Model Year

The Model 3 sedan is Tesla’s one of the least expensive model to buy with starting cost of $44,990. But the cost of Tesla Model 3 insurance is a bit expensive with $2,110 to $3,386 per year. Moreover, different Tesla Model year variants have different set insurance costs. 

Model YearTesla 3 VariantAverage Insurance Cost
2018Long Range$3,168
2010Standard Range Pl$3,199
2021Standard Plus$3,328
2022Long Range$3,608
2022Standard Plus$3,386

5. Annual Tesla Model 3 Insurance Rates by Driver Age

Driver’s age is another significant factor that directly affects your Insurance plan. Different ages result in different Insurance policy thereby affecting your Annual Tesla model 3 insurance rates. Let’s take a look at different rates set per different ages-

AgeAverage Tesla Model 3 Insurance Cost

Along with these, other important factors like your Insurance coverage and which Insurance policy you opted for does affect your Tesla Insurance Annual Cost.

What is Tesla Insurance & How Does it Work?

What is Tesla Insurance & How Does it Work?

Tesla launched its own customised insurance option to provide financial relief to the Tesla owners. Initially set up only in California, the company is now a widely spread licensed broker providing insurance to Tesla drivers in 9 states-

  1. Arizona
  2. California
  3. Colorado
  4. Illinois
  5. Nevada
  6. Ohio
  7. Oregon
  8. Texas
  9. Virginia.

P.s- The Tesla Insurance Policy is available for all Tesla owners -new and old

Tesla collects data on the drivers by analyzing driving habits with its inbuilt feature and therefore gives a tracked analyzed insurance plan.

Driving behavior tracked includes:

  • Number of forward-collision warnings.
  • Driver attention levels.
  • Taking sharp turns at high speeds.
  • How close you are to the car in front of you.
  • Hard braking.

Other factors Tesla Insurance notices are

  • Driving behavior based on the Safety Score.
  • Vehicle make/ model.
  • Miles drove.
  • Location
  • Your Coverage purchased.
  • Number of Tesla and Non- Tesla vehicles insured.

What does Tesla Insurance Cover?

In August 2019, Tesla began leasing their own personalized insurance coverage plans to make the Tesla insurance more affordable. Under their Tesla insurance policy, customers could avail many benefits and advantages. The insurance coverage covers-

1. Autonomous vehicle owner coverage:

This is the most different and unique coverage that is not provided by any other company. According to this coverage, Tesla Insurance will provide liability coverage for the injuries and damages if the damage is caused while operating in autonomous vehicle mode. Any harm caused while in autonomous mode will be paid for by the company.

2. Electronic key replacement:

Tesla Insurance provides 2 claims for the loss of the Tesla Electronic key and gives out the coverage of $500 per loss.

3. Auto loan/lease gap insurance

Under this Tesla coverage, the Tesla company will provide the monetary difference between the value of the vehicle vs what is owed in car payments. (If Tesla is totally damaged after the accident)

4. Wall charger coverage

Tesla Insurance also provides charger insurance for upto $3,000 if the power charger somehow gets damaged. 

5. Cyber identity fraud coverage

Last but not least, the coverage provide safety by giving up to $15,000 in digital identity fraud losses (per occurrence) and $30,000 (per period) if your personal information is compromised as the Tesla is an e-advanced vehicle with high potential for cyber fraud.

Tesla Model 3 Repair Costs

Tesla is an expensive luxurious car and therefore has a high maintenance cost. Due to this, the average Tesla Model 3 insurance cost is a bit higher than other average cars. Moreover, Teslas are made with expensive parts leading to a high repair cost.

For starters, a Tesla Model 3 battery module takes a costs price of $5,000 to $7,000 to replace, according to Tesla CEO Elon Musk. Also, due to cars’ aluminum bodies, the repair increases to a much greater value.

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Hi, I'm a former Research Assistant, a Science Scholar, and the founder of technomantic.com. My first priority is providing best solution to consumers regarding their query. I love to read and practice meditation almost every time. I love writing, drafting articles, and helping students in publishing their research papers.

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