Buying Insurance for a Tesla Model 3: What You Need to Know

How much does Tesla Model 3 insurance cost? We put the Tesla EV through the paces to find the average cost of insurance and how it ranks against other midsize cars.

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  • Tesla Model 3 insurance costs an average of $2,750 per year for the 2024 model or around $229 per month, depending on the trim level.
  • With an insurance cost range of $306, the cheapest Model 3 insurance is on the Standard Range 2WD at around $2,584 per year, and the most expensive trim being the Performance AWD at $2,890 annually.
  • The Tesla Model 3 is one of the more expensive midsize cars to insure, costing $361 more per year on average as compared to the rest of the vehicles in the segment.

How much does Tesla Model 3 insurance cost?

Tesla Model 3 car insurance costs around $2,750 yearly, or $229 on a monthly basis. With the average midsize car costing $2,389 a year to insure, the Tesla Model 3 could cost an additional $361 or more annually compared to similar vehicles.

When compared to all vehicles for the 2024 model year (not just the midsize car segment), Tesla Model 3 insurance costs 21.3% more than the national average car insurance rate of $2,221 per year.

The following graphic displays average car insurance cost on a 2024 Tesla Model 3 using different policy scenarios and driver ages.

Average 2024 Tesla Model 3 insurance premiums for different driver ages and risk scenarios.
Figure 1: Average 2024 Tesla Model 3 insurance premiums for different driver ages and risk scenarios. Updated on June 27, 2025.

Get Rates in Your AreaWhy is this important?

Data Methodology: Rates by driver age assume full coverage with $500 deductibles with UM/UIM coverage included. Discount rates include all possible rate discounts including multi-vehicle, multi-policy, homeowner, and others which vary by company. Rates by credit rating assume a 40-year-old driver with full coverage and $500 deductibles. Rates by deductible assume a 40-year-old driver with good credit and no prior driving violations or at-fault accidents. Rates are averaged for all 2024 Tesla Model 3 trim levels.

2024 Tesla Model 3 Insurance Cost Summary
Driver Age Driver Risk Profile Annual Premium Cost Per Month
16Teenage Driver$9,351$779
17Teenage Driver$9,120$760
18Teenage Driver$8,305$692
25High-Risk Driver$6,540$545
40High-Risk Driver$5,950$496
60High-Risk Driver$5,322$444
25Safe Driver$3,190$266
40Safe Driver$2,750$229
60Safe Driver$2,268$189
25Driver Qualifies for Multiple Discounts$2,652$221
40Driver Qualifies for Multiple Discounts$2,288$191
60Driver Qualifies for Multiple Discounts$1,886$157
40Driver with Fair Credit (580-669)$3,182$265
40Driver with Good Credit (670-739)$2,750$229
40Driver with Very Good Credit (740-799)$2,533$211
40Driver has Low Policy Deductibles ($250)$3,254$271
40Driver has Average Policy Deductibles ($500)$2,750$229
40Driver has High Policy Deductibles ($1,000)$2,266$189

Data Methodology: Rates by driver age assume full coverage with $500 deductibles with UM/UIM coverage included. Discount rates include all possible rate discounts including multi-vehicle, multi-policy, homeowner, and others which vary by company. Rates by credit rating assume a 40-year-old driver with full coverage and $500 deductibles. Rates by deductible assume a 40-year-old driver with good credit and no prior driving violations or at-fault accidents. Rates are averaged for all 2024 Tesla Model 3 trim levels.

What is the cheapest Tesla Model 3 insurance?

With car insurance rates ranging from $2,584 to $2,890 per year for an average driver, the cheapest Tesla Model 3 to insure is the Standard Range 2WD model. The next cheapest trim level to insure is the Long Range AWD at $2,772 per year.

Plan on budgeting around $215 per month for a policy with full coverage. Where you live, your age, the chosen policy limits, and your driving record have a big impact on this number, however.

As with most vehicles, the higher the cost the higher the insurance rates. It’s no different with the Model 3, as the most expensive insurance rates are on the Performance AWD at around $2,890 per year.

The table below shows the average annual and semi-annual auto insurance cost, in addition to a monthly budget amount, for each Tesla Model 3 package and trim.

2024 Tesla Model 3 Insurance Rates by Trim Level
2024 Tesla Model 3 Trim Level Annual Premium Cost Per Month
Standard Range 2WD$2,584$215
Long Range AWD$2,772$231
Performance AWD$2,890$241

Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500 and UM/UIM and medical payments coverages are included. Updated June 26, 2025

Insurance cost by trim level for a 2024 Tesla Model 3 ranging from the Standard Range 2WD model at $2,584 per year to the Performance AWD model at $2,890
Insurance cost by trim level for a 2024 Tesla Model 3 ranging from the Standard Range 2WD model at $2,584 per year to the Performance AWD model at $2,890

Is Tesla Model 3 car insurance expensive?

The Tesla Model 3 ranks 11th out of 11 comparison vehicles in the 2024 midsize car class. The Model 3 costs an estimated $2,750 per year for full coverage insurance, while the class median average cost is $2,389 annually, a difference of $361 per year.

When compared to the most popular models in the midsize car segment, car insurance for a Tesla Model 3 costs $234 more per year than Toyota Camry insurance, $488 more than the cost of Honda Accord insurance, $212 more than Nissan Altima insurance rates, and $478 more than Chevrolet Malibu insurance.

The table below shows how a Tesla Model 3 compares to all the other 2024 model year midsize cars (excluding luxury midsize cars) for car insurance affordability.

Insurance Cost Comparison: Tesla Model 3 vs Midsize Cars
Rank Make and Model Annual Premium Difference
1Kia K5$2,258-$492
2Honda Accord$2,262-$488
3Chevrolet Malibu$2,272-$478
4Volkswagen Arteon$2,302-$448
5Subaru Legacy$2,312-$438
6Hyundai Ioniq 6$2,330-$420
7Toyota Crown$2,370-$380
8Hyundai Sonata$2,372-$378
9Toyota Camry$2,516-$234
10Nissan Altima$2,538-$212
11Tesla Model 3$2,750--

Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500 and UM/UIM and medical payments coverages are included. Premiums are averaged for all trim levels for each vehicle from the 2024 model year. Updated June 26, 2025

At $2,750 per year, insurance cost for a 2024 Tesla Model 3 ranks 11th out of 11 models in the midsize car segment
At $2,750 per year, insurance cost for a 2024 Tesla Model 3 ranks 11th out of 11 models in the midsize car segment

With an average MSRP of $45,027, the cost to purchase a 2024 Tesla Model 3 ranges from $35,590 to $55,000, before delivery charges and documentation fees.

The vehicles in the midsize car segment that have the most similar average MSRP to the Tesla Model 3 for the 2024 model year are the Hyundai Ioniq 6, Toyota Crown, Volkswagen Arteon, and Honda Accord. The list below shows how they compare to a Model 3 for MSRP and average full-coverage insurance cost.

  • Compared to the Hyundai Ioniq 6 – Having an average MSRP of $45,760 ($42,450 to $51,265), the Hyundai Ioniq 6 costs $733 more than the Tesla Model 3. Expect to pay approximately $420 less every 12 months to insure the Hyundai Ioniq 6 compared to a Model 3.
  • Compared to the Toyota Crown – With an average dealer MSRP of $46,257 and ranging from $40,050 to $53,070, the 2024 Toyota Crown costs $1,230 more than the average cost for the Tesla Model 3. Expect to pay around $380 less per year to insure the Toyota Crown compared to a Model 3.
  • Compared to the Volkswagen Arteon – For a new model, the sticker price on the Volkswagen Arteon averages $5,723 more than the average sticker price for the Tesla Model 3 ($50,750 compared to $45,027). Expect to pay an average of $448 less each year to insure the Volkswagen Arteon compared to a Model 3.
  • Compared to the Honda Accord – The Honda Accord has an average sticker price of $32,934 ($27,895 to $38,540), which is $12,093 cheaper than the average MSRP for the Tesla Model 3. The cost to insure a Tesla Model 3 compared to the Honda Accord is $488 more each year on average.

Your location has a significant impact on the cost of Model 3 insurance. What may be considered cheap in some states may be rather expensive in others. The table below shows the average cost to insure a Tesla Model 3 in all 50 U.S. states.

2024 Tesla Model 3 Average Insurance Cost by State
U.S. State Annual Premium Cost Per Month
Alabama$2,702$225
Alaska$2,410$201
Arizona$2,736$228
Arkansas$3,002$250
California$3,334$278
Colorado$3,054$255
Connecticut$3,140$262
Delaware$3,190$266
Florida$3,238$270
Georgia$2,952$246
Hawaii$2,256$188
Idaho$2,320$193
Illinois$2,654$221
Indiana$2,390$199
Iowa$2,228$186
Kansas$2,874$240
Kentucky$3,052$254
Louisiana$3,122$260
Maine$2,092$174
Maryland$2,760$230
Massachusetts$3,088$257
Michigan$3,358$280
Minnesota$2,616$218
Mississippi$2,858$238
Missouri$3,168$264
Montana$2,736$228
Nebraska$2,570$214
Nevada$3,308$276
New Hampshire$2,230$186
New Jersey$3,340$278
New Mexico$2,542$212
New York$3,230$269
North Carolina$2,138$178
North Dakota$2,554$213
Ohio$2,286$191
Oklahoma$3,116$260
Oregon$2,770$231
Pennsylvania$2,824$235
Rhode Island$3,396$283
South Carolina$2,576$215
South Dakota$2,962$247
Tennessee$2,806$234
Texas$2,758$230
Utah$2,652$221
Vermont$2,348$196
Virginia$2,220$185
Washington$2,710$226
West Virginia$2,684$224
Wisconsin$2,324$194
Wyoming$2,680$223

Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500. Uninsured Motorist (UM), Underinsured Motorist (UIM) and medical payments coverages are included. Updated June 27, 2025

Average annual premium and cost per month to insure a 2024 Tesla Model 3 in all 50 U.S. States
Average annual premium and cost per month to insure a 2024 Tesla Model 3 in all 50 U.S. States

Tesla Model 3 prior model year insurance rates

The following sections detail average Tesla Model 3 car insurance rates for every trim level for the 2017 to 2022 model years. Rates for the 2024 model are detailed in the above article.

Average rates for the 2022 model year

Average insurance rates for a 2022 Tesla Model 3 are $2,246 per year, or around $187 per month. Rates range from $2,088 per year for the Model 3 Standard Range 2WD to $2,432 for the Model 3 Performance AWD.

2022 Tesla Model 3 Insurance Cost by Trim Level
2022 Tesla Model 3 Trim Level Annual Premium Cost Per Month
Standard Range 2WD$2,088$174
Long Range AWD$2,218$185
Performance AWD$2,432$203

Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500. Uninsured Motorist (UM), Underinsured Motorist (UIM) and medical payments coverages are included. Updated June 27, 2025

Insurance cost by trim level for a 2022 Tesla Model 3 ranging from the Standard Range 2WD model at $2,088 per year to the Performance AWD model at $2,432
Insurance cost by trim level for a 2022 Tesla Model 3 ranging from the Standard Range 2WD model at $2,088 per year to the Performance AWD model at $2,432

Average rates for the 2021 model year

Average auto insurance rates for a 2021 Tesla Model 3 are $2,360 per year, or around $197 per month. Rates range from $2,148 per year for the Model 3 Standard Range AWD to $2,600 for the Model 3 Performance AWD.

2021 Tesla Model 3 Insurance Cost by Trim Level
2021 Tesla Model 3 Trim Level Annual Premium Cost Per Month
Standard Range AWD$2,148$179
Long Range AWD$2,342$195
Performance AWD$2,600$217

Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500. Uninsured Motorist (UM), Underinsured Motorist (UIM) and medical payments coverages are included. Updated June 27, 2025

Insurance cost by trim level for a 2021 Tesla Model 3 ranging from the Standard Range AWD model at $2,148 per year to the Performance AWD model at $2,600
Insurance cost by trim level for a 2021 Tesla Model 3 ranging from the Standard Range AWD model at $2,148 per year to the Performance AWD model at $2,600

Average rates for the 2020 model year

Average auto insurance rates for a 2020 Tesla Model 3 are $2,288 per year, or around $191 per month. Rates range from $2,082 per year for the Model 3 Standard Range AWD to $2,520 for the Model 3 Performance AWD.

2020 Tesla Model 3 Insurance Cost by Trim Level
2020 Tesla Model 3 Trim Level Annual Premium Cost Per Month
Standard Range AWD$2,082$174
Long Range AWD$2,268$189
Performance AWD$2,520$210

Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500. Uninsured Motorist (UM), Underinsured Motorist (UIM) and medical payments coverages are included. Updated June 26, 2025

Insurance cost by trim level for a 2020 Tesla Model 3 ranging from the Standard Range AWD model at $2,082 per year to the Performance AWD model at $2,520
Insurance cost by trim level for a 2020 Tesla Model 3 ranging from the Standard Range AWD model at $2,082 per year to the Performance AWD model at $2,520

Average rates for the 2019 model year

Car insurance rates for a 2019 Tesla Model 3 average $2,064 per year, or about $172 per month. Rates range from $1,966 per year for the Model 3 Standard Range AWD to $2,142 for the Model 3 Long Range AWD.

2019 Tesla Model 3 Insurance Cost by Trim Level
2019 Tesla Model 3 Trim Level Annual Premium Cost Per Month
Standard Range AWD$1,966$164
Performance AWD$2,092$174
Long Range AWD$2,142$179

Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500. Uninsured Motorist (UM), Underinsured Motorist (UIM) and medical payments coverages are included. Updated June 27, 2025

Insurance cost by trim level for a 2019 Tesla Model 3 ranging from the Standard Range AWD model at $1,966 per year to the Long Range AWD model at $2,142
Insurance cost by trim level for a 2019 Tesla Model 3 ranging from the Standard Range AWD model at $1,966 per year to the Long Range AWD model at $2,142

Average rates for the 2018 model year

2018 Tesla Model 3 insurance rates average $2,082 per year, or around $174 per month. Cost ranges from $1,946 per year for the Model 3 Sedan to $2,298 for the Model 3 Performance AWD.

2018 Tesla Model 3 Insurance Cost by Trim Level
2018 Tesla Model 3 Trim Level Annual Premium Cost Per Month
Sedan$1,946$162
AWD$2,002$167
Performance AWD$2,298$192

Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500. Uninsured Motorist (UM), Underinsured Motorist (UIM) and medical payments coverages are included. Updated June 27, 2025

Insurance cost by trim level for a 2018 Tesla Model 3 ranging from the Sedan model at $1,946 per year to the Performance AWD model at $2,298
Insurance cost by trim level for a 2018 Tesla Model 3 ranging from the Sedan model at $1,946 per year to the Performance AWD model at $2,298

Average rates for the 2017 model year

A 2017 Tesla Model 3 averages $1,768 per year for full coverage insurance, or around $147 per month.

2017 Tesla Model 3 Insurance Cost by Trim Level
2017 Tesla Model 3 Trim Level Annual Premium Cost Per Month
Sedan$1,768$147

Data Methodology: Rated driver is a 40-year-old married male with no driving violations or at-fault accidents in the prior three years. Comprehensive and collision deductibles are $500. Uninsured Motorist (UM), Underinsured Motorist (UIM) and medical payments coverages are included. Updated June 27, 2025

Insurance cost by trim level for a 2017 Tesla Model 3
Insurance cost by trim level for a 2017 Tesla Model 3

Ryan GrabensteinDuring his career as an independent insurance agent, Ryan Grabenstein was appointed with Progressive, Allstate, Nationwide, Travelers, and many smaller regional and mutual companies. He has a Bachelor's degree in Finance from the University of Nebraska at Lincoln and Certified Insurance Counselor (CIC) personal and commercial lines training.