- Tesla Model 3 insurance costs an average of $1,804 per year for the 2023 model or around $150 per month, depending on the trim level.
- With an insurance cost range of $290, the cheapest Model 3 insurance is on the Standard Range 2WD at around $1,654 per year, and the most expensive trim being the Performance AWD at $1,944 annually.
- The Tesla Model 3 is one of the more expensive midsize cars to insure, costing $4 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 $1,804 yearly, or $150 on a monthly basis. With the average midsize car costing $1,800 a year to insure, the Tesla Model 3 could cost an additional $4 or more annually compared to similar vehicles.
When compared to all vehicles for the 2023 model year (not just the midsize car segment), Tesla Model 3 insurance costs 6.8% more than the national average car insurance rate of $1,685 per year.
The following chart displays average car insurance cost on a 2023 Tesla Model 3 using different policy scenarios and driver ages.
What is the cheapest Tesla Model 3 insurance?
With car insurance rates ranging from $1,654 to $1,944 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 $1,810 per year.
Plan on budgeting around $138 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 $1,944 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.
| Tesla Model 3 Trim Level | Annual Policy | Six-Month Policy | Per Month |
|---|---|---|---|
| Standard Range 2WD | $1,654 | $827 | $138 |
| Long Range AWD | $1,810 | $905 | $151 |
| Performance AWD | $1,944 | $972 | $162 |
Is Tesla Model 3 car insurance expensive?
The Tesla Model 3 ranks seventh out of 11 comparison vehicles in the 2023 midsize car class. The Model 3 costs an estimated $1,804 per year for full coverage insurance, while the class median average cost is $1,800 annually, a difference of $4 per year.
When compared to the most popular models in the midsize car segment, car insurance for a Tesla Model 3 costs $126 more per year than Toyota Camry insurance, $22 more than the cost of Honda Accord insurance, $78 less than Nissan Altima insurance rates, and $88 more than Chevrolet Malibu insurance.
The table below shows how a Tesla Model 3 compares to all the other 2023 model year midsize cars (excluding luxury midsize cars) for car insurance affordability.
| Rank | Make/Model | Insurance Cost | Difference |
|---|---|---|---|
| 1 | Subaru Legacy | $1,626 | -$178 |
| 2 | Toyota Camry | $1,678 | -$126 |
| 3 | Kia K5 | $1,702 | -$102 |
| 4 | Chevrolet Malibu | $1,716 | -$88 |
| 5 | Honda Accord | $1,782 | -$22 |
| 6 | Toyota Crown | $1,792 | -$12 |
| 7 | Tesla Model 3 | $1,804 | -- |
| 8 | Volkswagen Arteon | $1,850 | $46 |
| 9 | Nissan Altima | $1,882 | $78 |
| 10 | Hyundai Sonata | $1,966 | $162 |
| 11 | Kia Stinger | $1,998 | $194 |
With an average MSRP of $55,990, the cost to purchase a 2023 Tesla Model 3 ranges from $46,990 to $62,990, 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 2023 model year are the Volkswagen Arteon, Toyota Crown, Kia Stinger, 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 Volkswagen Arteon – Having an average MSRP of $46,788 ($43,010 to $50,175), the Volkswagen Arteon costs $9,202 less than the Tesla Model 3. Expect to pay approximately $46 more every 12 months to insure the Volkswagen Arteon compared to a Model 3.
- Compared to the Toyota Crown – With an average dealer MSRP of $45,950 and ranging from $39,950 to $52,350, the 2023 Toyota Crown costs $10,040 less than the average cost for the Tesla Model 3. Expect to pay around $12 less per year to insure the Toyota Crown compared to a Model 3.
- Compared to the Kia Stinger – For a new model, the sticker price on the Kia Stinger averages $11,800 less than the average sticker price for the Tesla Model 3 ($44,190 compared to $55,990). Expect to pay an average of $194 more each year to insure the Kia Stinger compared to a Model 3.
- Compared to the Honda Accord – The Honda Accord has an average sticker price of $31,964 ($26,520 to $38,450), which is $24,026 cheaper than the average MSRP for the Tesla Model 3. The cost to insure a Tesla Model 3 compared to the Honda Accord is $22 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.
| U.S. State | Annual Cost | Six-month Cost | Monthly Cost |
|---|---|---|---|
| Alabama | $1,622 | $811 | $135 |
| Alaska | $1,366 | $683 | $114 |
| Arizona | $1,652 | $826 | $138 |
| Arkansas | $1,886 | $943 | $157 |
| California | $2,180 | $1,090 | $182 |
| Colorado | $1,934 | $967 | $161 |
| Connecticut | $2,008 | $1,004 | $167 |
| Delaware | $2,054 | $1,027 | $171 |
| Florida | $2,246 | $1,123 | $187 |
| Georgia | $1,840 | $920 | $153 |
| Hawaii | $1,230 | $615 | $103 |
| Idaho | $1,286 | $643 | $107 |
| Illinois | $1,580 | $790 | $132 |
| Indiana | $1,344 | $672 | $112 |
| Iowa | $1,206 | $603 | $101 |
| Kansas | $1,776 | $888 | $148 |
| Kentucky | $1,932 | $966 | $161 |
| Louisiana | $2,148 | $1,074 | $179 |
| Maine | $1,084 | $542 | $90 |
| Maryland | $1,676 | $838 | $140 |
| Massachusetts | $1,966 | $983 | $164 |
| Michigan | $2,464 | $1,232 | $205 |
| Minnesota | $1,546 | $773 | $129 |
| Mississippi | $1,760 | $880 | $147 |
| Missouri | $2,034 | $1,017 | $170 |
| Montana | $1,654 | $827 | $138 |
| Nebraska | $1,508 | $754 | $126 |
| Nevada | $2,154 | $1,077 | $180 |
| New Hampshire | $1,208 | $604 | $101 |
| New Jersey | $2,184 | $1,092 | $182 |
| New Mexico | $1,482 | $741 | $124 |
| New York | $2,090 | $1,045 | $174 |
| North Carolina | $1,126 | $563 | $94 |
| North Dakota | $1,494 | $747 | $125 |
| Ohio | $1,256 | $628 | $105 |
| Oklahoma | $1,990 | $995 | $166 |
| Oregon | $1,682 | $841 | $140 |
| Pennsylvania | $1,730 | $865 | $144 |
| Rhode Island | $2,236 | $1,118 | $186 |
| South Carolina | $1,510 | $755 | $126 |
| South Dakota | $1,852 | $926 | $154 |
| Tennessee | $1,714 | $857 | $143 |
| Texas | $1,672 | $836 | $139 |
| Utah | $1,578 | $789 | $132 |
| Vermont | $1,310 | $655 | $109 |
| Virginia | $1,198 | $599 | $100 |
| Washington | $1,628 | $814 | $136 |
| West Virginia | $1,608 | $804 | $134 |
| Wisconsin | $1,288 | $644 | $107 |
| Wyoming | $1,604 | $802 | $134 |
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 2023 model are detailed in the above article.
Average rates for the 2022 model year
Average insurance rates for a 2022 Tesla Model 3 are $1,734 per year, or around $145 per month. Rates range from $1,610 per year for the Model 3 Standard Range 2WD to $1,878 for the Model 3 Performance AWD.
| 2022 Tesla Model 3 Trim Level | Annual Rate | Per Month |
|---|---|---|
| Standard Range 2WD | $1,610 | $134 |
| Long Range AWD | $1,712 | $143 |
| Performance AWD | $1,878 | $157 |
Average rates for the 2021 model year
Average auto insurance rates for a 2021 Tesla Model 3 are $1,822 per year, or around $152 per month. Rates range from $1,658 per year for the Model 3 Standard Range AWD to $2,008 for the Model 3 Performance AWD.
| 2021 Tesla Model 3 Trim Level | Annual Rate | Per Month |
|---|---|---|
| Standard Range AWD | $1,658 | $138 |
| Long Range AWD | $1,806 | $151 |
| Performance AWD | $2,008 | $167 |
Average rates for the 2020 model year
Average auto insurance rates for a 2020 Tesla Model 3 are $1,794 per year, or around $150 per month. Rates range from $1,634 per year for the Model 3 Standard Range AWD to $1,978 for the Model 3 Performance AWD.
| 2020 Tesla Model 3 Trim Level | Annual Rate | Per Month |
|---|---|---|
| Standard Range AWD | $1,634 | $136 |
| Long Range AWD | $1,778 | $148 |
| Performance AWD | $1,978 | $165 |
Average rates for the 2019 model year
Car insurance rates for a 2019 Tesla Model 3 average $1,634 per year, or about $136 per month. Rates range from $1,558 per year for the Model 3 Standard Range AWD to $1,696 for the Model 3 Long Range AWD.
| 2019 Tesla Model 3 Trim Level | Annual Rate | Per Month |
|---|---|---|
| Standard Range AWD | $1,558 | $130 |
| Performance AWD | $1,648 | $137 |
| Long Range AWD | $1,696 | $141 |
Average rates for the 2018 model year
2018 Tesla Model 3 insurance rates average $1,672 per year, or around $139 per month. Cost ranges from $1,564 per year for the Model 3 Sedan to $1,842 for the Model 3 Performance AWD.
| 2018 Tesla Model 3 Trim Level | Annual Rate | Per Month |
|---|---|---|
| Sedan | $1,564 | $130 |
| AWD | $1,610 | $134 |
| Performance AWD | $1,842 | $154 |
Average rates for the 2017 model year
A 2017 Tesla Model 3 averages $1,420 per year for full coverage insurance, or around $118 per month.
| 2017 Tesla Model 3 Trim Level | Annual Rate | Per Month |
|---|---|---|
| Sedan | $1,420 | $118 |
