How much is insurance on a Tesla Model 3?
A 2024 Tesla Model 3 runs about $2,790 a year for a typical 45-year-old, $850 more than an average car of the same age: higher crash-repair losses outweigh fewer injury claims and less damage to others' property. Putting a new 16-year-old on a family policy with the Model 3 adds about $1,840 a year (#2 of 4 midsize luxury cars we compare).
2024 Tesla Model 3 (Model 3 Long Range AWD), national average
about $2,790 a year (about $235 a month)
Estimated range: $1,850–$4,050. Actual quotes can fall outside it.
An average car of the same age (what HLDI's 2022–24 results measure against) runs about $1,940 a year. A used 2018 Model 3 drops to about $2,220 (see the table below).
Priced for the 2024 Model 3 Long Range AWD, the newest year covered by HLDI's loss data (2022–24 models), for a 45-year-old driver with a clean record and full coverage. HLDI's results combine drivers of all ages. We apply them to one example driver (a 45-year-old with a clean record) so pages are comparable; they aren't specific to 45-year-olds. Each state raises or lowers every car's price by the same percentage, so the Model 3's rank is the same in every state.
Why the Tesla Model 3 costs what it does
What HLDI reports (2022–24 models, all drivers combined)
The Highway Loss Data Institute (HLDI) compares each model's insurance losses with an average car's. For the Tesla Model 3 electric 4dr 4WD, on HLDI's scale where 100 is an average car and lower is better, it reports 149 for crash repairs, 104 for non-crash damage, 94 for damage to others' property, and 85 for injury claims.
- Crash repairs (collision)fixing this car after a crashWorse than average49% worse than average3rd best of the 4 midsize luxury cars we compare
- Non-crash damage (comprehensive)theft, weather, fire, vandalism, glass, and animal strikesAverage4% worse than averagebest of the 4 midsize luxury cars we compare
- Damage to others' property (property damage liability)other people's cars and property, when this car's driver is at faultAverage6% better than average2nd best of the 4 midsize luxury cars we compare
- Injuries to others (bodily injury liability)how often injury claims are filed against this car's drivers, not how much they costAveragefiled 15% less often than averagebest of the 4 midsize luxury cars we compare
HLDI rates results within about 20% of average as “Average.”
Source: HLDI, insurance losses by make and model, 2022–24 models.
What we estimate that means for price
Prices move less than loss results do: a car's loss record is only one of many things insurers weigh, and each weighs it differently. So we count only part of HLDI's difference. Combining crash repairs and non-crash damage (weighted about 71% and 29%, the share each makes up of industry claim costs), the Model 3 comes out about 36% worse than average. Published prices for luxury makes like this one run higher than their loss results alone suggest, so we also add an adjustment fitted to those prices. With it, the part of the bill that fixes the car is about 95% more than average: about $1,860 a year vs $950. On the liability side, damage to others and injury claims combine to about 11% better than average. We count about half, so that part is about 6% less: $930 a year vs $990.
The Tesla Model 3 is an electric midsize car that HLDI benchmarks among midsize luxury cars; on electric models like the Model 3, battery pack and sensor repair costs shape collision losses alongside low injury-claim frequency.
- Expensive and electric cars can cost more or less to insure than their repair records suggest.
Matched to HLDI series “Tesla Model 3 electric 4dr 4WD” (HLDI, 2022–24 models).
A used Tesla Model 3, by model year
| Model year | Full coverage | Liability only | Adding a teen | Teen on their own policy |
|---|---|---|---|---|
| 2024 Model 3 Long Range AWD (0–3 years old) | about $2,790 | about $930 | +$1,840 | about $8,000 |
 2022 Model 3 Long Range AWD (4–7 years old) | about $2,570 | about $930 | +$1,690 | about $7,370 |
 2018 Model 3 Mid Range (8–12 years old) | about $2,220 | about $800 | +$1,470 | about $6,370 |
Our catalog covers the Tesla Model 3 across model years 2017–2027. Full coverage on a used 2018 Model 3 (8–12 years old) runs about $2,220 a year, $570 less than on a 2024. Dropping collision and comprehensive on that 2018 brings liability-only coverage to about $800 a year. Each photo shows that year's generation of the car. Photo credits.
All 5 versions of the 2024 Tesla Model 3 in our catalog (Model 3 Long Range RWD, Model 3 RWD, Model 3 Long Range AWD, Model 3 Long Range AWD-E and Model 3 Performance AWD) price within about $50 a year of each other.
On a policy of their own with a 2024 Tesla Model 3, a 22–25-year-old pays about $3,630 a year ($840 more than a 45-year-old), a 26–39-year-old about $3,100, and a driver 65 and older about $2,930.
Adding a 16-year-old with a Tesla Model 3
A new driver costs more with any car, and more than usual with the Tesla Model 3: adding a 16-year-old raises the family bill by about $1,840 a year ($155 a month), $560 more than adding a teen with an average car of the same age. A separate policy in the 16-year-old's own name runs about $8,000 a year ($6,160 more than adding them to the family policy).
For adding a teen driver, the Tesla Model 3 ranks 5th most expensive out of all 121 models we track. Stepping down to a used 2018 Model 3 (8–12 years old) brings the teen add-on to about $1,470 a year.
That increase is how much the family bill goes up with a new 16-year-old driving this car. Cheapest cars to insure for a teen.
Similar midsize luxury cars
Among these 4 midsize luxury cars, the Tesla Model 3 is the 2nd least expensive to insure. Right next to it are the Lexus ES (about $2,250 a year) and the BMW 330i (about $2,850).
2024 Lexus ESabout $2,250 ($540 less)- 2024 Tesla Model 3about $2,790 (this car)
2024 BMW 330iabout $2,850 (about the same)
2024 Mercedes-Benz C-Classabout $3,020 ($230 more)
Photos from Wikimedia Commons contributors. Photo credits.
What a Tesla Model 3 costs in your state
In six sample states, a 2024 Tesla Model 3 runs from about $1,860 a year in Vermont through Indiana, Kentucky, Arkansas and South Carolina to about $3,670 in New York:
- Vermontabout $1,860/yr · +$1,230 teen
- Indianaabout $2,000/yr · +$1,320 teen
- Kentuckyabout $2,340/yr · +$1,550 teen
- Arkansasabout $2,510/yr · +$1,660 teen
- South Carolinaabout $2,940/yr · +$1,940 teen
- New Yorkabout $3,670/yr · +$2,430 teen
All 50 states and DC · Updated .
Both start from your own situation if you've set one. For crash safety, see IIHS and NHTSA ratings.
This is an estimate to help you plan, not a quote. We don't sell insurance, and nothing you type is sent to us. Only an insurer can give you a real price.