What Does It Cost To Insure Your Tesla Model 3? Take Our Poll

Deep Blue Metallic Tesla Model 3 Gets Aftermarket ADV.1 Wheels

AUG 27 2018 BY ERIC LOVEDAY 59

What say you, Tesla Model 3 owners.

Does it really cost as much as a Porsche 911 to insure a Tesla Model 3? Help us find out by taking our poll.

Firstly though, let’s recap where we are coming from. Yesterday, we posted an article titled “Tesla Model 3 Almost As Expensive As Porsche 911 To Insure.” Loads of commenters chimed in, disagreeing with these alleged high insurance costs for the Model 3. So now, we’d like to hear directly from you.

We’re keeping it simple. Just click the amount that applies to your yearly premium (or, if you pay monthly or twice a year, just do the math so you’re providing us with an annual rate). We’d appreciate if you’d fill in some additional info in comments such as ZIP code, age, type of Model 3, insurance copy, etc. so that we can in a future article, lay it all out.

Now, get to polling!

How much does it cost annually to insure your Tesla Model 3?

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59 Comments on "What Does It Cost To Insure Your Tesla Model 3? Take Our Poll"

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FYI: Our polls do not work correctly on AMP pages. If you find that you are trying to take the poll on your mobile phone and it is not working, go to the site directly or take the poll on your desktop. The address in your browser should show: https://insideevs.com/cost-insure-tesla-model-3-poll/

Dan F.

You really need to break this down into liability, property damage, collision, comprehensive and the limits and deductible on each. Also, the drivers age, place of residence and driving record are vital. Also, many policies (Geico for one) are written for six months. If you actually want this pole to be meaningful you need this level of detail.

As I’ve said several times in this comment section, our poll option at this point doesn’t allow us to get more involved than a single question. Obviously people could be lying, but it’s still a fun exercise. Added to all the information we received in both comments sections, on our social media pages, via email, and then other research we’ve done, it will at least paint an interesting perspective for us and our readers.

Roy_H

How do you determine if the person who enters the poll is actually the owner of a Model 3? Maybe you should require them to enter the VIN and you could check if it was a valid number and also verify that they didn’t enter more than once. I do not own a Model 3 and will not enter false data, but others might.

We’d like to offer that option and also have the poll allow location, age, etc., etc., but our current poll option isn’t that involved. This is a start, along with the huge amount of data we’ve received in the comment section from the previous article.

BJH

I originally ordered an M3 Performance, and determined, at ~55 yo with clean record, 97330 zip, and fairly high liability, full coverage, that Progressive offered me the best rate at less than $800/yr. Price actually went down with multi-car discount. But I actually ended up with an MX, and to my pleased surprise, price wasn’t significantly different. It remains to be seen if that’s an “introductory rate,” though, as many insurers do these days

Bob

This is the kind of meaningful response to posts/polls when it comes to insurance pricing….just asking how much it is without context (which market, coverage, etc) will make the numbers useless…

zzzzzzzzzz

Insurers don’t have any statistically significant data on Model 3 yet and will not have for a while.

Unplugged

Okay, I’ll bite. Here is some more info that may help others in buying coverage:

My insurance company is from Costco, Ameriprise. My premium is $570 a year. (The premium is less than my Ford Focus Electric at $588 a year.) And no, I don’t live in some farm community. I live in the second largest metropolitan area in the U.S. My age may help in addition to my spotless driving record. I am 60. Zip is 926**.

Oh, and I have a college age daughter on our Fiat 500e. That premium has raised our other premiums I’m sure, but the cost of her car per year is $884.

Unplugged

You can probably throw out any scores with premium cost over $3000 a year. Of course, I suppose if you have 2 driving under the influence convictions, and a few reckless driving recorded, I can imagine….

Espiritiv

Dude, you can get a quote anywhere without a vin

Taylor Marks

I picked the wrong option. I picked $2400 (so the $2000 to $2500 bucket), but after the fact I realized that’s what I’m paying for the Model 3 + a Honda Civic. I think the Model 3 by itself is in the $900-$1500 range… I would have picked the $1000-$1250 bucket.

Roy_H

Maybe you, Eric Loveday, could spend some time getting quotes from many auto insurance companies? This would make a good article without depending on others and many variables. I.E, insurance rates will depend on personal driving history and not fair in my opinion to compare one with a terrible driving history with a pristine one. Another major factor, I expect is that rates for high performance cars are usually much higher than low performance, so in fact this should include separate rates for the HP version.

Nix

That would only show what Eric himself would get for his rates, with his driving history, his address, etc.

Bob

Yes, but would give an idea what the changes would be percentage-wise for that one point – if others posted that info, we could get a better picture….

Ron M

Roy maybe you could call multiple insurance companies and post the quotes that you receive.

Roy_H

I’m Canadian, would that be relevant? Furthermore I live in BC which has government run insurance, same price for everybody.

OttawaM3

I’m $1400 Canadian per year through AllState. Full coverage: $2 Million liability, uninsured motorist coverage.

Clive

Steven,

Having full coverage is highly subjective.

The kind of coverage, deductibles, medical limits, property damage, all depict the insurance rates core value… And even more important stuff, like ZIP Code, (Garaging Address ) Age, Gender, traffic offences, and claims history.

Correct. It’s not a scientific study. That would require a different type of poll system with many more questions and being able to prove that each person was actually a true owner. We don’t have access to that at this point. It’s just a curiosity study. A simple poll to share. We also have a bunch of data that was sent to us over the course of the day from the first article. We can put all that together with the results of the unscientific poll, along with some other research that we track down, and just give people some perspective.

Ben

I got quoted around $1300 a year, fully optioned. Pick up the car in ten days!!

Kyle McLeod

I voted $1250-$1500. But keep in mind that’s CDN $ and in Ontario (the most expensive place to insure a vehicle).

I Don’t know what yesterday’s article was… but I do know it was BS.

Haha. Thanks.

Emmexx

Less than 800 per year with progressive. 43 with no accidents in last ten years

Tedfredrick

Mine is about $1750 a year with a spotless driving record. Live in LA

Gerald

I pay $1,292.75 annually with Liberty Mutual; CA
Maybe breaking out in $100 increments would be good since I selected the $1,250-$1,500 category.

Nick

$1900. Orange County. 1 no fault accident. Married. Just over 40. Multi policy discount with Allstate

Unplugged

You might want to take a look at Costco’s Ameriprise. You are paying too much for a clean record. Remember, show no allegiance to an auto insurance company: They will show no allegiance to you.

I have a bunch of quotes from every major insurance company. They were all between $1300 and $1850 a year. I am paying $570 for the Model 3 with Ameriprise. My Amerprise quote was $1,962 with three cars and a daughter in college, no kidding. I live in Irvine. Note: We all have clean driving records. My wife and I are 60, My daughter is 21. Deductibles are $500 collision and $100 comprehensive.

Tedfredrick

I will do that

Tedfredrick

That is more like mine. I live in Santa Clarita just north of LA

Simon

State Farm, 32607, $1580/year
$1580/year, 40 yo (out of country / non-resident, US drivers license since 10 years)

Interestingly, they insured the Model 3 as
“2018 TESLA MODEL 3 4D SED GAS”
However, its a 2019 Model 3, Long Range Premium Interior, Silver, Aero-Wheels (and not gas! :D)

Enhanced Autopilot / Full Self-Driving upgrades will be insured if added later for no additional cost (that caused a lot of confusion)
They also increased the price by $120/year after I signed with no real explanation given except for “we could not find the VIN number in the system and since adjusted the rate”.

Liability Bodily Injury $50k/$100k, Property Damage $100k
Basic No-Fault Coverage
Comprehensive Deductible $0
Collision Deductible $500
Uninsured Motor Vehicle $50k/$100k Non-Stacking
Emergency Road Service Included
Car Rental and Travel Expenses 80% of rental cost ($1k max)

Tom

How do you have a 2019 already? Tesla sticks pretty close to calendar year for their model years.

Unplugged

Tesla doesn’t just stick “pretty close.” Tesla follows the calendar year exactly. You buy a Tesla on December 31, 2018, and you have a 2018 car.

Kyle

I’m 30, zipcode insured is 90501, and my rate is $1320 per year with USAA.

David-G

I just got a Geico quote with a used Model 3 long-range VIN (not performance/dual motor) for about $1,800 annually with moderate coverage limits and a $500 deductible. I am age 28 in ZIP code 85392 (West Phoenix AZ area). Compared to my old 2008 Toyota Yaris, most of the cost increase came from comprehensive and collision coverage, reflecting repair costs for the car. Liability insurance costs only increased slightly to reflect an increased risk of personal injury or property damage from the more powerful Model 3.

Me

I would be willing to bet the issue with the numbers in your last article we’re based on an average of what each company changes, but in reality people shop around and pick one of the lowest options. Several insurance companies quoted me 2 or 3 times the cost of Progressive because they do not have enough data on the car yet. But there is no reason to pay those high costs if you can just pick another company. Mine is actually cheaper than my Honda was and with better coverage.

In other words:
Model 3 insurance is only high if you are too lazy to switch companies or are really young or have several recent claims.

Ben

Im paying $32 more a month to insure my model 3 than the 2014 Honda Civic I traded in

Justin

I shopped around extensively for insurance. It seems that some are very tesla friendly, offering fairly low rates, while others charge higher than normal rates for teslas, which is likely why there is so much variation. Progressive seemed to be the most tesla friendly. The rates they offered for my model 3 were much lower than the other companies and likewise much lower than the other non-tesla cars that I got quotes on. Interestingly, the quotes on the non-tesla cars did not vary much between insurers. On progressive I was able to insure my model 3 with great coverage for less than $1000 per year. Just taking a guess, but this may be due in part to the vehicle tracking features on teslas, which progressive seems to give significant weight; the other cars that I got quotes on did not have vehicle tracking.

Joe Bob

People picked “over $4,000” option. Poll invalidated 🙁

Mark.ca

14 votes for over $3k. I think it’s safe to say the trolls are using their right to vote wisely….lol.

ModernMarvelFan

Insurance cost varies a lot due to coverage and personal history.

It is pointless to compare unless you have the coverage and personal history standardized.

Chris O

So…the only way to view the outcome is to vote, regardless of ownership which isn’t actually required to vote anyway. Exercise in futility….

From the title I thought people would be asked to give details about their insurance in the comment section, that at least has some value even though anything posted on the “snake pit” should be taken with many grains of salt of course.

Mark.ca

Click on “view results” without voting.

ZOE driver in EU

998€ incl. VAT. And: Everybody can Drive not just Me and my wife. And just 500€ Self-Payment in an accident. Regardless if M3 SR, LR, AWD or Performance. 🙂

Hilman Chung

$800 94041

Griff

Model 3 Long Range. $1063 Annually. $50 deductible. $500,000/$300,000 coverage. Multi-line discount. State Farm. Age 35+. Maryland.

Dub

$748 per year through USAA for a Model 3 dual motor.

36 year-old male, married, clean driving record. Full coverage in Virginia, $300K/500K, uninsured motorists coverage with $100K property damage, 120% of vehicle value payout if totaled.

Erik H

$1050/yr with State Farm in NoVA, including a multi-policy discount (I had said $1100 in comments on the previous post from memory, then dug up the paperwork)

Eli

We live in Brooklyn, NY, the most expensive place in America to insure cars. Our 2016 Mazda 6 GT costs us $2800 a year to insure for two adults. We recently bought a Model 3 and it costs $2136 to insure for the same two people in the same zip code. Go figure!

Blake

Detroit is the most expensive city in America for car insurance. No one else is even close.

Stretch

About $800 per year. New Jersey. It was about $100 less the eGolf, MB B-class and gas BMW we have had on the policy recently. Same coverage.

Larzipan

I’m at USD 88.54 a month or ~1062 a year with State Farm. My 3 is LR, AWD. It is a full coverage (highest limits) and low (though not the lowest) deductible plan they offer.
I’m a 32 year old female with my 32 year old male SO as another primary driver, in WI. No traffic offenses in the last five years, 1 accident 3 years ago (and our only one ever) that was no-fault and subrogated.
We have a multi-line discount with them, as well as loyalty since I’ve been with them since I was 16. I got a further discount on the policy for ‘transferring’ the policy and discounts from my last vehicle to the 3 with my trade-in.

I got a couple of other quotes and liberty mutual had me at 162 a mo, so it sounds like that loyalty really pays off.

Jeff

Dual motor, no accidents in 5+ years, 37yo, northern NJ (typically high rates), multi-car discount, $960/yr. Only $20/mo more than our 2003 Accord!

Ben

Just over $1000. About $1025 I believe – not sure of the exact breakout between two vehicles but it’s close to that. $64 more annually than insuring a 5 yo Hyundai Sonata that cost $22k new.

Farm Bureau, Tennessee, 37 y.o., homeowner, married w/kids, one very small accident by wife in a parking lot a few years ago. Moderate coverage on standard RWD Model 3. Shopped around a bit – best rate I found; initial quote from Liberty Mutual who we had been with for years was ~$2350 (!!!)

Ron M

This is a perfect opportunity for insurance agents to provide a quote on Model 3 in there zip code. Provide age brackets, insurance coverage etc. Free way to contact many customers.
Forget about saying we can save you $800 on your insurance nobody believes it no matter now much you spend advertising it
That’s why we need the Consumer Protection Agency

John

I’m 37, wife is 31.
Model 3 AWD Long Range

Progressive
$1,000 deductibles.
State Max on all other coverages
Quoted at $525/6 months.
My 2013 Volt is $495/6 months.

I was pleasantly surprised.

Espiritiv

$839/yr USAA zip 97225. Full coverage No where close to price of a Porsche 911. That article was a FUD joke

Ianstuart

800 dollars per year for a 2month old model 3. I am 75 years old And I live in the countryside outside Fredrick md

Scott G

Just insured my new 3D (not performance) – Full coverage with $500 deductible and 10,000 miles per year ==> $570/year.