To get the best rates, shop around. If your car is worth $40,000 or even $85,000 you’re going to pay more for these protective coverages than someone with a car worth $25,000 because the insurer would have to pay out more if you totaled your car. Tesla Model 3 Insurance Cost. Cheap Full Coverage Car Insurance: What It Is and How to Find It, The Best High-Risk Auto Insurance Companies. Based on the safety ratings and quality of these vehicles, you'd think Tesla car insurance would be cheap. Collision coverage with $1,000 deductible. What Is Collision Insurance, and What Does It Cover? USAA Insurance is known for its service to the military community and their families. The more your car costs, the more it’s going to cost to insure. Here is a list of our partners. The tech can be complex and only original Tesla parts are typically available. The company is working on a commercial vehicle policy for gig workers who drive for Lyft, Uber or other services. The Edmunds True Cost to Own report analyzes the cost of Tesla repairs over five years. The extra labor and larger pieces to repair can again raise the price of insurance because the companies know the cost of repairs is high. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. That’s still a pretty big pool of Americans, and it’s enough to give USAA 5.7% of the auto insurance … Considering that safety record, you might be surprised to know that insuring them can often cost much more than the same coverage for other popular cars. USAA is a diversified financial services company that offers various solutions like banking insurance, investments, and retirement. $300,000 bodily injury liability coverage per crash. Musk has said Tesla Insurance costs should be about 20% lower than average and that the program will continue to roll out “anywhere insurance prices are high.”, » MORE: Minimum car insurance requirements by state. * Rates weren’t available for Tesla’s own plan, Tesla Insurance, which is offered only in California. The company says it does not use personalized driving data collected by the vehicles in its pricing. Collision insurance pays for vehicle damage from most types of crashes, but may not be worthwhile for older cars. But rates vary widely from one insurer to the next. Of the 25 most popular cars in the U.S., the Tesla Model 3 is the most expensive to insure, on average, in every state except New York, where it comes in second to the Toyota Highlander LE. Andrew Marder is a NerdWallet authority on insurance. You may qualify for extra savings based on your driving habits, student status, low mileage, where you park your vehicle and more. Compensation may impact where they appear, including the order in which they appear. Tesla Insurance does not cover their models if used for ride-sharing. It's also one of the safest cars -- a dozen airbags, camera sensors on the bumpers and safety tech all make Teslas, according to the company, "the safest cars in the world.". But the main factor used as the base quote from which to build off, and then adjust up or down depending on your driver profile, is where you live. Car insurance companies use many rating factors, the car and the types of insurance you choose are a couple. And if you live in California, be sure to check out the insurance Tesla offers, as it has special offerings the other insurance providers don’t provide, such as the autonomous vehicle owner coverage. Having a car worth a decent amount means you want the best protection on this asset. Tesla's electric vehicles are designed to be some of the safest cars on the road. USAA Mobile gives you immediate and secure account access from your mobile device. Tesla Model 3 Insurance Cost. A full coverage policy on a 2020 Model 3 Tesla costs $2,233 a year, for the average driver, which is a bit pricier than the average cost to insure other common types of vehicles. $300,000 uninsured motorist bodily injury coverage per crash. Tesla is now a licensed broker providing insurance to Tesla drivers in California from State National Insurance. , which are the cheapest car insurance would be cheap, service provider specific... Program is currently only available in California at this time above average California from state national insurance you.! The following ways on how to save on your Tesla auto insurance, make sure to get the rates... And secure account access from your Mobile device reported back as part of the informed. A higher Tesla car insurance cost come directly from the largest insurers in all states... 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