If you're looking to purchase a Tesla Model 3 be sure that you can afford the protection. Finding the best insurance package and rate can be difficult because rates are constantly rising. We've listed our top picks for Tesla Model 3 insurance and why we rate them so highly.
What is the best Tesla Model 3 insurance? These are the top 5 insurance agencies for Tesla Model 3 coverage.
- Geico
- Progressive
- Liberty Mutual
- State Farm
- AARP
The estimated average insurance rates of a Tesla Model 3 is nearly $1800 per year. High-risk insurance can cost more than twice as much, or even more. Teenagers, on the other hand, will pay more than $6200 per year. Estimates will vary depending on your location, driving habits and age. Here's a summary of the best Tesla insurance options.
Why you need insurance and common problems?
Congratulations on your Tesla Model 3 first and foremost! According to rumor, these vehicles were initially intended as an electric vehicle for the masses. However, with continued development, they became a luxury alternative to small sedans. This vehicle can only be ordered by special order and costs a similar amount to BMW or Mercedes cars.
Tesla is one the most innovative automobiles of all time. This vehicle, with its cutting-edge technology such as the ability to drive by itself and an entirely electric system is at the forefront of eco-conscious driving and safer driving.
Tesla Model 3 can be prone to errors in manufacturing due to its newness. This can make for some dangerous driving situations. Tesla Model 3 was launched with a promise of more reliable production. However, all early Tesla Model 3 drivers have reported issues.
and more were among the problems that occurred. Because some of these problems can be distracting or have a negative impact on driving safety, it is important to ensure you are covered in case of malfunction.
Choose Insurance for Your Tesla Model 3
Recent analysis showed that the Tesla Model 3 is not only worth a lot of money, but also deserves to be protected. This vehicle's average insurance price can range anywhere from $388 to $6000 per year, depending on your driving habits, preferences, location and the amount of "risk" that you want to insure.
( High-risk drivers) can be defined a variety of ways. It can be a simple relative term, referring to one driver as a higher risk driver than another. Or it could refer to a driver not being eligible for the type of insurance they want. This term can also be used to describe someone who was involved in an accident resulting in one or several deaths, or has committed a number of minor offenses.
Average annual premiums for full coverage were estimated at $1,762, while the cost of comprehensive coverage was $424. Collision coverage was $870 and liability was $332. High-risk drivers paid $3,838, while teenagers were charged $6,242. Rural areas and major metropolitan cities have a price range of $1,322 - $2,379, so don't forget to include your zip code.
These estimates can make choosing an insurance package for your Tesla Model 3 seem hopeless and overwhelming. But don't worry! You can reduce the cost and even decide that you don't need full coverage. Safe driving habits, a good credit score, and the capability to pay for small claims yourself can help you keep your insurance premiums low.
Tesla Model 3 Insurance: The Best Options
The Tesla Model 3 has the lowest insurance rates compared to both the Model S and Model X - or at least it could. The base price of the Model 3 is less than that of the Tesla Model S and the Tesla model X, so the insurance rates are lower right away. The following are the top five contenders when comparing insurance rates for your Tesla Model 3.
- Geico
- Progressive
- Liberty Mutual
- State Farm
- AARP
These agencies offer discounts for safe drivers and accident forgiveness. They also provide new car protection.
1. Geico
Geico offers the best options in insurance for your car and you. This insurance is available in all 50 US states, with roadside assistance as an option and a flexible payment schedule (either six months or twelve months).
Geico offers online claims or phone calls if needed. It also offers accident forgiveness and new car protection. Geico offers generous discounts, which is perfect for Tesla owners. They provide the following services:
- Anti-theft device discount
- Bundling discount
- Discount for defensive driving
- Discounts for students (up to 15%)
- Discounts for loyalty
- Military Discount
- Discounts on safety devices (up to 15%)
- Special employment discount
- Discount for wearing a seat belt (up to 15%)
You can also choose from a variety of coverage options, including rideshare coverage, SR-22 coverage, temporary or short-term insurance, etc.
Geico's deals seem almost too good to believe, don't you think? You can believe it. You'll need to look at as many options as you can to reduce your insurance rates. This includes your choice of agency, driving habits and more. Geico offers a variety of discounts that can be very helpful.
Geico's online reviews are relatively poor, and claims are handled more often online. Geico is a good choice if you do not think that these issues will affect you.
2. Progressive
Progressive has an insurance package very similar to Geico, in that it's available in all fifty states. It also offers roadside assistance that can be paid on a monthly basis. You can make claims through Progressive online or over the phone.
The Progressive also offers a wide range of discounts:
- Anti-theft device
- Bundling - 5% discount on auto insurance depending on the bundle
- Defensive driving
- Good Student
- Homeowner
- Military Personnel
- Safety device
- Usage-based
This agent offers coverage for rideshare, SR-22 and SR-22-related risks, but does not offer short or temporary coverage (unlike Geico). If you only need a short-term insurance policy, Progressive is not the best option for you. According to a survey of Progressive's customers, Progressive drivers can save up to $699 per year.
Progressive offers discounts for all age groups. Young adults can benefit from the Defensive Driver and Good Student discounts while older adults and elders may qualify for the Usage-Based or Homeowner's discounts. Progressive's Safe Driver Discount is slightly higher at 30% than Geico (Geico is 26%).
3. Liberty Mutual
Liberty Mutual and Safe Driver are both at 30%, so they offer similar discounts. Again, this agency is very similar to Progressive and Geico in terms of its benefits. Liberty Mutual offers new car coverage and accident forgiveness in all 50 States. It also provides 24-hour roadside service.
You can file claims online or by phone. For 12-month contracts, you will pay a fixed monthly fee. Liberty Mutual offers even more discounts than the previous two agencies!
- Anti-theft device
- Bundling discount
- Defensive driving
- Good Student
- Loyalty
- Safety device
- Special employment
- Usage-based
- Newly-married
It's a good thing that the newlywed discount takes into consideration that for many, it is the first time that they buy and insure their brand new car by themselves after the wedding. You can save on your Tesla if that is the case.
Liberty Mutual offers all the coverage you need - like Progressive, they cover rideshare, SR-22 and short or temporary coverage. Liberty Mutual also offers a discount of up to 12% on your premium when you request a quote online. Liberty Mutual's cons are its inconsistent pricing and coverage minimums.
4. State Farm
State Farm offers the most flexibility insurance options among the top 5, thanks to its 6-month contracts and many options for filing a claim. State Farm offers insurance in all 50 US states. It also provides 24-hour roadside support, new car coverage, and accident forgiveness.
Accessibility is also a strong point of State Farm, which enhances customer satisfaction. State Farm allows drivers to file claims online, via email, over the phone or in person. The most flexible insurance company is not necessarily the cheapest.
Stat Farm does not offer as many discounts (compared to competitors' Safe Driving Discounts) and some of the discount options are relatively low-capped. State Farm's safety device discount compensates for the lack of discounts offered by its competitors.
- Anti-theft device
- Bundling
- Defensive driving
- Student with good grades (up to 25%)
- Loyalty (upto 20%)
- Safety Device (up to 40%).
State Farm is more accessible for younger drivers due to its short contract terms and availability. The Good Student program can be of great help to Tesla Model 3 drivers who are teen drivers.
5. AARP
The AARP offers the best rewards for older customers who own Tesla Model 3s. This is because it only accepts customers over 50. According to a survey conducted in 2018, the average member of AARP saves $449 per year.
The reviews for this agency, however, are scattered. The star ratings range from 1.3 out of 5 up to 3 out 5. If you are looking for an auto insurance company that offers a consistent positive customer experience then you should probably avoid AARP.
AARP stands for American Association of Retired Persons. This means that their main consumer base is the 50+ group. Your 16-year old probably won't qualify for coverage with AARP.
Benefits and bonuses offered by these companies are tailored to the needs of consumers. They offer an "evaporating deductible" (the amount of deductible drops every year if you drive safely), accident forgiveness and 12-month contracts.
What is the Best Auto Insurance?
You can get quotes in a number of ways now that you have seen the options. You can either visit their website or call them to start your plan. You should get insurance quotes directly from your agency because rates may vary depending on where you live.
It can be difficult to choose an insurance company and policy if you don't know which one to use. This is a common problem for people who are buying a car. The first thing to think about is how you plan on using your Tesla Model 3 vehicle. Are you planning to use it solely for commutes to and from work or school? Do you intend to use it only on weekends?
You may want to get a policy with full coverage if you use your vehicle daily or at least three times a week. You are more likely to be involved in an accident if you drive more frequently and for longer periods.
You should also be honest with your own driving habits. Are you a fast driver? As we have already mentioned, high risk drivers are not as able to get good insurance rates. Knowing your driving habits can help you determine if you are eligible for any discounts. It may be beneficial to your wallet over time.
Different types of auto insurance policies
You should also consider your priorities when choosing an auto policy. Do you need auto insurance for a valid reason (driving unpaved roads frequently, being concerned about Tesla Model 3 issues, etc.) or are you just looking to get some protection? Do you care more about discounts than roadside assistance, collision or other features?
You can narrow your options by identifying your top priorities when choosing an agency and a policy. The different parts of your policy are
- Liability: Covers any damage you cause to another person in an accident. Liability comes in two forms, one for bodily injury while the other covers property damage. Of course, you can choose to insure both, especially if your Tesla will carry valuables.
- Comprehensive covers your Tesla: If you have an accident, collision and comprehensive insurance will cover your Tesla Model 3 as well as intentional damage like theft or vandalism. This is why discounts are offered on anti-theft devices and safety features, to encourage you to protect your Tesla.
- Personal Injury Protection: This is of particular interest to older and/or handicapped drivers, as it covers medical expenses arising from accidents. This also covers lost income and other financial impacts from accidents. This is only applicable to situations where you are not at fault.
- Uninsured Motorist: This will cover both bodily injuries and property damages in the event of an accident with a driver who is uninsured. You must also not be responsible for the accident.
It can be overwhelming to choose insurance at first. But, if you step back and consider your driving habits as a guide, it can become a very simple process. Consider what you want from your Tesla Model 3 and then build your insurance requirements around that.
