How much does it cost to insure a 2019 Tesla Model 3 in California? Electrade researched car insurance premiums across 13 insurers to find the most cost-effective policy, and compared it with our own rate. Our results were surprising to say the least. Take a look:
The Comparison Results: Best rates for a Tesla Model 3 in California
|Rank||Insurance Company||/mo||/6 mo|
|1||Electrade.app (backed by Clearcover)||$118||$708|
|12||Costco Ameriprise (Costco Members Only)||$253||$1,518|
Methodology: Rates are for a 31-year-old male driver with a clean driving record in San Francisco. Rates include liability limits of $50,000 in injuries per person and $100,000 per accident, and $5,000 in property damage, plus collision and comprehensive coverage with a $1,000 deductible, uninsured motorist coverage. Your own quotes will be different. Scroll down for more details. 👇
The average monthly premium was $193/mo, however, the cheapest rate (Electrade via Clearcover) was $118/mo which would save you nearly $1,000 per year. That’s more than three monthly lease payments for a Model 3 after savings (currently $341/mo)!
What’s the catch? We honestly couldn’t find one - Clearcover provides the same level of coverage as the other insurers and even offers faster payouts (within 72-hours) which blows the rest of the industry away. The standard for the industry is accepting or denying a claim within 40 days after receiving proof of the claim, and then paying out within 30 days.
Since Clearcover is online-only, they have no expenses to maintain offices or salaried salespeople - these savings are passed on to customers via more affordable premiums.
Have a Tesla or electric vehicle? Get a quote at Electrade.app, the hub for electric car insurance.
For all insurance sites, we requested quotes for the following values:
|Address||690 Haight Street|
|Model||Model 3 Standard Range +|
|highest education degree?||graduate or professional degree|
|Age first licensed||16|
|Bodily Injury Liability||$50,000 / $100,000|
|Property Damage Liability||$20,000|
|Under/uninsured Bodily Injury||$50,000 / $100,000|
|Alternate Transportation Reimbursement||Waived|
|Roadside Assistance Reimbursement||Waived|
|Uninsured Motorist Property Damage||Waived|
PS: Teslas come with Automatic Emergency Braking, Side Collision Avoidance, & Lane Departure Warning - shouldn’t all these features make it cheaper to insure your Tesla? Check out our opinion piece here.
Thank you for reading, and thank you for supporting the electification of transport. ⚡️