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Tesla Model 3 - Which insurance company has the best rate in California?

July 30, 2019

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:

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ZIP CODE: Compare Rates ⚡️
The Comparison Results: Best rates for a Tesla Model 3 in California
RankInsurance Company/mo/6 mo
1Electrade.app (backed by Clearcover)$118$708
2Geico$152$909
3AllState$173$1,038
4Farmers$179$1,072
5Liberty Mutual$179$1,073
6Travelers$182$1,092
7AAA$189$1,134
8Amica (Allstate)$189$1,134
9State Farm$194$1,167
10Nationwide$198$1,188
11Progressive$239$1,434
12Costco Ameriprise (Costco Members Only)$253$1,518
13Metlife$259$1,554
Average$193$1,155

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. 👇


Thoughts

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.


Standardized Inputs

For all insurance sites, we requested quotes for the following values:

FieldValue
Emailgeorge.jetson@gmail.com
FirstGeorge
LastJetson
DOB01/20/1988
Genderm
Phone4157043032
Address690 Haight Street
ZIP94117
CitySan Francisco
StateCalifornia
MakeTesla
ModelModel 3 Standard Range +
Year2019
Alarm?Vehicle Recovery
Annual mileage10,000
VIN #5YJ3E1EA8KF421135
DLY8711111
StateCalifornia
ownership:owned
starts:07/27/2019
highest education degree?graduate or professional degree
currently insured?yes
Current insurerGeico
Current Limits:minimum
Professionarchitect
Married?single
Age first licensed16
Military?no
Home?no
Rideshare?no
Suspensions?no
Accidents?no
Traffic violations?no
Bodily Injury Liability$50,000 / $100,000
Property Damage Liability$20,000
Medical Payments$5,000
Under/uninsured Bodily Injury$50,000 / $100,000
Collision$1,000 Deductible
Comprehensive$1,000 Deductible
Alternate Transportation ReimbursementWaived
Roadside Assistance ReimbursementWaived
Uninsured Motorist Property DamageWaived
Ridesharing EndorsementWaived

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. ⚡️

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