How much does it cost to insure a 2022 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 | Root Insurance | $118 | $708 |
2 | Metromile | $152 | $909 |
3 | Clearcover | $173 | $1,038 |
4 | Farmers | $179 | $1,072 |
5 | Liberty Mutual | $179 | $1,073 |
6 | Travelers | $182 | $1,092 |
7 | AAA | $189 | $1,134 |
8 | Amica (Allstate) | $189 | $1,134 |
9 | State Farm | $194 | $1,167 |
10 | Nationwide | $198 | $1,188 |
11 | Progressive | $239 | $1,434 |
12 | Costco Ameriprise (Costco Members Only) | $253 | $1,518 |
13 | Metlife | $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:
Field | Value |
---|---|
george.jetson@gmail.com | |
First | George |
Last | Jetson |
DOB | 01/20/1988 |
Gender | m |
Phone | 4157043032 |
Address | 690 Haight Street |
ZIP | 94117 |
City | San Francisco |
State | California |
Make | Tesla |
Model | Model 3 Standard Range + |
Year | 2022 |
Alarm? | Vehicle Recovery |
Annual mileage | 10,000 |
VIN # | 5YJ3E1EA8KF421135 |
DL | Y8711111 |
State | California |
ownership: | owned |
starts: | 07/27/2022 |
highest education degree? | graduate or professional degree |
currently insured? | yes |
Current insurer | Geico |
Current Limits: | minimum |
Profession | architect |
Married? | single |
Age first licensed | 16 |
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 Reimbursement | Waived |
Roadside Assistance Reimbursement | Waived |
Uninsured Motorist Property Damage | Waived |
Ridesharing Endorsement | 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. ⚡️