Tesla Model 3 insurance group

Compare car insurance costs for your Tesla Model 3 based on your age and location.

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The Tesla Model 3 is a popular electric car. In fact, it was the best-selling electric vehicle in 2020. This is the smallest and cheapest Tesla available to buy, but it offers far better acceleration and driving range than other electric entry-level models. In this guide, you’ll find out how much it costs to insure a Tesla Model 3 based on the age and location of the driver.

What insurance group does the Tesla Model 3 fall under?

All vehicles are given a specific insurance group that ranges from 1 (cheapest) to 50 (most expensive) which helps determine the cost of your premium. Tesla Model 3 models range from insurance group 48 to 50, meaning they’re among the most expensive cars to insure. As an example, a 30-year-old driver in an average postcode could pay around £2,331 for cover on a Tesla Model 3 Standard Range Plus auto 4d that is in insurance group 48 or around £2,512 for a Tesla Model 3 Long Range auto 4d that is in insurance group 50. This clearly shows the impact on premium pricing that occurs when one car is in a much higher insurance group.

Model / Version Group (1-50) 20yrs 30yrs 40yrs 50yrs Get quote
Standard Range Plus auto 4d 48 £20,018 £2,331 £1,857 £1,533 Get Quote
Long Range auto 4d 50 £16,244 £2,512 £1,871 £1,789 Get Quote
Performance All-Wheel Drive auto 4d 50 £16,244 £2,512 £1,871 £1,789 Get Quote

    Tesla Model 3 insurance cost by location

    Among the factors that affect the cost of your car insurance premium, one of the biggest is your location.

    To show the impact of your home address, here are some average quotes for a 30-year-old living in three different locations. The quotes are for a Tesla Model 3 Standard Range Plus auto 4d.

    • Expensive: £5,255 (London SE1)
    • Average: £2,331 (Newcastle NE1)
    • Cheap: £1,911 (Galashiels TD1)

    Which factors affect my Tesla Model 3 insurance rate?

    Along with insurance group, there are many other key factors that have a big impact on your insurance premium costs:

    • Engine type and capacity. In general, the larger the engine, the more you’ll pay for your car insurance. For example, it may cost £5,255 for insurance for a Tesla Model 3 Standard Range Plus auto 4d, while you may pay £5,094 for a Tesla Model 3 Long Range auto 4d. So, that’s an extra £15 per year you’ll pay for the Long Range engine.
    • Driver location. Insurers use your home address to determine the level of risk that your car may be stolen or involved in an accident, and this affects the cost of insurance. For example, a 30-year-old in central London may pay £5,094 for insurance for a Tesla Model 3 Long Range auto 4d, while the same 30-year-old in Newcastle may only pay £2,512. That’s an extra £83 per year that the average 30-year-old would pay in London compared to Newcastle.
    • Driver age. The youngest drivers will pay the most for car insurance because they are the most likely to make a claim. As an example, the average 20-year-old driver in London may pay £32,484 for the Tesla Model 3 Standard Range Plus auto 4d, while the average 40-year-old Londoner will only pay £3,571. That’s £1,023 more per year that the younger driver would pay in this scenario.

    Other factors that influence the cost of your insurance include:

    • The model and age of your car
    • Your car’s safety rating score
    • Your car’s safety rating features
    • Your car’s anti-theft precautions
    • Your annual mileage
    • Your driving history and activity
    • Your no-claim discount
    • Your marital status
    • Your credit history and job

    How can I save on my Tesla Model 3 premium?

    Car insurance can be expensive, but you don’t need to let it break the bank. Here are some ideas to help you lower the cost of your premium.

    • Limit your annual mileage (where possible). If you can occasionally walk or use public transport, rather than using your car, this can help to save on your premium.
    • Pay annually rather than monthly. When you pay annually, you eliminate the possibility of being charged interest on monthly payments.
    • Install extra safety precautions. This makes you car safer and reduces the risk of you making a claim on your premium. That’s why many insurers are happy to lower your premium when you do so.
    • Shop around for the best deal using price comparison websites. Don’t just settle for the renewal price given to you. You’ll usually find a better deal by switching to a competitor each year.

    Bottom line

    This was the best-selling electric car of 2020 for a good reason. It provides an enjoyable drive combined with environmental deity. The key downside is the horrifically expensive insurance costs, but the tips in this guide will help you to reduce your premiums.

    Frequently asked questions

    *Based on data provided by Consumer Intelligence Ltd, www.consumerintelligence.com (Mar ’24). 51% of car insurance customers could save £539.54
    The offers compared on this page are chosen from a range of products we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations), aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When making a big financial decision, it's wise to consider getting independent financial advice, and always consider your own financial circumstances when comparing products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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