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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 2020 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
Email 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 2020
Alarm? Vehicle Recovery
Annual mileage 10,000
VIN # 5YJ3E1EA8KF421135
DL Y8711111
State California
ownership: owned
starts: 07/27/2020
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. ⚡️