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Tesla Insurance Premiums Are Shocking: From 2022 to 2023 In My Tesla Model 3 RWD

There are some shocking Tesla Premium insurance payments I made in 2022 and 2023 for my Model 3 RWD. Read on to find out what they were.
Tesla Insurance Premiums Are Shocking: From 2022 to 2023 In My Tesla Model 3 RWD

Tesla Insurance and Monthly Premiums

There are some shocking Tesla Insurance monthly premium payments I paid on my 2022 Model 3 RWD for 2022 and 2023. There were some factors that played into this, including some things in the safety score that need to be fixed.

Compared to other insurance companies, let's see how my monthly premiums compared.

According to Market Watch, the yearly cost to insure my 2022 Model 3 RWD in Utah should be about $2,509 or $209 per month. This is for a 35-year-old driver with a clean driving record and good credit history. I am a 46-year-old driver with all of those, too.

The cheapest was quoted from USAA with $129 per month ($1,543 yearly). On the expensive end was Geico at a whopping $375 per month ($4,499 yearly). I live in Utah.

My Tesla Insurance has this coverage:

Policy Coverages:

Bodily Injury Liability: $100,000 per person, $300,000 per accident.

Property Damage Liability: $50,000.

Uninsured Motorist Bodily Injury: $100,000 per person, $300,000 per accident.

Underinsured Motorist Bodily Injury: $100,000 per person, $300,000 per accident.

PIP Limit: $3,000.

PIP Income Loss Exclusion: No.

Vehicle Coverages:

Uninsured Motorist Property Damage: No coverage.

Collision Deductible: $1,000.

Comprehensive (Non-Collision) Deductible: $1,000.

Rental Reimbursement: $45/day, $1,350/claim.

Roadside Assistance: Basic.

Lease/Loan Gap: No.

In regard to the safety score, I usually stay at 95 or higher, unless I get faulty forward collision warnings - which does seem to happen here and there...

I also think that late night driving is still too penalizing, so if I want to go out and have fun past 10 PM, I have to be prepared to pay more of an insurance premium that month.

The areas I generally only ever get any kind of "ding" in are forward collision warnings, hard braking, aggressive turning, and unsafe following. The other four, excessive speeding, late night driving, forced autopilot disengagements, and unbuckled driving never happen for me - unless I go out and enjoy late nighttime past 10 PM every so often.

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What I Paid For My 2022 Tesla Model 3 RWD in 2023

Here is what I actually paid for insurance, using Tesla insurance, in 2022 and 2023, for my 2022 Model 3 RWD. I first bought the car in August 2022.

I am including the safety score I had as well.

2023 Insurance Costs Using Tesla Insurance With Safety Score, 2022 Model 3 RWD

  • January: 97: $69.50
  • February: 95: $102.01
  • March: 96: $97.46
  • April: 97: $92.90
  • May: 90: $124.78
  • June: 91: $120.22
  • July: 95: $101.96
  • August: 96: $85.50
  • September: 96: $81.30
  • October: 96: $81.30
  • November: 98: $73.78
  • December: 98: $73.78

The average cost of Tesla Insurance for 2023 was $92 per month. The total for, 2023 was $1,104.50. I'm saving over $400 per year from the cheapest option on Market Watch.

Some clarity can also be given, seeing the last few months of 2022 after I first purchased the car.

2022 Insurance Costs Using Tesla Insurance With Safety Score, 2022 Model 3 RWD

  • August: 90: $96.23
  • September: 90: $96.23
  • October: 97: $69.55
  • November: 97: $69.55
  • December: 98: $66.05

The average cost for 2022 was $79.50 per month or a $954 per year run rate - wow, that's cheap! The insurance costs were even cheaper in 2022, by about $12.50 dollars. 2023 went up, but we'll have to see how 2024 does to see if that trend continues. However, the costs seem to get higher in February through July for some reason.

Still, $92 for a month for insurance on a Tesla Model 3 RWD is pretty good in 2023. Insurance by a private company here in Utah with historically record low monthly insurance premiums quoted me at $105 per month for my vehicle, which is $13 more - and that is likely higher now at that company too.

This is far less than even the cheapest option available from Market Watch - by almost $40. And for 2022, it was even more of a savings. This is shocking to me. I am paying WAY less... Even with some faulty forward collision warnings and late night driving penalties.

The big question in my mind is there an insurance company, with the same coverage I have, that would be cheaper to use? From what I can see, there isn't one. Please, do let me know in the comments if you know of one.

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What do you think about the Tesla Insurance premiums I paid for in 2022 and 2023? Is late night driving too penalizing? What about forward collision warnings?

Share this article with friends and family and on social media - or leave a comment below. You can view my most recent articles here for further reading. I am also on X/Twitter where I post more than just articles daily, as well as LinkedIn! Thank you so much for your support!

Hi! I'm Jeremy Noel Johnson, and I am a Tesla investor and supporter and own a 2022 Model 3 RWD EV and I don't have range anxiety :). I enjoy bringing you breaking Tesla news as well as anything about Tesla or other EV companies I can find, like Aptera. Other interests of mine are AI, Tesla Energy and the Tesla Bot! You can follow me on X.COM or LinkedIn to stay in touch and follow my Tesla and EV news coverage.

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Article Reference: Market Watch

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