The Model 3, which starts in the low $40K range, costs an average of $2,830 a year for full coverage. The Model Y isn’t far behind at $2,658. “Insurance for the Model 3 and other Tesla vehicles is so expensive because as a luxury car, Teslas are more expensive to repair and are a more enticing target for thieves,” the website noted.
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Vehicles with powerful engines are typically more expensive to insure as they “more likely to be in damaging high-speed crashes than most other types of vehicles.” The cost to repair a vehicle also plays into how much an owner is charged for insurance.