Tesla's Model 3 may have cut the initial cost of owning one of the company's vehicles, but insuring even the most affordable Tesla remains surprisingly expensive.
The average Model 3 insurance cost across 150 ZIP codes is $2,814 per year, which is $35 less than the cost of insuring a Porsche 911, according to Gabi Personal Insurance Agency Inc., an online insurance shopping site.
“In the last month we had more and more people coming in with Model 3, and they were all complaining about high insurance costs,” said Gabi CEO Hanno Fichtner. “We found cheaper deals for them, but not as cheap as we thought they would be. We even had customers tell us they are returning their Model 3 due to the high running costs.”
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