With the Tesla Model 3, the version you pick sets your road tax far more than with most cars. Electric road tax rises steeply with motor power, and the Model 3 comes with very different motors. Insurance has its own quirks too, and the NCD plays a big part.
This guide goes through each cost with dated figures. The insurance prices are examples for one stated driver, read on 20 October 2026. They are not a quote for you.
Four versions, four list prices
The new-car list read on 2026-10-10 has four Model 3 versions. All are electric sedans made in the USA. Prices are as listed on 2026-10-10, with COE included that day:
- Electric RWD 110 62.5 kWh: 148bhp, S$186,999
- Electric Premium RWD 110 62.5 kWh: 148bhp, S$203,999
- Electric Premium Long Range RWD 84 kWh: 294bhp, S$216,999
- Electric Performance AWD 84 kWh: 618bhp, S$253,232
COE rounds move these prices. Ask the seller what the price includes before comparing offers.
Our quote form lists the Model 3 by motor output: 110kW, 208kW and 461kW. The insurance prices below are for the Model 3 (110kW), the version most insurers quote.
Road tax: the motor decides
LTA's formula sets electric road tax by motor power. The yearly figures before any age surcharge are:
- 148bhp (110kW) motor: S$1,560.20 a year
- 294bhp (219kW) motor: S$2,199.48 a year
- 618bhp (461kW) motor: S$6,697.94 a year
So the Performance version pays far more road tax than the base car. That gap repeats every year you own it. The road tax page shows how the sum is worked out.
On top of that, an age surcharge applies to cars over 10 years old:
- Over 10 years: +10%
- Over 11 years: +20%
- Over 12 years: +30%
- Over 13 years: +40%
- Over 14 years: +50%
The COE rule
The price page states the rule for electric cars. A fully electric Model 3 needs a Category A COE if its motor is 110kW (147bhp) or less. If it is more powerful, it needs a Category B COE.
In the October 2026 1st round, Category A closed at S$130,001 and Category B at S$130,100. Check the exact motor rating for the car you are buying. The COE page has the latest round.
What the standard driver pays to insure it
The Tesla Model 3 price page prices one profile:
- Car: Model 3 (110kW), registered 3 years ago, private use, comprehensive cover
- Driver: aged 40, married, office job, 10 to 19 years of driving
- Record: 50% no-claim discount (NCD), no claims
- Repairs: authorised workshop, no options
11 insurers price it. The lowest premium is S$1,093.31, and that plan has a S$0 excess. The insurer whose lowest plan is dearest asks at least S$2,678.33. That is S$1,585.02 more, or 145% on top. All prices include 9% GST.
Five insurers on our panel give no online price for the Model 3. Two of them do not quote electric cars online at all.
A note on excesses
The excess runs from S$0 to S$2,500 across the page. Most plans sit at S$600, one any-workshop plan at S$900, and three plans at S$2,500. Here the lowest premium also has the lowest excess, which does not happen for every car.
How the NCD and the driver change the price
The price page changes one detail at a time:
- No NCD (0%): S$2,080.47, S$987.16 more
- 20% NCD: S$1,841.38, S$748.07 more
- Driver aged 27, 3 years' driving, 30% NCD: S$2,080.47, S$987.16 more
- Driver aged 65, 20 or more years' driving: S$1,219.43, S$126.12 more, 10 insurers pricing
The NCD effect is large for this car. With no NCD, the lowest price is 90% higher than for the standard driver. Even a 20% NCD leaves you well above the standard price.
A young driver lands on the same lowest price as a driver with no NCD. A driver aged 65 pays somewhat more.
And the car's age
- A new car, registered this year: S$1,093.31, the same, 10 insurers pricing
- A car 8 years old: S$1,093.31, the same
At the lowest price, the car's age makes no difference on these details. That may not hold for plans further up the list. These are lowest prices only.
Set against other electric cars
The price page compares six similar electric cars for the same driver and car age:
- Kia EV6: S$1,038.46
- Hyundai Ioniq 5: S$954.21
- BYD Seal: S$861.20
- BYD M6: S$799.24
- BYD Atto 3: S$789.73
- BYD Dolphin: S$787.08
Their average lowest price is S$871.65. The Model 3 costs 25% more than that, and all 6 are cheaper to insure on these details. Other Tesla models are on the Tesla car insurance page.
What to compare before you choose
- The motor rating: it sets road tax and the COE rule.
- Your NCD: without it, the lowest premium is 90% higher on these figures.
- The excess and workshop terms on each plan, not only the premium.
- Whether a price is an estimate: some on the price page are marked that way.
The costs that are yours to estimate
- Charging: home, condo and public charging all cost different amounts, and your mileage decides the total.
- Parking: season parking at your HDB block or condo, and parking at work.
- ERP: set by your routes and times.
- Tyres and servicing: check what the warranty covers, including the battery.
- Depreciation: what the car loses over its COE life depends on the price paid and what it fetches later.
Summary of yearly costs we can show
For the Model 3 (110kW), dated as shown:
- Road tax: S$1,560.20 a year before any age surcharge (LTA's formula, checked 2026-10-19)
- Insurance, standard driver: from S$1,093.31 a year (20 October 2026)
- Insurance, no NCD: from S$2,080.47
- Insurance, 20% NCD: from S$1,841.38
For reference: list prices from S$186,999 as listed on 2026-10-10. The October 2026 1st round COE was S$130,001 for Category A or S$130,100 for Category B.
Before you buy: car insurance for the Tesla Model 3
Before you drive off, get your car insurance through Shenton Brokers. Compare car insurance for the Tesla Model 3 to see today's prices from every insurer we compare and how they change with the driver and the car's age. Or get a quote with your own details.