The Tesla Model Y is an electric SUV, and there are now enough of them around that buyers look at both new and used cars. For either, the yearly bills turn on two things more than most: the motor fitted, and the driver's NCD. This guide lays out the dated figures we have.
Premiums below are examples for one stated driver, read on 20 October 2026. Your own price depends on your details.
The Model Y line-up
The new-car list read on 2026-10-10 shows three versions. All are electric SUVs made in China. Prices are as listed on 2026-10-10, including COE as listed that day:
- Electric Premium RWD 110 62.5 kWh: 148bhp, S$216,999
- Electric Premium Long Range RWD 84 kWh: 295bhp, S$236,999
- Electric L Premium AWD 88 kWh: 507bhp, S$262,999
The quote form lists the Model Y by motor output: 110kW, 220kW and 378kW. Insurance prices on this page are for the Model Y (110kW), the version most insurers quote.
Road tax for each motor
Electric road tax depends on motor power. LTA's formula gives these yearly figures before any age surcharge:
- 148bhp (110kW): S$1,560.20
- 295bhp (220kW): S$2,205.36
- 507bhp (378kW): S$5,399.82
Over a few years, the gap between the base car and the most powerful one adds up. If you are looking at a used Model Y, check the motor rating on the log card. The road tax page shows the workings.
Cars over 10 years old also pay an age surcharge:
- Over 10 years: +10%
- Over 11 years: +20%
- Over 12 years: +30%
- Over 13 years: +40%
- Over 14 years: +50%
COE
The price page states that a fully electric Model Y needs a Category A COE if its motor is 110kW (147bhp) or less. If it is more powerful, it needs a Category B COE.
The October 2026 1st round closed at S$130,001 for Category A and S$130,100 for Category B. The COE page shows later rounds.
A used car carries the COE it was registered with. When that runs out, the owner renews it or deregisters the car. Find out how many years are left before you agree a price.
Insurance on a 3-year-old Model Y
The Tesla Model Y price page prices this case:
- Car: Model Y (110kW), registered 3 years ago, private use, comprehensive cover
- Driver: aged 40, married, office job, driving 10 to 19 years
- Record: 50% no-claim discount (NCD), no claims
- Repairs: authorised workshop, no options
11 insurers price it. The lowest premium is S$1,147.48. The insurer whose lowest plan is dearest asks at least S$3,243.35. The gap is S$2,095.87, or 183% on top. All prices include 9% GST.
Five panel insurers give no online price. Two do not quote electric cars online, and one prices only repairs at any workshop.
Read the plan. The lowest price is for a plan described as collision only. The fuller plan from the same insurer costs S$1,350.35.
Read the excess. Most plans carry S$600; the range is S$0 to S$2,500. One any-workshop plan has a S$900 excess.
How the car's age changes the premium
For a used buyer, this is the key table. The price page shows:
- A new car, registered this year: S$1,247.91, S$100.43 more, 10 insurers pricing
- The standard car, 3 years old: S$1,147.48
- A car 8 years old: S$1,154.45, S$6.97 more
So on these details, the lowest price barely moves between a 3-year-old and an 8-year-old Model Y. A brand-new car costs more to insure. Some insurers stop pricing older cars online, so check how many still quote the car you are looking at.
How the driver changes it
- No NCD (0%): S$2,080.47, S$932.99 more
- 20% NCD: S$1,932.57, S$785.09 more
- Driver aged 27, 3 years' driving, 30% NCD: S$2,080.47, S$932.99 more
- Driver aged 65, 20 or more years' driving: S$1,391.87, S$244.39 more, 10 insurers pricing
The NCD is the biggest lever. Without it, the lowest price is 81% higher. A younger driver pays the same as no NCD, and an older driver pays more as well. These are lowest prices only.
Next to 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 Y costs 32% more, and all 6 are cheaper to insure here. The Model 3 and other Tesla models are on the Tesla car insurance page.
A checklist before you pay a deposit
- Motor rating: confirm it on the log card. It sets road tax and the COE rule.
- COE expiry: how many years remain on a used car.
- Registration date: the age surcharge starts after 10 years.
- Battery warranty: what is left and what it covers.
- Insurance quote: price the exact car, with your own NCD, before you commit.
- Excess and workshop terms: compare them, not only the premium.
Other running costs
- Charging: at home, at your condo or at public points; your mileage sets the total.
- Parking: season parking at your HDB block or condo, and at work.
- ERP: set by when and where you drive.
- Tyres and servicing: follow the maker's schedule.
- Depreciation: what the car loses depends on what you pay and how much COE is left.
Summary of yearly costs we can show
For the Model Y (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$1,147.48 a year (20 October 2026)
- Insurance, no NCD: from S$2,080.47
- Insurance, a car 8 years old: from S$1,154.45
For reference: list prices from S$216,999 as listed on 2026-10-10, and a COE in the October 2026 1st round of S$130,001 (Category A) or S$130,100 (Category B).
Before you buy: car insurance for the Tesla Model Y
Before you drive off, get your car insurance through Shenton Brokers. Compare car insurance for the Tesla Model Y 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.