Teslas are far-and-away the least stolen automotive brand. Still, they have always been high-maintenance queens in the eyes of insurers. Now they’ve got a vandalism problem to match. And while it’s not time to panic yet, one insurance analyst put the Tesla problem plainly: “Drivers need to keep their eye on it.”

Teslas aren’t stolen—they’re keyed

If you’re worried about your Tesla being stolen, you can probably relax. According to the Highway Loss Data Institute (HLDI), Tesla models dominate the list of vehicles least likely to be boosted. Their 2024 report ranks the Tesla Model 3 AWD at the very bottom of the national theft frequency chart. “The Tesla Model 3… had the lowest relative whole vehicle theft claim frequencies,” the report states. It logged just 3 percent of the average claim rate for all vehicles. That’s not a typo.

“Six of the 20 vehicles [with the lowest theft rates] are electric, 5 of which are manufactured by Tesla,” the report adds. The only non-Tesla, non-EV on the low-theft list? The Subaru Ascent. HLDI attributes the trend to Teslas’ always-on GPS tracking and immobilizers. Good news for Tesla insurance premiums, right? Not so fast.

Insurify, a company that tracks and compares auto insurance rates, recently published a bombshell finding: “The top four most expensive to insure are all Teslas.” Insurance for a Tesla Model 3 sedan will run you $3,495 annually. A Model X SUV? That one averages $5,459 per year. For reference, the national average for full coverage is $2,678. That makes Teslas, dollar-for-dollar, the insurance world’s biggest heartbreakers.

Why? A single fender bender on a Model 3 rang up to “about $27,000,” one MotorBiscuit reader said. Even with just “rear panel damage,” they faced a weeks-long wait and thousands in parts and labor. Insurers notice. Tesla’s high-tech builds and complex parts translate into big risk on balance sheets.

Some companies won’t even write a Tesla insurance policy. Tesla drivers report that “Geico won’t pay our rates,” and others say Cybertruck coverage is flat-out denied. My colleague Allison Barfield wrote, “More insurance companies are refusing to provide coverage for the Cybertruck.”

What Tesla insurance gets you—maybe

Tesla does offer its own insurance product—but it’s only available in 12 states, and its pricing is opaque. And there’s a new threat: vandalism. The trend has caught the attention of experts, especially in areas where anti-Elon Musk sentiment is surging.

“It isn’t something drivers need to be worried about happening today,” Bankrate insurance expert Shannon Martin told CNN. “But it is something they need to keep their eye on in the future.”

Insurify’s Matt Brannon explained why: “If anything would go up, it would be the comprehensive coverage.” It wouldn’t affect collision or third-party rates right away—but it could drive up overall costs. Worse yet, if vandalism becomes a trend, Brannon warned insurers might “decline to offer new policies to Tesla drivers.”

It’s still early days, but the writing’s on the wall—literally, in spray paint. Vandalism may not tank your Tesla policy this cycle, but by next renewal? All bets are off.