2020 BMW M340i owner contemplating migrating to Model 3 or Model Y

I have a 2020 BMW M340i but with todays economy and just the need for something more practical I was looking into buying a Tesla, either a Model 3 or Model Y. I know I won't have to buy gas anymore but I was told that the insurance price will make it go up anyways.

For context, I pay $800 on car payments, $430 for car insurance (North York) and about $490 in gas roughly.

Any suggestions, advice? Thanks!