Semilocal and dispersion-corrected density-functional calculations have been performed to study the crystal structure, equation of state, and electronic structure of metal tellurohalides with chemical formula MeTeI where Me=Bi, Au, or Pd. A comparative investigation of the results of these calculations is conducted, which reveals the role of van der Waals attraction. It is shown that the prediction of crystal structure of metal tellurohalides is systematically improved thanks to the inclusion of van der Waals dispersion. It is found for BiTeI and AuTeI that the energy versus volume curve is anomalously flat in the vicinity of equilibrium volume and the calculated equation of state has an excessively steep slope in the low-pressure region, which are also fixed in the dispersioncorrected calculations. Analysis based on the computation of the volume and axial compressibilities shows that predicting the anisotropy of BiTeI via the semilocal calculations yields an unrealistic result whereas the results of dispersion-corrected calculations agree with the experimental compressibility data. Our calculations render that BiTeI (AuTeI) is a narrow band gap semiconductor with Rashba-type spin-splitting at the band edges (with an indirect band gap) while PdTeI is a metal with relatively low density of states at the Fermi level. The band gaps of BiTeI and AuTeI obtained via semilocal (dispersion-corrected) calculations are found to be greater (smaller) than the respective experimental values, which is against (in line with) the expected trend. Similarly, the Rashba parameters of BiTeI are bracketed by the respective values obtained via semilocal and dispersion-corrected calculations, e.g., a larger value for the Rashba parameter αR is obtained in association with the reduction of the band gap caused by modification of the crystal structure owing to van der Waals attraction. Excellent agreement with the experimental Rashba parameters is obtained via interpolation of the calculated (semilocal and dispersion-corrected) values.