If you own a Tesla, you are in a class of your own. Your distinguished energy-savvy vehicle turns heads on Ontario roads. Teslas are uniquely styled and well-appointed luxury vehicles. They immediately signal an owner who is serious about limiting fossil-fuel use and helping the planet. They also signal the driver is on-trend—driving one of the most popular electric cars in the market. As a Tesla owner, it makes sense to get the best electric car insurance for your car.
Many Canadian auto insurance providers offer Tesla auto insurance. To save time, work with a broker who can get you an advantage in insurance by helping you find the best automobile insurance company for your particular needs. Brokers can compare quotes from leading insurance companies and will work with you to determine what coverage you need to ensure your Tesla is properly protected, and at competitive rates.
No matter what kind of vehicle you drive, auto insurance is required by law in Ontario. There is an array of insurance products available for Teslas that provide coverage for third-party liability, accident benefits, direct compensation property damage, and more.
The average cost of a Tesla insurance policy can range between $1,550 to $4,500 per year (equating to a monthly payment between $129 to $292). A Tesla insurance rate is determined by a number of factors including your driving record as a safe driver, the number of years licensed, claims history, age of the Tesla driver, where the driver lives, vehicle features, year and model of the Tesla, and much more. Higher value Tesla models have more safety features, and each additional safety feature can contribute to a lower insurance premium from the insurer, so Tesla Model 3 insurance will differ from that of a Model S. It is also important to note that most insurance companies will require a higher deductible (the amount an insured agrees to pay toward a claim before an insurance company begins to pay) such as $2,500 due to the higher value of a Tesla.
|VEHICLE||APPROX. PRICE (per year)|
|Tesla Model 3||$1,900 – $4,200|
|Tesla Model S||$1,550 - $4,000|
|Tesla Model X||$2,200 – $4,500|
|Tesla Model Y||$1,900 – 43,200|
*These insurance quotes above were calculated based on national averages, with the assumption that the driver was 25 years old and had a good driving record (no previous tickets).
DID YOU KNOW? Tesla is the fastest growing brand worldwide and the leading electric vehicle brand. Globally, Tesla's electric vehicle sales have soared—vehicle deliveries reached a record high of 627,350 in the first three quarters of 2021. The Model 3, which is an entry-level model, has surpassed competitors to become the best-selling plug-in electric vehicle model to date.
Since a Tesla model's value, repair costs, and claims costs are higher than most vehicles, premiums for a Tesla can be higher than the average cost of auto insurance. Numerous factors determine your average rate for a Tesla, including the year and model of your Tesla vehicle, and your car's onboard features. But don't be discouraged—some features of your vehicle may make you eligible for discounts on your Tesla insurance as well. Other factors determining your Tesla insurance quotes are driver-specific, such as the number of years licensed, your driving history, vehicle usage, claims history, postal code, and more.
When you work with a broker, they will be able to compare costs from dozens of companies to help you find the best coverage and car insurance rates. Think of a broker as your dedicated insurance partner—they work hard to locate the best option, tailored for you!
Yes. Tesla vehicle owners can qualify for many car insurance discounts provided by companies in Canada. If you bundle your home and auto insurance—by combining your house and Tesla car insurance, as an example—you may qualify for even better plans and prices. Your best bet is to work with a broker to ensure your policies are tailored to your needs, and that all of your options are properly explained. A broker will be sure that you get the best insurance product for your lifestyle and will help you get all the discounts you deserve to ensure your cost of insurance is reasonable!
You may be concerned that driving an eco-friendly electric vehicle will result in higher insurance premiums, but that's not necessarily the case. The assumption makes sense—after all, a Tesla is a new, technologically complex vehicle that could incur higher repair or replacement costs should it be damaged or destroyed in an accident. Despite that, some insurers are offering green vehicle discounts that lower the cost of insurance for Teslas and other electric vehicles considerably, bringing those costs more in line with what you would expect to pay for a gas-powered vehicle.
Depending on the particular insurer, the reasoning behind the discount may be that early statistics indicate electric vehicles are less likely to be involved in significant collisions. It could also be related to the fact that despite higher repair costs, the overall cost of claims for electric vehicles is very similar to the cost of claims for similar models of gas-powered vehicles. The team of brokers at Morison Insurance will work hard to find the best possible rate for your Tesla insurance, including green discounts.
The following are examples of some of the discounts you may be eligible for on your Tesla insurance. Each one naturally comes with it's own terms and requirements, and your broker can help you navigate those to find the ideal discount options for you and your vehicle.
In 2018, the Model 3 received the highest possible rating from the National Highway Traffic Safety Administration (NHTSA), an agency of the United States government. It got high scores in all sub-categories, such as rollovers, side impacts and front impacts. The Tesla Model 3 also scored a top safety rating from the Insurance Institute of Highway Safety (IIHS). The IIHS subjected the Model 3 to a number of crash tests and found it performed well in all of them, including a side crash test and small overlap crashes on both the driver and passenger sides.
As it currently stands, no they are not—in fact, statistics are showing the opposite to be true. The Highway Loss Data Institute (HLDI), which is a partner of IIHS, put the Tesla Model S and Model X on their list of vehicles that are stolen the least. This was also the case for other brands of electric vehicles, and the HLDI speculated that it may be due to the fact that electric vehicles are typically parked inside a garage or at least close to a dwelling so they can be charged, which deters thieves.
But if the worst does happen and your Tesla is stolen, there's a potential upside: according to data from Federal Bureau of Investigation’s National Crime Information Center, which was released by the National Insurance Crime Bureau, of the 115 Teslas stolen between 2011 and 2018, 112 were recovered. That's an impressive 97%. The incredible recovery rate is due in no small part to Tesla's superior GPS tracking technology.
Right now, Tesla only offers their in-house brand of insurance to customers in a few specific areas of the United States such as Arizona, California, Illinois, Ohio, and Texas, with plans to expand to other states soon. It is not available to Canadian Tesla customers at this time. Tesla FSD (Full Self-Driving) is also not currently available here, but there are plans to beta test it in Canada in 2022.
You can buy Tesla car coverage from Morison Insurance. We are Tesla insurance services experts who strive to provide an outstanding customer experience and the best coverage. Our brokers will get you multiple insurance estimates and will discuss your needs to ensure your electric vehicle is properly covered. Contact us today by calling 1-800-463-8074 or by filling out a form on our website. You'll be happy you did!
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.