Ontario Tesla Insurance

Tesla Insurance Canada

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.

Who Needs Tesla Insurance?

In Ontario, having insurance for any vehicle that is on the road is mandatory. If you own a Tesla model, you should have Tesla insurance that protects your luxury car and all its features. In the event of a loss, you will want to ensure you have the proper coverages in place to repair or replace your Tesla, and standard auto insurance may not provide the coverages you require. Speak with an expert broker who will help you determine the coverages required to ensure your Tesla has the proper protection.

Which Companies Offer Tesla Insurance?

Many Canadian auto insurance providers offer Tesla car 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 Tesla insurance 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.

What Does Tesla Insurance Cover?

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.

Tesla Insurance Coverages

• Collision or Upset: This optional coverage provides payment for losses caused when the insured automobile is involved in a collision with another object or tips over and sustains collision damage. 'Object' includes another automobile attached to the automobile, the surface of the ground, and any object in or on the ground.
• Comprehensive Coverage: This coverage option provides payment for losses other than those covered by Collision or Upset (noted above), including perils listed under specified perils, falling or flying objects, missiles, and vandalism.
• All Perils: This coverage option combines collision coverage or upset coverage with a comprehensive insurance program. This coverage includes loss or damage caused if a person who lives in your household steals a described vehicle. Coverage also applies if an employee who drives or uses, services, or repairs a described automobile, steals it.
• OPCF20: This endorsement provides for a rental reimbursement while the insured vehicle is out of use due to a covered physical damage claim.
• OPCF27: This endorsement extends coverage for liability for loss, or damage arising from the care, custody or control of a non-owned vehicle, including its equipment, not owned by the Insured.
• OPCF43: This endorsement waives depreciation if you are the original owner/lessee of the Tesla, the loss or damage occurs within 24 months of the purchase/lease date, or if the 24 months end during the policy term, coverage will continue until the expiry date of that policy period. This endorsement is available only on a private passenger Tesla. The Tesla must have physical damage coverage. This endorsement is available on Teslas sold as demonstrator vehicles with less than a certain number of kilometers as specified by the auto insurance provider.
• OPCF35: Coverage for emergency roadside service for up to $50 per occurrence for towing and emergency service expense if your Tesla is disabled. Typically, this endorsement costs $50 per year.

How Much Does Tesla Insurance Cost?

While the cost of a Tesla insurance will range depending on many factors that are related to the driver and vehicle, the average cost of a Tesla insurance policy can range between $2,300 to $7,500 per year. 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. Depending on the options purchased for your Tesla, it is important to discuss the best insurance options with your Morison broker. It is also important to note that most insurance companies will require a higher deductible such as $2,500 due to the higher value of a Tesla.

Please note that depending on the value of your Tesla, you may require high-value auto insurance.  Contact a Morison Insurance broker to receive an accurate Tesla insurance quote based on your specific details.

*These Tesla 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.

Why Is Tesla Insurance So Expensive?

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 Tesla insurance, 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 also make you eligible for discounts on your Tesla insurance. 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 Tesla insurance quotes 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!

Are There Discounts Available For Tesla Insurance?

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!

Green Vehicle Discount for Tesla Insurance

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 compare Tesla insurance quotes and will ensure you receive all discounts you qualify for.

Other Types of Discounts You May Be Eligible For

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.

• Multi-Vehicle Discount: If you own more than one vehicle, you may be able to get a significant discount by insuring both or all of them with the same insurer. Multi-vehicle discounts typically range between 10% and 25%. It doesn't matter if they are owned or leased, and they don't all have to be Teslas, but they usually have to all be registered and stored at the same residential property to qualify for the discount.
• Automated Emergency Braking Discount: Vehicles such as a Tesla that featured original, manufacturer-installed automated emergency braking (AEB) systems may by eligible to receive an insurance discount. According to the Insurance Institute of Highway Safety (IIHS), rear AEB is a stand-out safety feature.
• Anti-Theft Device Discount: It may be possible to get a Tesla insurance discount based on the anti-theft devices installed in your vehicle, since they make it less likely to be stolen and more likely to be recovered after the fact.
• Winter Tire Discount: Most Canadians are well aware that it's a good safety decision to install winter tires when cold weather hits, but did you know it can also save you money on your Tesla insurance? In Ontario, it's mandatory for insurers to give drivers a 5% discount for installing winter tires as long as they install them by a certain time of year and keep them on until the recommended time in the spring.
• Retiree Discount: Since seniors are typically cautious and responsible drivers, retired drivers may be able to get a 5% to 15% discount on accident benefits coverage.
• Young Drivers Discount: Younger drivers often have higher insurance costs, but you may be able to score a discount on your Tesla insurance by finishing the Young Drivers of Canada program and receiving a certificate of completion.
• Claims-Free Discount: Do you have a completely claims-free insurance history? You can turn that spotless claims record into a discount with some Tesla insurance providers.
• New Vehicle Discount: If you just purchased a brand-new Tesla, you may be eligible for a noteworthy discount based on the fact that your vehicle is less likely to experience an unexpected failure.
• Loyalty Discount: If you keep renewing your Tesla insurance policy with the same provider year after year, you may qualify for a loyalty discount that is designed to encourage customer retention.
• Good Driver Discount: This is probably the most well-known discount for Tesla insurance in Ontario or any other type of vehicle insurance, for that matter. If you have a great record of good driver behaviour, you may be eligible for a discount based on your clean driving record and thoughtful handling of your vehicle.

Do Tesla Models Have a High Safety Rating?

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.

Are Teslas More Likely to Be Stolen?

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.

Can I Get Ontario Tesla Insurance From Tesla?

Currently, Tesla only offers their in-house insurance brand 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.

Where Can I Buy Tesla Insurance in Ontario?

You can buy Tesla insurance coverage from Morison Insurance. We are Tesla insurance experts who strive to provide an outstanding customer experience and the best coverage. Our brokers will get you multiple insurance quotes and 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.