If you own a Tesla, you are in a class of your own. Your Tesla, a 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 who 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 insurance companies offer Tesla auto insurance. To save time, work with an insurance broker. Brokers can compare quotes from leading insurance companies and will work with you to determine what insurance coverage you need to ensure your Tesla is properly protected, and at a reasonable price.
No matter what kind of vehicle you drive, auto insurance is required by law in Ontario. Tesla car insurance provides coverage for third-party liability, accident benefits, direct compensation property damage, and more.
Want more coverage for your Tesla? Below is a list of additional coverages that are available:
Collision or Upset for your Tesla: This optional coverage provides payment for losses caused when the insured automobile is involved in a collision with another object or tips over. 'Object' includes another automobile attached to the automobile, the surface of the ground, and any object in or on the ground.
Comprehensive Coverage for your Tesla: 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 for your Tesla: This coverage option combines collision coverage or upset coverage and comprehensive. This coverage includes loss or damage caused if a person who lives in your household steals a described Tesla. Coverage also applies if an employee who drives or uses, services, or repairs a described automobile, steals it.
OPCF20: This endorsement provides for a Tesla's rental 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 Tesla, 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, if the 24 months end during the policy term, the coverage will continue until the expiry date of that policy period. This endorsement is available only on a private passenger Tesla. The insured 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 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.
The average cost of a Tesla car insurance policy can range between $1,550 to $3,500 per year (equating to a monthly payment between $129 to $292). The cost of Tesla car insurance is determined by a number of factors including, your driving record, the number of years licensed, claims history, the age of the driver, where the diver lives, the year and model of the Tesla, and much more. Higher value Tesla models have more safety features, which can contribute to a lower insurance premium. 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 the 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 – $3,200|
|Tesla Model S||$1,550 - $3,000|
|Tesla Model X||$2,200 – $3,500|
|Tesla Model Y||$1,900 – $3,200|
*Each quote above was provided 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 vehicle deliveries reached almost 500,000 units in 2020. Concurrently, Tesla's Model 3 has become the world's best-selling plug-in electric vehicle model.
Since the Tesla model's value, repair costs, and claims costs are higher than most vehicles, the insurance premium for a Tesla can be higher. Numerous factors determine your Tesla auto insurance rates, including the year and model of your Tesla, and the car's onboard features. Other factors determining your Tesla car insurance quotes are driver-specific, such as the number of years licensed, your driving history, vehicle usage, claims history, the postal code where the car and more.
By working with an insurance broker, they will be able to compare insurance costs from dozens of insurance companies to help you find the best coverage for your Tesla at a reasonable price. Think of an insurance broker as your dedicated insurance partner, they work hard to locate the best Tesla insurance offering, tailored for you!
Yes. Tesla owners can qualify for many money-saving discounts provided by auto insurance companies in Canada. Discounts include multi-vehicle discount, green vehicle discount, automated emergency braking discount, winter tire discount, retiree discount, claims-free discount, loyalty discount, good driver discount for good driver behaviour, and many more. If you bundle your insurance - by combining your house insurance and your Tesla car insurance, as an example - you may qualify for even better insurance plans and insurance prices.
Your best bet is to work with an insurance broker to ensure your Tesla auto insurance policies are tailored to your needs, and that all of your insurance 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 can buy Tesla car insurance from Morison Insurance. We are Tesla insurance services experts who provide outstanding service and the best insurance 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 the form on our website. You'll be happy you did!
Our Morison Insurance team writes this content. It is provided for general information only. Insurance needs differ from person to person. Therefore, this article is not a substitute for professional advice about your individual insurance needs, which can be obtained by speaking to one of our brokers.