Tesla insurance Ontario
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. 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 insurance for your car.
Which Companies Offer Insurance For A Tesla?
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.
What Does Tesla Car Insurance Cover?
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 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 coverage of collision or upset 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 company.
OPCF35: Coverage for emergency road-side 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 Car Insurance Cost?
On average, the cost of Tesla car insurance can range between $1,550 to $3,500 per year. The cost of Tesla car insurance is determined by numbers factors including, your driving record, the number of years licensed, claims history, the age of the drive, 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.
Below is a table with some sample pricing from actual quotes to provide a general idea of the range of Tesla insurance premiums. Keep in mind that depending on your certain circumstances, the cost of your Tesla auto insurance will vary. An insurance broker will help you get a variety of competitive quotes based on your specific situation and will add all eligible discounts.
|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).
Why Is Tesla Insurance So Expensive?
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 car insurance premium, including the year and model of your Tesla, and the car’s onboard features. Other factors determining your Tesla car insurance rate are driver specific, such as the number of years licensed, your driving history, vehicle usage, claims history, and more.
By working with an insurance broker, they will be able to compare quotes from dozens of insurance companies to help you find the best coverage for your Tesla at a reasonable price. Using an insurance broker is the way to go!
Are There Discounts Available For Tesla Car Insurance?
Yes. Tesla owners can qualify for many money-saving discounts provided by auto insurance companies in Canada. Discounts include the multi-vehicle discount, green vehicle discount, automated emergency braking discount, winter tire discount, retiree discount, claims-free discount and many more.
Your best bet is to work with an insurance broker. They will be sure that you get you the best insurance for your lifestyle and will help you get all the discounts you deserve!
Where Can I Get Car Insurance For A Tesla?
You can get Tesla car insurance from Morison Insurance. We are Tesla insurance experts who provide outstanding service and the best insurance coverage. Our brokers will get you multiple quotes and will discuss your needs to ensure your luxury 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.
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