Is Tesla Insurance always this high in Canada

Tesla Insurance Forum
1

Hi everyone,

I’m getting auto insurance quotes for a new 2024 Model 3, and they seem very high. The monthly premiums I’ve been quoted range from $445 to $600.

I think the issue might be that I got my Canadian driver’s license in 2022. I’ve been driving since 2008 in my home country, but that doesn’t count towards my history here.

I live in midtown Toronto, which might also explain the higher rates. Are these quotes just because of my limited experience here? Will my rates get better over time? If anyone knows affordable auto insurance options, I’d really appreciate the advice.

Thanks!

2

Your rates will improve with time. The issue with Teslas is they cost more to insure than other cars. They’re more likely to be written off and have expensive parts. The delays in repairs also increase costs for insurers, which get passed to Tesla owners.

3

@Vail
In Quebec, my Model 3 costs less to insure than my old Kia Optima.

4

@Vail
For me, my Tesla insurance is cheaper than my Honda CR-V.

5

Bao said:
@Vail
For me, my Tesla insurance is cheaper than my Honda CR-V.

That’s surprising. I’ve had long talks with insurance agents about Tesla’s high costs. When I swapped my Model 3 for a different EV, my insurance went down. The high rates are often due to repair delays and costs.

6

Bao said:
@Vail
For me, my Tesla insurance is cheaper than my Honda CR-V.

Could you share your location and insurer? In Toronto, insurance rates can be 50% higher than smaller towns.

7

@Fin
I’m in Vancouver, insured through ICBC. I’ve used private options before, but they were a hassle.

8

@Fin
I got a quote for $257 from Belair for a 2021 Model 3.

9

@Vail
$160 per month for a Model 3 in Ontario with CAA.

10

Frankie said:
@Vail
$160 per month for a Model 3 in Ontario with CAA.

Really? I’m with CAA now and pay $211, but they quoted me $411 for a used 2021 Model 3.

11

I had the same issue. Promutuel gave me the best rate, about a third of what others quoted.

12

I drive a 2024 Model Y. I live in Chilliwack, BC. Male, mid-30s, over 10 years of driving experience, and only one claim ever. I pay $95 per month for basic insurance. Rates depend on many factors. For example, being a young male in Vancouver driving a Model 3 is the most expensive scenario.

13

@Jess
Do you also have collision insurance, or just the basic plan? Basic is reasonably priced, but collision can raise it to $400 or more per month.

14

Emory said:
@Jess
Do you also have collision insurance, or just the basic plan? Basic is reasonably priced, but collision can raise it to $400 or more per month.

I just have basic. Collision coverage was quoted at $275 extra, so I skipped it.

15

@Jess
That’s fair. I sent you a DM with a quick question, hope that’s okay.

16

@Jess
In the Lower Mainland, collision insurance can easily make it $400 or more, depending on your experience. A friend of mine pays $800 monthly because they’re new to driving.

17

Whit said:
@Jess
In the Lower Mainland, collision insurance can easily make it $400 or more, depending on your experience. A friend of mine pays $800 monthly because they’re new to driving.

Yeah, my agent told me Chilliwack has fewer claims compared to Metro Vancouver, which helps keep my rates lower.

18

@Jess
You have no collision or comprehensive insurance on a $70,000 car?

19

Keaton said:
@Jess
You have no collision or comprehensive insurance on a $70,000 car?

My Tesla Y cost $50k after taxes. I only have basic insurance, which covers $200k in damages.

20

Teslas are expensive to insure here. I got quotes for $3560 annually for a Model 3 RWD, even with home and auto bundling. Belair Direct gave me the lowest rate.