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Updated Aug. 30, 2024
Non-Tesla electric vehicle (EVs) insurance is generally the same as traditional gas-powered vehicles. While some insurance companies offer green discounts for EVs, prices are relatively similar to traditional cars, depending on how expensive it is to repair and/or replace it.
Getting Tesla car insurance can be more expensive than for other cars. Why? Although Teslas have greater safety features than many cars, they have high repair costs. Of course, the model you choose, your location, driving history and the amount of coverage you choose will also play a role in the cost of Tesla car insurance quotes.
In Canada, EV buyers can take advantage of the iZEV program, which offers up to $5,000 in rebates when buying a zero-emission vehicle. The program has been extended to March 2025.
In Canada, InsureMyTesla is a comprehensive insurance program developed with Aviva. Discounts are offered due to Tesla’s safety features; wall connector coverage and coverage of key fobs is also included.
Tesla is an American electric vehicle (EV) car company and clean energy company based in Austin, Texas in 2004.
Besides its famous cars, Tesla also makes solar panels and batteries for cars and home power storage. Tesla is one of the world’s most valuable companies and automakers, with a market capitalization of US $600 billion.
Canadians started getting their Teslas in 2009, and the first store opened in Yorkdale Shopping Mall in Toronto in 2012. The Model 3 and Model Y are the most popular Tesla cars in Canada. In 2021 Tesla sold one million cars in Canada – most of them in B.C.
In 2021, Tesla’s Model 3 quarterly car sales remained consistent each quarter at 3,200 units. Total sales of that same model came in at 12,800 in 2021, more than double 2021’s sales figures, which came in at 6,150 units.
We looked at recent quotes drivers received after using RATESDOTCA to find out how much it costs to insure a Tesla. Here's what we found:
These averages from 2021 were derived from quotes offered to male drivers in Ontario aged 35 to 39 with a clean driving record.
The premiums for each Tesla model are significantly higher than the $1,644 per year the Insurance Bureau of Canada says the average driver in Ontario pays.
Car repair cost significantly influences insurance premiums. Insurance companies keep close tabs on costs because it helps them predict how much they'll need to reserve for claim payments. And when it comes to Teslas, keeping it in good working order doesn't come cheap. EVs like Teslas can't be repaired with generic car parts and can only be serviced by specially trained mechanics.
Sticker price doesn't always indicate what it will cost to maintain a car over its lifetime. Still, the more luxurious the vehicle, the more it will cost to maintain, generally speaking.
By mid-2022, the average price of a new vehicle in Canada was nearly $55,000. The manufacturer's suggested retail price for an entry-level Tesla, the Model 3, with a basic trim, was $61,980. Tesla's higher-end Model X started at $86,990.
Another thing to remember when considering the quotes above is that your mileage may vary — insurance companies base premiums on characteristics like age, gender, and address. If you don't fit our profile, your quotes will likely differ, which can also work in your favour. While auto insurance is tightly regulated in Canada, each insurer weighs your characteristics slightly differently. Comparing quotes from several insurance companies can help you locate the one offering the most coverage at the lowest price.
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Buying insurance for an electric car is the same as insuring a traditional car.
The expense of repairs and maintenance may add to the cost, but cheap Tesla car insurance can be had from insurers with green vehicle discounts, which include TD and Desjardins.. InsureMyTesla, which is a Tesla product underwritten by Aviva, is another place to acquire insurance for a Tesla.
There are a few routes you can take to acquire the coverage — going through an insurance agent, broker, or directly from the company, for instance. Before you settle on a path, it’s strongly recommended that you do your own research first.
Why? Many consumers think there are no differences between insurance companies. The truth is, there can be significant variations in price between companies. RATESDOTCA helps make researching insurance companies easier. Taking three minutes to compare 50+ insurance providers for free on RATESDOTCA can save you hundreds a year.
Tesla car insurance is not necessarily offered at a higher premium than electric vehicle insurance or gas-powered vehicles. Rates will depend on the make and model you choose as well as your driving history, risk assessment and your location.
The Canadian Loss Experience Automobile Rating (CLEAR) system considers the safety and loss prevention features of a vehicle, such as tires, side airbags, and theft prevention features, to help insurance providers set premiums for each vehicle model. EVs generally have more expensive tech features and, as a result, may, come with more expensive premiums.
Sometimes those higher costs can be offset by the green discounts offered by insurance providers.
Teslas provide a cleaner and greener alternative to cars than traditional gas-powered cars. As a result, Tesla car insurance should probably cover more things than your average Chevy.
Also, all provinces require drivers to carry a minimum amount of car insurance, and you have the option to buy additional coverage that protects you in the event of certain types of accidents, damage or theft. Generally, there are four types of coverage required for drivers including:
For example, Teslas operate with wall connectors, special key fobs and other technologies that may not be available on traditional cars. Also, Teslas have self-driving capabilities, which could nullify your insurance if you use them. Something to consider for all drivers purchasing new cars is to purchase collision insurance, which can be added to a standard policy, and provides financial compensation for any damage to your vehicle caused by a collision (either other vehicle or object).
Having collision insurance is not mandatory and will increase your premiums. The amount of your premium increase will depend on the make and model of your car, the amount of coverage you add and the deductible. The only province where collision insurance is not mandatory is Manitoba.
Yes. Tesla offers roadside assistance in Canada. The coverage begins on the first day the vehicle is delivered to the first purchaser (or leaser) and covers four years of 80,000 km, or whichever occurs first.
The service is included in battery and drive unit coverage in Tesla’s new or pre-owned vehicle limited warranty, meaning it is free for covered events. Generally, Tesla’s roadside assistance covers tires, towing and lockout service, and something called out of range (if you have a depleted battery and are out of range to another charging station).
Finding the best Tesla car insurance in Canada will take research on your part. RATESDOTCA has quotes and comparisons to provide you with the most up-to-date and cheapest Tesla quotes around.
RATESDOTCA is equipped and ready to provide you with the best quotes on your Tesla. If you are so inclined and would like to speak with a broker, we can assist with that too and get you in touch with someone to speak to. Brokers and insurance providers will want to know about your driving record, risk assessment and other factors that could affect your Tesla car insurance quotes.
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Joel Kranc is a freelance writer and content provider who has worked with RATESDOTCA since 2019. He holds an MA in political science from the University of Toronto and a film certificate from New York University.
He has been published in and worked for such companies as CNN, Rogers Media, Institutional Investor Magazine, The Globe and Mail, Infrastructure Investor, BenefitsPRO Magazine, Global Finance Magazine, With Intelligence, the CPP Investment Board, Hospitals of Ontario Pension Plan, and many more financial services and industry publications.
He is the author of "Retirement Planning in 8 Easy Steps," which, when released in 2015, was No. 11 on the Publisher's Weekly US Bestseller List for Business and Finance, beating out Mark Cuban's "How to Win at the Sport of Business."
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