Tesla Insurance Ontario
August 5, 2021
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Owning a Tesla is an experience. Your vehicle is a sign of an owner who cares about the environment and wants to limit fossil fuels by switching over to alternative vehicles: electric cars. And what electric car is more popular than a Tesla?
Of course, just because your vehicle uses electricity over fossil fuels, that doesn’t mean they come without risks. Like any other car on the road in Ontario, Tesla owners need to purchase insurance to protect their vehicles. Tesla insurance in Ontario is mandatory, meaning you cannot take your energy efficient vehicle out on public roads without it. Here is what you need to know.
Tesla Car Insurance Coverage
Tesla insurance is similar to auto insurance in that it provides coverage for third-party liability, direct compensation property damage, accident benefits, and more. Just like with your regular auto insurance, you also have the option of a number of different endorsements.
In Ontario, you must carry a minimum of $200,000 for Third-Party Liability coverage, Accident Benefits coverage, Uninsured Automobile coverage, and Direct Compensation-Property Damage. If you are caught driving without auto insurance or invalid auto insurance, you may face a fine of between $5,000 up to $50,000.
You can also purchase:
Collision
If you were to get in an accident with your Tesla and another vehicle on the road, or another object, this optional coverage can offer reimbursement for any losses incurred.
Comprehensive
If your Tesla were to become damaged as a result of a specified peril, i.e a falling object, vandalism, fire, or other insured events, this coverage option can offer reimbursement for any losses incurred.
Emergency Roadside
Some auto insurance companies may include this coverage automatically. This inexpensive coverage option reimburses you for any emergency roadside service expenses.
Non-owned Vehicles
If you were to rent a Tesla and cause damages or get into an accident, this coverage option, sometimes known as “rental vehicle insurance,” will reimburse you for any damages or injuries you are responsible for. This coverage may only apply to Canada and the United States.
To learn about more coverage options that you may be eligible for or that may be of benefit to you, contact Excalibur’s insurance experts today to discuss your Tesla insurance needs. The names and terms of various common endorsements may differ depending on your insurance provider. There may also be exclusions that you will need to keep an eye out for.
The Cost of Tesla Insurance in Ontario
Is it expensive to insure Tesla? You can expect to pay more for Tesla insurance than for your average vehicle, given that a Tesla’s overall replacement value, repair costs, and claims costs are much higher than standard. This will be reflected in the insurance premiums you pay for insuring a Tesla. Just like with auto insurance, the same factors will impact your premiums, such as how experienced of a driver you are, how often the vehicle is used, your claims history, and your personal demographics.
Here are a few stats for the various models of Tesla. Keep in mind that these averages are assuming that the driver of the Tesla was over 25 years old and had not incurred any tickets.
- What is the average cost to insure model 3 Tesla?
- You may expect to pay between $1,900 and $3,200 (per year) to insure a model 3 Tesla.
- What is the average cost to insure a model Y Tesla?
- You may expect to pay between $1,900 and $3,200 (per year) to insure a model Y Tesla.
- What is the average cost to insure a model X Tesla?
- You may expect to pay between $2,200 and $3,500 (per year) to insure a model X Tesla.
- What is the average cost to insure a model S Tesla?
- You may expect to pay between $1,550 and $3,000 (per year) to insure a model S Tesla.
Excalibur has access to insurance companies where Tesla owners may be eligible for discounts as drivers of hybrid vehicles with autonomous braking systems.
Factors Impacting Tesla Insurance Costs
Your insurance costs will vary, depending on several different factors. These are not all that different than the factors which impact your regular auto insurance costs. They may include:
- How much coverage you have
- The make/model of your Tesla
- Past claims
- Your age, gender, and experience
- Where you live
- Your average commute
- Your eligible discounts
- Your deductible amount
If cost is a concern of yours, discuss with an Excalibur Insurance broker about ways to save. After all, you want the best insurance for your Tesla to ensure it is well-protected while you are out and about – and even when your vehicle is parked or stored in a garage.
How to Get Tesla Insurance in Ontario
Tesla car insurance isn’t a rare find – in fact, you can get a quote with Excalibur Insurance and get started on your Tesla coverage today. Your Tesla deserves the best insurance, just like any other car. With Excalibur, you can get multiple quotes based on your needs. Call us today at 1-888-298-7343 or get an online quote.
