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Article Contents
Picture of By <span>Aren Mirzaian</span>
By Aren Mirzaian

Updated on March 6, 2024

Visit author page
Picture of By <span>Aren Mirzaian</span>
By Aren Mirzaian

Updated March 6, 2024

Visit author page

7 minute read

Article Contents

You can expect to spend between $1,500 and $4,500 annually on Tesla car insurance in Canada. The exact rate may vary depending on your Tesla car model, age, and mileage. Personal factors like your age, gender, and how you drive are also often used to calculate insurance rates.

Tesla released its first car, the Roadster, in 2008 and has become synonymous with electric vehicles since. Today, Tesla is one of the best choices if you want unique, environmentally friendly, and futuristic luxury cars. 

With over one million cars sold in Canada as of 2021, Tesla is the best-selling electric car brand in the country. Among the four main models sold today, Model 3 and Model Y are Canada’s most popular Tesla models.

However, luxury cars tend to get hit with higher insurance premiums. To find the best deal, you must shop around, which is where MyChoice comes in. We just need your basic personal information and details about your car to ensure you find the best Tesla car insurance deals in Canada!

How Much Does Tesla Car Insurance Cost?

Annual Tesla car insurance in Canada costs between $1,550 and $4,500. Your exact rates may vary, so shopping around for the best insurance deals is essential. MyChoice recommends the best-valued policies based on your personal profile and car specifications, helping you save on insurance.

Tesla insurance premiums are usually more expensive because Tesla cars are harder to repair and replace. Additionally, Teslas can only be repaired at select body shops, driving their maintenance costs even higher. 

While most recent Tesla cars have self-driving features, that won’t make insurance premiums go down despite Tesla touting it as a safer way to drive. In fact, self-driving features raise your rates because self-driving components are more expensive to replace if they get damaged.

How Much Does Tesla Model 3 Insurance Cost?

Tesla Model 3 insurance costs between $1,900 and $4,200 annually, assuming you have a good driving record. While Tesla Model 3 is the cheapest model in Tesla’s lineup, it doesn’t have the lowest insurance rates.

The Model 3 is Canada’s most popular Tesla type, with over 12,000 units sold in 2021. Because Tesla Model 3 is the most common, it’s statistically more likely to be involved in accidents. Naturally, this increased risk leads to higher premiums for the Model 3.

How Much Does Tesla Model S Insurance Cost?

Tesla Model S insurance costs between $1,550 and $4,000 annually, assuming you have a good driving record. The Model S is Tesla’s second most-expensive car but has the lowest average premiums.

Tesla Model S is the least-popular Tesla type in Canada, with just 600 units sold in 2021.

How Much Does Tesla Model X Insurance Cost?

Tesla Model X insurance costs between $2,200 and $4,500 annually, assuming you have a good driving record. As Tesla’s most expensive offering, the Model X gets higher insurance rates because its components are costlier to maintain and replace.

How Much Does Tesla Model Y Insurance Cost?

Tesla Model Y insurance costs between $1,900 and $4,300 annually, assuming you have a good driving record. The Model Y is the second-best-selling Tesla car in Canada and has comparable specifications to the Model 3 aside from its size, so their insurance costs are similar.

Fuel Economy and Cost for Popular Tesla Models

Curious about how much electricity Tesla cars consume and how much you have to pay for it? We’ve got you covered. 

In this table, we compare the electricity economy and cost of the four Tesla car models. Model 3 is the most electricity-efficient model at $188.49/year, while the Model X is the least efficient at $240.56/year.

ModelElectricity Economy (kWh/100 km)Electricity Cost (10,000 km/yr)
Model 316.11$188.49
Model S17.89$209.32
Model X20.56$240.56
Model Y17.4$203.59

Best Insurance Company for Your Tesla

Teslas aren’t cheap, and you no doubt want to protect your car in case accidents happen. However, there are so many insurance companies out there competing for your business. In addition to established insurance providers, Tesla itself provides auto insurance through its InsureMyTesla program.

Different insurance companies use different formulas to calculate your premiums. One insurance provider may prioritize a clean driving record when considering your rates, while another may give lower premiums for older drivers.

Comparing dozens of insurance providers is tough, which is why MyChoice is here for you. We can analyze and compare auto insurance quotes from the nation’s leading insurers to help you find the best Tesla car insurance in Canada.

Tips to Save on Tesla Insurance

Naturally, you’ll want lower insurance premiums to save money. Here are some things you can do to reduce your premiums:

Compare Insurance Rates

Insurance providers are competing for your business in most Canadian provinces. If you live in a province with a lot of private insurance companies, you can compare rates between insurers to see which gives you the best coverage at the most reasonable price.

Choose Usage-Based Insurance

Usage-based insurance (UBI), sometimes known as pay-as-you-go insurance, determines your premiums based on your driving behaviour. You could pay up to 30% less on annual insurance premiums if proven to be a safe driver. 

Pay Premiums Annually

Insurers generally give you better rates if you pay premiums annually. In addition to discounts, making annual payments means you don’t have to worry about insurance premiums for the entire year.

Ask your insurer about half-year payments if you can’t afford annual premiums.

Drive Safely

Driving offences and accidents stay on your insurance record for years and may considerably increase your insurance premiums. If you drive safely and have a clean record, you have a better chance of getting lower premiums.

Driving safely also reduces your chances of getting into an accident, which means you’re less likely to damage expensive car parts like the glass roof and Autopilot components.

Raise Your Deductible

Deductibles are what you must pay before the insurer covers the rest of your expenses. Raising your deductibles means that you’ll pay more before you can make insurance claims, but your premiums will be lower. 

Conversely, lower deductibles often come with higher insurance rates, but you don’t have to pay as much on insurance claims.

Bundle Home and Auto Insurance

Insurance companies often give discounts or lower rates when you purchase home and car insurance together. Consider getting both policies from the same insurer to save money.

Attend Driving Courses

By taking accredited driving lessons, you can refresh your driving knowledge and get lower insurance rates.

Pick and Choose Your Coverage

In addition to mandatory insurance coverage, there are other optional coverage choices like theft protection and weather coverage. While having more insurance coverage protects your car better, it also raises your premiums. Examine your policy and take unnecessary optional coverage out to reduce your rates.

Most Common Tesla Car Insurance Questions in Canada

Are Teslas expensive to repair?

Teslas are relatively more expensive to repair than average fuel cars. You can expect to pay 27% more on Tesla maintenance than comparable gas cars because components on Tesla cars are more expensive and harder to replace. 

Additionally, Teslas can only be repaired at authorized service centers, meaning you can’t take them to any repair shop, unlike most cars.

Does Tesla offer auto insurance?

Tesla offers auto insurance through its InsureMyTesla program in collaboration with Aviva. This program provides benefits like:

Competitive insurance pricing;
Accidental loss or damage protection;
Wall connector coverage;
Full car glass coverage;
Car fob coverage.

InsureMyTesla is not available in British Columbia, Manitoba, and Saskatchewan.

Does Tesla provide roadside assistance in Canada?

Tesla provides 24/7 roadside assistance in Canada, available directly from the Tesla app. The services offered by Tesla Roadside Assistance include:

Transporting broken-down cars;
Fixing flat tires;
Unlocking cars;
Recharging depleted batteries.

Read Tesla’s roadside assistance policy to learn which services are covered for free and which ones cost money.

Is car insurance for a Tesla expensive?

Car insurance for a Tesla in Canada is relatively more expensive than comparable gas-powered vehicles. Teslas are generally seen as luxury cars, and their parts are more expensive to replace, making them higher-risk vehicles. Because they’re seen as high-risk cars, Teslas usually have higher car insurance premiums in Canada.

Is electric car insurance cheaper, or is it more expensive?

Electric car insurance is usually more expensive than gas-powered cars because the complex components and parts are harder to replace. In the case of Teslas, repairs can only be done at authorized service centers, making them even costlier to maintain.

Is it more expensive to insure a Tesla than a gas-powered car?

It’s more expensive to insure a Tesla than a gas-powered car because Teslas are more expensive to fix. Thanks to the higher repair costs, insurance companies must pay more whenever a Tesla gets in an accident, leading to higher premiums. 

Is Tesla the first car company to provide insurance?

Tesla was the first car company to provide auto insurance when it debuted Tesla Insurance for Californians in 2019. However, the rollout of Tesla Insurance is relatively slow because, as of this writing, it’s only available in 11 U.S. states.

In Canada, Tesla offers the InsureMyTesla program which covers seven provinces in collaboration with Aviva. The provinces not covered by this program are British Columbia, Manitoba, and Saskatchewan.

Used vs new Teslas: which is cheaper to insure?

Used and older Tesla cars are usually cheaper to insure because the value of old vehicles depreciates. Insurers see the car as less valuable and parts may be cheaper to find, so they can give you lower premiums on older cars.

What are the most common insurance claims made on Teslas?

There’s no information on the most common insurance claims made on Teslas. However, if we’re going by statistics for all vehicles, the most common insurance claims are for rear-end collisions. There have also been high-profile insurance claims related to battery malfunctions.

What is the best car insurance for a Tesla?

The best car insurance for a Tesla depends on what kind of protection you need and your risk profile. Learn what you need from car insurance, talk with multiple insurers, and find the right auto insurance policy at the best price.

Fortunately, you don’t have to look for Tesla car insurance in Canada alone. MyChoice helps you shop and compare Tesla car insurance quotes to ensure you get the best deals.

What is the cheapest Tesla to insure?

The Model S is the cheapest Tesla car to insure with an annual rate between $1,550 and $4,000. The Model S isn’t the cheapest Tesla car, but it offers the lowest insurance rates because insurers see the Model S as a low-risk vehicle.

What is the InsureMyTesla program?

InsureMyTesla is a Canadian Tesla insurance program created in collaboration with Aviva. It’s a comprehensive insurance package that offers benefits like:

Loss and damage coverage;
Wall connector coverage;
Glass coverage;
Key fob coverage.

While it’s marketed by Tesla, InsureMyTesla is still run mainly by Aviva. This insurance policy is only available in all Canadian provinces except British Columbia, Manitoba, and Saskatchewan.

What kind of coverage should I get for my Tesla?

You should get all the mandatory coverage required by the Canadian government for your Tesla car. This means you must have three types of coverage:

Third-party liability coverage;
Statutory accident benefits coverage;
Direct compensation – property damage coverage.

In addition to government-required coverage, you can add extra protection according to your needs like accident forgiveness, all-risk protection, and uninsured vehicle coverage. 

Where do I buy Tesla car insurance in Canada?

You can get Tesla car insurance from any Canadian insurance provider. Talk to your insurance broker or contact insurance agents directly to learn what auto insurance options are available to you.
In addition to regular insurance companies, you can apply for an InsureMyTesla policy by visiting Tesla’s website.

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