About Tesla Car Insurance
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.
Tesla is the best-selling electric car brand in Canada 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. Compare quotes with multiple providers with us today and save on car insurance for your Tesla today.
How Much Does it Cost to Insure Your Tesla in Canada?
On average, it costs around $1,264 per year to insure your Tesla in Canada. The price will vary depending on your Tesla model, year make, region you’re living in and your driving history.
Here’s how much it would cost you on average to insure your Tesla in the following cities in Canada:
| City | Average Annual Insurance Premium |
|---|---|
| Oshawa, ON | $1,684 |
| Hamilton, ON | $1,629 |
| Brantford, ON | $1,613 |
| Toronto, ON | $2,101 |
| Edmonton, AB | $1,387 |
| Calgary, AB | $1,485 |
| Montreal, QC | $786 |
| Halifax, NS | $1,301 |
| Fredericton, NB | $813 |
| Corner Brook, NL | $1,098 |
How Tesla Car Insurance Costs Compare to Similar Vehicle Brands
Based on internal customer quote data, our analysis shows that Tesla’s insurance rates are generally in the moderate range compared to other car brands. While Tesla’s premiums are lower than those of other luxury brands like Audi and BMW, they are slightly higher than competitors such as Lexus and Ford. Here’s a quick comparison:
Tesla Car Insurance Rates Through The Years
In the past seven years, Tesla vehicle insurance rates have dramatically increased between the models released each year. In the models from the past 4 years, Tesla’s insurance rates have been increasing but slightly decreased in 2024. Here’s an updated overview of the Tesla vehicles’ insurance premiums in recent years:
Tesla Car Insurance Rates by Model & Year Make
When insuring your Tesla, the model you choose significantly impacts the insurance rates. Our detailed analysis below provides a comprehensive view of the insurance costs for various Tesla models from different years.
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.
| Model | Electricity Economy (kWh/100 km) | Electricity Cost (10,000 km/yr) |
|---|---|---|
| Model 3 | 16.11 | $188.49 |
| Model S | 17.89 | $209.32 |
| Model X | 20.56 | $240.56 |
| Model Y | 17.4 | $203.59 |
Tesla Insurance FAQs
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.