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Tesla car insurance premiums: what you need to know.

We don’t blame you for wanting a Tesla. Led by charismatic founder Elon Musk, the company has built a loyal fan base for its attractive, high-tech electric vehicles.

But while it may be tempting to get behind the wheel as fast as possible, you should still consider the extra cost of auto insurance in advance.

Teslas are still subject to the standard factors that affect auto insurance rates, like the model you choose, your location and your driving history.

But insuring a Tesla has a few unique considerations.

Not all mechanics are capable of doing repairs on a Tesla, so these cars can cost more to repair than gas-powered vehicles.

Teslas also famously have self-driving capabilities that could nullify your insurance if you use them.

On top of all these considerations, Tesla is the only car manufacturer that also sells car insurance. You’ll need to decide between the manufacturer’s insurance and other private insurance companies.

If you already own a Tesla and want to compare multiple car insurance quotes right now, just enter your postal code and click “Get Started.” Shopping around is key to finding the best car insurance rates for Tesla.

Keep reading to learn more about Tesla vehicle insurance.

How much is insurance for a Tesla?

A number of variables determine how much you pay for car insurance. Insurance companies closely monitor the repair and replacement costs of all Tesla models — in addition to all the different types of cars on the road — so the make and model of Tesla you choose will factor majorly in the equation.

Another thing that greatly influences the insurance cost for a Tesla is your driving and insurance history. Because everyone’s history is unique, there are lots of variations in rates, which is also why we can’t offer the average cost for insurance on a Tesla. We can, however, show you real car insurance quotes for Tesla from recent LowestRates.ca customers.

Here are recent car insurance rates for Teslas.

Estimated Premium

Front view of a car. Illustration.

See how our customers save big on auto insurance.

CustomerLocationVehicleLowest rateAverage rateSaved
Quote from May 23, 2022
Customer
Male, 45 years old
Location
ontario
Vehicle
2022 TESLA MODEL 3 LONG RANGE 75D 4DR AWD
Lowest Rate
$100/mth
$1,202/yr
Average Rate
$188/mth
$2,261/yr
Saved
$88/mth
47.00%
Quote from May 22, 2022
Customer
Male, 26 years old
Location
ontario
Vehicle
2021 TESLA MODEL Y 75D PERFORMANCE 4DR AWD
Lowest Rate
$67/mth
$808/yr
Average Rate
$205/mth
$2,462/yr
Saved
$138/mth
67.00%

Your questions about Tesla auto insurance, answered.

What is the cheapest Tesla to insure?

Generally speaking, the cheaper the car model, the less it costs to insure. What makes a car cheap? Its parts. Cheap cars have parts that are widely available and don’t require a specialist to fit them.

At about $35,000, the Model 3 is Tesla’s cheapest model in Canada. However, it has features that distinguish it from other cars in the same price range: a large flat screen in the console, no gear shift, and a number of sensors all around the body of the car, which help direct the car when driving in Autopilot mode.

All of these features add up to a car that’s more complex to repair. More complexity equals higher insurance premiums.

That said, the Model 3 add is a very safe car. The Insurance Institute for Highway Safety named the 2020 Tesla Model 3 one of its Top Safety Picks. The sedan scored top marks in every category measuring crashworthiness.

The Canadian Loss Experience Automobile Rating system, which tracks insurance claims costs by vehicle make and model, found that claims costs for 2016 Tesla Model S sedans that had been involved in collisions with another car were higher than the Canadian average. However, claims related to medical benefits were below the national average.

Car insurance for Teslas isn’t usually cheap, but you’ll save money on gas and you’re investing in a well-built car that offers solid protection in a collision.

What are the most common insurance claims made on Teslas?

It’s hard to provide a definitive answer since insurance companies don’t share information about car insurance claims for specific vehicle types.

Teslas have made the news for fiery wrecks caused by the self-driving feature malfunctioning.

These kinds of accidents are relatively rare. Plus, using the autonomous driving feature is illegal in Canada, except Ontario (it’s allowed as long as someone’s in the driver’s seat).

Tesla owners are more likely to have issues with their car’s bumpers, which have numerous sensors embedded in the rear and front. A tap could necessitate a total recalibration of your Tesla at a special service centre.

Used vs. new Teslas: which is cheaper to insure?

Used cars are cheaper to insure than new ones, as are ones with plain trims. This logic applies to Teslas, too, but be prepared to pay more for car insurance on a used Tesla than you might on a lower-tech vehicle.

What is the best car insurance for a Tesla?

Drivers have the option of buying insurance from Tesla directly. Elon Musk, the company’s founder, has long been critical of how car insurance companies price insurance for his vehicles, despite high crashworthiness ratings from organizations like the National Highway Traffic Safety Association and the Insurance Institute for Highway Safety.

Tesla advertises an array of insurance products that are meant to cater to a Tesla’s unique needs, including:

  • A special bundling discount for households with multiple Teslas.
  • Coverage for home charging stations.
  • Insurance for lost or damaged key fobs.
  • Full glass coverage.
  • Comprehensive coverage for accidental loss or damage to your Tesla.
  • Discounts for using the autonomous driving features.

In Canada, Tesla insurance is underwritten by Aviva.

Because the car's system is mostly computerized, it allows the company to gather a lot of data in real-time.Tesla claims to have a better insight into vehicle and driver behaviour, which allows the company to price insurance policies with precision.

However, reviews for Tesla insurance are mixed. Numerous reports have found that Tesla insurance is not in fact cheaper than its competitors. Tesla insurance may offer custom coverage, but shopping the market before locking into a policy could save you more money.

Because Teslas are expensive to repair, it’s worth considering buying collision and comprehensive coverage — even for an older Tesla — if you don’t already have a sinking fund to pay for costly repairs. Speak to a broker about what type of insurance is best for your Tesla.

Other factors that influence the cost of your Tesla insurance policy

  • Whether you use Tesla’s autonomous driving features: Insurance companies in most of Canada (Ontario excepted) will void your insurance if you use Tesla’s self-driving feature. Having your insurance cancelled will lead to a massive increase in your premiums if you ever try to get another car insured.
  • Your province or territory: The price of Tesla car insurance depends on where you live in Canada, as the provinces and territories are charged with regulating insurance costs.
  • Your postal code: Your insurance rates are affected by your address. Some areas experience more losses than others. City dwellers typically pay more for insurance than rural residents.
  • Your age: In Alberta, Quebec and Ontario, car insurance companies are allowed to set your rate based on your age. Drivers under the age of 25 pay the highest car insurance premiums. For young drivers looking to buy insurance for a Tesla, monthly rates of $400 and up are not uncommon.
  • Your driving history: A driving record free of claims and driving convictions will help you secure a low car insurance rate.
  • Whether you’re a long-time policyholder: The rate on your Tesla car insurance will decrease on renewal. Insurance companies reward returning customers with rate decreases.
  • Inflation: The price of car insurance increases in tandem with inflation in the wider economy.

Is it safe to buy Tesla insurance online?

Yes, it’s safe to buy Tesla car insurance online. Some of our partners are direct-to-consumer companies, meaning you can complete the insurance buying process online, from start to finish.

LowestRates.ca doesn’t sell insurance, rather we compare the virtual marketplace for you and show you which insurance companies can offer you the lowest rate. We then put you in contact with the insurance broker or company with your lowest rate.

We’ve helped Canadians save millions on their insurance costs. Get a quote for Tesla car insurance on LowestRates.ca and start saving today.

Alexandra Bosanac

Alexandra Bosanac

About the Author

Alexandra Bosanac is the Core Content Manager for LowestRates.ca. Her reporting has appeared in Canadian Business, the Toronto Star, the National Post, and the CBC.

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