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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.

The auto insurance rate for Teslas varies depending on the model you choose, your location and driving history.

The goal of this page is to help walk you through what it might cost to insure your Tesla.

Your questions about Tesla auto insurance, answered.

How much does car insurance cost for a Tesla?

Auto insurance rates vary depending on the make and model of the car you’ve selected, along with a number of other factors (i.e., year, used vs. new, etc.).

LowestRates.ca editors ran a quote to determine the possible range of rates for the most popular Tesla models in Canada.

As vehicle safety is a critical factor when it comes to auto insurance premiums, we’ve also consulted reports from watchdog organizations such as the U.S.-based Insurance Institute for Highway Safety (IIHS): a non-profit organization funded by auto insurance providers that conducts research on vehicle safety (including crash tests) and the National Highway Traffic Safety Administration (NHTSA). The Insurance Bureau of Canada recommends buying cars rated highly by the IIHS.

All prices are in Canadian dollars.

Tesla Model 3

Estimated Premium

Driver infoCar make + modelLowest premium quotedHighest premium quoted
Female, age 30, Ontario2020 Tesla Model 3 75D 4DR AWD$150.17/month$429.42/month
Male, age 30, Ontario2020 Tesla Model 3 75D 4DR AWD$153.33/month$448.08/month

About the Tesla Model 3

  • The Tesla Model 3 is a four-door, fully electric sedan. It was introduced in 2017 and was the top-selling electric vehicle in Canada in 2019.
  • The Model 3 has a battery that can travel between 350 to 500 kilometres, depending on the battery pack you choose.
  • All current models of the Tesla Model 3 (from 2017 to 2020) have the IIHS’s Top Safety Pick rating.
  • The IIHS gave it top marks in the crashworthiness and crash avoidance and mitigation categories. Its front crash prevention in vehicle-to-vehicle collisions is rated as superior. Its front crash prevention in vehicle-to-pedestrian incidents has received a rating of ‘advanced,’ which is one level lower than than ‘superior.’
  • A base model costs about $50,000.

Tesla Model S

Estimated premium

Driver infoCar make + modelLowest premium quotedHighest premium quoted
Female, age 30, Ontario2020 Tesla Model S Performance 100D 4DR AWD$135.42/month$370.92/month
Male, age 30, Ontario2020 Tesla Model S Performance 100D 4DR AWD$138.42/month$388.08/month

About the Tesla Model S

  • The Tesla Model S is a large luxury four-door car that was introduced in 2012.
  • The IIHS the 2017 Model S an overall rating of ‘acceptable.’ It performed much more poorly than the Tesla Model 3.
  • In the portion of the test that determines crashworthiness, the IIHS found issues while conducting its frontal crash tests — the most common type of crash that results in fatalities.
  • In the test that mimics when the front left or right corner of the front bumper collides with another object (a vehicle, tree, or utility pole) at about 65 km/h, the Model S received a rating of ‘adequate.’
  • The IIHS flagged an issue with the Model S’s headlights. Both the low and high-beams performed well on straightaways but failed to provide adequate visibility on curves and corners.
  • Its Automatic Emergency Braking system, which uses sensors to allow the car to break automatically when it senses a collision, received a superior rating.
  • The IIHS found the Model S structurally sound, giving the model superior ratings for its ability to withstand front and side impact, its roof strength, and head restraints and seats.
  • The manufacturer suggested retail price for the Model S is $54,000.

Tesla Model X

Estimated premium

Driver infoCar make + modelLowest premium quotedHighest premium quoted
Female, age 30, Ontario2020 Tesla Model X Performance 100D 4DR AWD$155.50/month$417.00/month
Male, age 30, Ontario2020 Tesla Model X Performance 100D 4DR AWD$158.50/month$436.25/month

About the Tesla Model X

  • The IIHSA does not currently have a rating for the Tesla Model X.
  • However, the National Highway Traffic Safety Association, an organization within the U.S. Department of Transportation, awarded the 2019 model a five-star safety rating, making it the first SUV ever to score a perfect rating.
  • Tesla accredits its safety to the Model X’s rigid battery pack, which is mounted beneath the floor of the car. The weight of the battery lowers the car’s centre of gravity, greatly reducing the likelihood of it rolling over.
  • The Tesla Model X is a luxury SUV with a manufacturer’s suggested retail price of $114,700.

How auto insurance quotes for Teslas are calculated

Beyond the car you drive, other factors such as your personal driving history, your age and gender, and even your postal code, have a major impact on how much you pay each month for car insurance.

In order to generate quotes, we had to create user personas: one male and one female. In general, men pay higher premiums than women.

Here are the criteria we used:

  • We ran separate quotes for a 30-year-old man and a 30-year-old woman in Ontario.
  • We used the postal code for the LowestRates.ca office in midtown Toronto.
  • We chose the 2020 model for each car.
  • Our personas have been insured continuously since receiving their license.
  • They drive an average of 40 km per day.
  • We’ve only selected the bare minimum when it comes to insurance coverage (third-party liability insurance).
  • We didn’t apply for any discounts.
  • We indicated that the car has winter tires.
  • We also indicated that the car is parked in a private garage.

Other factors that influence your auto insurance rate

  • Driving record - The worse your driving record, the higher your premium will be. Your driving record indicates the likelihood you will get in an accident. A serious conviction, like a DUI, could increase your rates up 100%, while a lesser conviction, such as distracted driving, could raise your rates around 25%.
  • Age - Age is also a good indicator of your driving abilities and will affect your rates. Based on statistics, insurers know that the more years driving means less chance of an accident. Rates do rise slightly, though, once you’ve reached 75 years old since your ability to drive may be impaired by your health.
  • Area - Where you live can affect your rate. For example, if you live in an urban area your rates will likely be higher due to a higher probability of theft and getting into an accident than in a rural area.
  • How much insurance you buy - If you buy more insurance than the mandatory minimum, you will pay higher premiums. However, buying more insurance might be worth it if you're buying a car that's likely too expensive to re-purchase if it's declared a total loss — like a current-year Tesla model. 

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