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What you need to know about car insurance for your Tesla

Are you shopping for a Tesla car insurance policy? You need the right coverage to protect your vehicle and drive one of today's most popular electric vehicles.

Teslas have become one of the most popular vehicles in Canada, so the importance of car insurance for these models has increased. Thousands of people are jumping on board and buying an EV from Tesla. But before you do, it's important to consider your insurance options. Take the critical step of comparing quotes for Tesla insurance from multiple companies to ensure you get the best rate.

At ThinkInsure, we can help you find the right insurance for a Tesla, from the right insurer for a great price. We are partners with Canada's leading providers, so you can quickly shop for Tesla car insurance for all models. Whether you drive a Tesla Model 3, Model X, or any other, we will help you save money. Find a lower rate on Tesla insurance today!

The top 3 things to know about Tesla car insurance rates

Insurance on a Tesla is much higher than the average car insurance rates for other EVs and gas-powered vehicles.
The average Tesla car insurance rates are $2,711 per year, based on our customer data.
Tesla’s higher insurance premiums are attributed to higher sticker prices and repair costs.

How to compare Tesla car insurance quotes

Save on insurance for your Tesla vehicle with these easy steps.

1) Begin your quote

Enter your postal code and some basic information.

2) Enter your driving details

Provide your driving and vehicle information.

3) Compare quotes

See quotes from the leading insurers.

Get insured

Choose the lowest premium. Confirm the details with our experts and buy your policy.

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5 star insurance for your Tesla

Rated 4.7 out of 5 stars in 1463 Google reviews

See what our customers are saying about getting your Tesla insured with us.

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Kevin St Clair

2024-11-28

Betsy was a genuine pleasure to deal with considering the circumstances. Thanks again for all your help

Anthony Gomez

2024-11-27

Today, I want to take a moment to recognize Monica Chan, an exceptional insurance broker who has consistently gone above and beyond in her service to me. Monica's dedication to punctuality and consideration has been truly remarkable. She has always been prompt in responding to my inquiries and has never hesitated to offer her expertise and guidance. With Monica as my broker, I have never once felt worried about anything going wrong. Her proactive approach and attention to detail have provided me with peace of mind, knowing that my insurance needs are well-taken care of. Throughout our interactions, Monica has been incredibly helpful, patiently explaining complex insurance concepts and ensuring that I fully understand my coverage options. I wholeheartedly recommend Monica Chan to anyone seeking an insurance broker who genuinely cares about their clients' best interests. Her commitment to excellence and her willingness to go the extra mile make her an invaluable asset in the insurance industry.

Phyllis Baker

2024-11-20

Absolutely amazing service the broker Todd worked on my quote fast I recommend this company to anyone very professional I’m so glad I called them .. Thank you for your great work

Charles Cameron

2024-11-15

Betsy Bannon has been nothing short of amazing at helping us through the complex process of acquiring business insurance. She quickly understood our needs and expertly guided us to the right solution. From start to finish, she made us feel like her most important client which gave us the confidence that we were in great hands. We highly recommend Betsy!

Jermaine M

2024-11-05

I had a great experience with Patrick Vuong. He went above and beyond to help me update last minute changes to my policy in order to qualify for a government grant. Staying back late and coming in early the next day to help finishes the changes. Very kind and professional!

Mark Gaffney

2024-11-05

Betsy Bannon is a professional extremely friendly and knowledgeable and made my experience wonderful! Highly recommend her for any insurance needs. Mark Gaffney

fabian ward

2024-11-04

Great service! Prompt and very helpful! Thanks to Todd allan for really helping me out!

Stephen Mcfadden

2024-11-01

Great experience working with Sohel Rahman, appreciate his honest and can-do attitude. Highly recommend!

How does Tesla car insurance work?

Insuring a Tesla is the same as other EVs. You need a minimum of $200,000 in third party liability coverage. Mandatory coverage also included accident benefits and uninsured motorist protection. However, most Tesla drivers have $1 to $2 million in coverage because of the increased expenses of driving an EV. Overall, Tesla insurance works like regular car insurance in Ontario, with the addition of coverage catering to Tesla driver's unique needs.

Here are the unique insurance considerations for Teslas:

Charging station coverage and wall connectors (Read more about electric vehicle charging in Canada).
Replacement or damaged key fobs
Coverage for technology not included in traditional gas-powered vehicles
Full glass protection
Comprehensive protection
Additional savings for households with more than one Tesla
Autonomous driving features could void your insurance when in use

What is the InsureMyTesla program?

InsureMyTesla is insurance designed specifically for Tesla owners. Tesla car insurance in Canada is underwritten by Aviva Canada. It offers custom protection, including comprehensive coverage and many other features unique to driving a Tesla. Speak with our brokers about availability and plan options.

Does Tesla offer insurance?

Tesla offers insurance for their vehicles. Tesla's insurance product is the only one provided by an auto manufacturer. It was introduced in 2019 to make insurance more affordable for Tesla owners.

Tesla underwrites its own policies through Tesla General Insurance. Currently, it’s offered in select states. Plans are available for Tesla and non-Tesla vehicles. Insurance is available in Canada through Aviva Insurance. Speak with our brokers to discuss your Tesla insurance options.

How much does Tesla insurance cost?

Average Tesla insurance costs can vary. Based on our customer quote data, the average price of Tesla car insurance is $2,711 per year or about $225 monthly.

Generally, Ontario Tesla car insurance costs can range from $2,000 to $5,000 or more, depending on the vehicle model and features.

Tesla car insurance premiums are higher than the average rate. They also typically cost more to insure compared to other electric vehicles. These vehicles have unique insurance considerations. Drivers typically pay more for electric vehicles because they have a higher value, and cost more to repair. Tesla insurance claims also cost more. For example, not all mechanics are trained to repair Tesla vehicles, which can increase repair costs if the vehicle is damaged or in an accident.

Tesla car insurance rate changes by year

The insurance cost for a Tesla changes by the year. Like many other vehicles, rates have increased recently. Here’s a breakdown:

Year	Average annual premium
2024	$ 2,727
2023	$ 2,691
2022	$ 2,168
Average rate (2022-24)	$ 2,528

Tesla car insurance rates by city in Ontario

Your location is important in how much you’ll pay for Tesla insurance. Cities with higher premiums typically have higher instances of theft, fraud, and collisions - increasing risk for insurers. Here’s an overview of how Tesla car insurance premiums vary by city:

City	Avg premium	Monthly
Ontario	$ 2,711	$ 226
Toronto	$ 2,529	$ 211
Ottawa	$ 2,371	$ 198
Hamilton	$ 2,192	$ 183
Mississauga	$ 2,937	$ 245
London	$ 2,955	$ 246
Kitchener	$ 2,798	$ 233
Brampton	$ 3,235	$ 270
Guelph	$ 3,150	$ 263
Markham	$ 2,883	$ 240
Barrie	$ 3,370	$ 281
Oshawa	$ 2,026	$ 169
Burlington	$ 1,867	$ 156
St Catharines	$ 1,931	$ 161
Newmarket	$ 3,699	$ 308
Richmond Hill	$ 2,632	$ 219
Milton	$ 2,275	$ 190
Cambridge	$ 2,642	$ 220
Oakville	$ 2,152	$ 179
Whitby	$ 2,958	$ 247
Ajax	$ 3,389	$ 282
North York	$ 2,855	$ 238

Tesla car insurance rates by model

The type of Tesla you drive affects your premiums. Based on our customer data, the Model Y is the most expensive, and the Model S is the most affordable.

Vehicle	Premium	Monthly payment
Model 3	$ 2,596	$ 216
Model X	$ 2,605	$ 217
Model Y	$ 2,920	$ 243
Model S	$ 2,438	$ 203

Tesla car insurance by driver type

Demographics and driving history will alter how much you pay. Younger, single, and male drivers have higher Tesla premiums. Those with an accident or ticket on their record will also see a rate bump.

	Premium	Monthly
Driver type
All drivers	$ 2,711	$ 226
Young drivers (25 and under)	$ 3,489	$ 291
Middle age (25 - 50)	$ 2,710	$ 226
Mature/senior drivers (50+)	$ 2,062	$ 172
High risk drivers	$ 4,875	$ 406
Demographics
Male	$ 2,727	$ 227
Female	$ 2,568	$ 214
Married	$ 2,590	$ 216
Single	$ 2,917	$ 243
Driving record
Clean driving record	$ 2,711	$ 226
1 ticket with past 3 years	$ 3,092	$ 258
1 accident in 3 years	$ 3,592	$ 299
1 cancellation in 3 years	$ 3,397	$ 283
1 suspension in 3 years	$ 3,095	$ 258

What factors impact Tesla auto insurance rates?

Many standard factors impact your Tesla auto insurance premiums. You are subject to the same considerations as gas-powered vehicles. Some are vehicle-related and others driver-related. They include:

The Tesla model you drive
Where you live
The vehicle usage - personal or business
Your claims history
Your driving record
Driver's age
Policy type and coverage
Insurance provider

As a specialized electric vehicle, Tesla also has a few unique considerations that can affect rates:

Higher repair costs: Tesla technology and parts are more expensive than traditional vehicles.
Specialized mechanics: Not all mechanics have the training to work on a Tesla. You’ll need to use a specialized, and more expensive mechanic.

Is there a discount for Tesla insurance?

As a driver of a Tesla, you will qualify for additional insurance savings by being eligible for a green vehicle discount. Depending on your provider, you could save up to 10% on your policy just for driving an electric car. You can combine your Tesla insurance with your home or renters coverage to save more. Learn more about insurance discounts.

What are the best ways to save on Tesla car insurance?

Choosing to drive an electric vehicle will help you save with no gas costs. You can also save on your car insurance costs for your Tesla with these tips:

Choose an insurance-friendly make and model: Your policy will vary based on the model you drive. Choose a model that is more affordable on insurance. As an alternative, consider a used model.
Drive safe: Maintaining a clean driving record and staying claims-free will help you take advantage of multiple discounts and keep your payments as low as possible.
Comparison shop: Always look at options. We can help you quickly compare car insurance quotes from multiple insurers to find the most cost savings.

About Tesla insurance in Canada

black car charging at tesla charging station

Formerly Tesla Motors Inc., now legally known as Tesla Inc., is an automotive and energy company based in Palo Alto, California. It was established in 2003 and is chaired by Elon Musk. They launched their first model, the Roadster sports car, in 2009. The company name pays homage to Nikola Tesla.

Today, it’s the top-selling electric plug-in vehicle manufacturer. It is known for its line of sustainable vehicles and for leading the autonomous driving movement.

Tesla has a market capitalization of nearly $1 trillion as of 2022, making it the most valuable auto manufacturer. It’s in the process of expanding its offerings. In 2023, there are plans to release an electric pickup truck (the Cybertruck, and an all-electric semi-trailer truck (the Tesla Semi).

Learn more about the best electric trucks in Canada.

The brand also has a subsidiary company, Tesla Energy. They develop solar energy systems and battery energy storage products.

Tesla Canada sales and market share in Canada

Tesla has now been in Canada for more than a decade. The first Tesla store opened in 2012 in the Yorkdale Shopping Centre in Toronto. Currently, there are 27 Tesla stores in Canada, 11 of which are in Ontario, and 8 are in the GTA.

In the first part of 2023, the Model 3 is the best-selling EV in Canada. As reported by Driving.ca 7,186 models were sold.

However, the Model Y was the top seller for 2023. The Automotive News Canada estimates Tesla sold a total of 36,900 vehicles in 2023. This is an increase from 24,400 in 2022. The Model Y accounted for about 50% of all sales - 18,500.

We have insurance coverage for all Tesla vehicles

Tesla offers a number of top-rated electric vehicles, with the Model S and Model 3 leading the way. With ThinkInsure, we'll quickly find the best car insurance for Tesla from the top providers for coverage. Speak with an advisor today!

Model S

The Model S hit the road in June of 2012 and has quickly become one of the top-selling electric cars in history, with over 315,000 units sold globally. It has won multiple awards and was even named one of Time Magazine’s 25 best inventions of 2012.

The car has consistently sold more than 10,000 units per quarter (over 50,000 per year) since 2016.

Model S insurance is comparable to other electric vehicles. Tesla Model S insurance prices do vary based on the insurer and many other factors, such as your location, driving, and claims history. Even though Model S insurance costs tend to be slightly higher than those of other sedans, we can still help you get lower rates.

Model 3

The Model 3 was introduced on March 31, 2016, and it quickly received over 300,000 reservations. Since 2018, the Model 3 has become the company’s top-selling vehicle. It has sold more than 1.1 million units, making it the top EV ever.

Model 3 insurance costs, like other electric cars, are slightly higher than average. We’ll help you get the best premiums for the Tesla Model 3. Contact us to review quotes.

Model Y

The Model Y is a fully electric mid-size SUV. It was first introduced to the marketplace in 2020. Tesla delivered 1.2 million models in 2023 alone, making it the top-selling EV of the year. To date, 2.16 million models have been delivered, making it the most popular EV ever. The Model Y is the most expensive for insurance compared to other Tesla models.

Model X

The Model X is a mid-size luxury crossover SUV. It was first introduced in 2015. It has consistently sold over 10,000 units per quarter since 2017. Insurance rates are similar to other Tesla models.

Are you considering other EVs? See our list of the best electric vehicles for 2023.

Tesla models available in Canada

At ThinkInsure, we can help you get Tesla insurance regardless of what model you drive:

Model S sedan
Model 3 sedan: Performance, Long Range AWD, Standard Plus
Model X SUV
Model Y crossover: Performance, Long Range AWD, Long Range RWD
Roadster

Get a Tesla insurance quote

Save on car insurance for your Tesla with ThinkInsure. We can compare quotes from Canada's top insurers to find an affordable rate for you. Start by comparing quotes online, or call us, and an advisor will be happy to assist you. Save more on Tesla car insurance today!

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Sources

* Based on the difference between the average lowest premium and the overall average premium for estimates completed from January 1, 2023, to March 5, 2024, for drivers with a clean driving record.

** Estimated prices are based on data entered by drivers with a clean driving record living on ThinkInsure.ca from January 1, 2023, to March 5, 2024.

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