Tesla Car Insurance Prospectus

Tesla Motors was founded in 2003 with its headquarters in California. The American automaker specializes in making electric cars, powertrain components, and battery charging equipment. Tesla cars mostly function based on electric propulsion and not on petrol powered engines. Car sales are done through Tesla website only and not at the stores. It is the only automaker that directly sells their cars to consumers without any dealerships. This indirectly undercuts about 8% of dealership surcharges for a Tesla car. This was a reason to ban Tesla in many parts of U.S. where laws prohibited direct car sales without dealers. Tesla cars use many small lithium-ion cells to power the engine and these battery cells are supplied only by Panasonic. Some of the popular models include Model S and Roadster.

Toyota Car Insurance Cost in Canada

Here are some estimated annual insurance costs for popular Tesla models in Canada, based on a 30-year-old driver with a clean driving record. These estimates are based on data from insurance providers and may vary based on factors such as the driver’s age, location, and driving history, as well as the insurance company and policy:

1. Tesla Model 3 –

• British Columbia: $1,700 – $1,900
• Alberta: $1,600 – $1,800
• Ontario: $1,900 – $2,100
• Quebec: $1,600 – $1,800

2. Tesla Model S –

• British Columbia: $2,200 – $2,500
• Alberta: $2,000 – $2,300
• Ontario: $2,400 – $2,700
• Quebec: $2,000 – $2,300

3. Tesla Model X –

• British Columbia: $2,400 – $2,700
• Alberta: $2,200 – $2,500
• Ontario: $2,600 – $2,900
• Quebec: $2,200 – $2,500

4. Tesla Model Y –

• British Columbia: $1,700 – $1,900
• Alberta: $1,600 – $1,800
• Ontario: $1,900 – $2,100
• Quebec: $1,600 – $1,800

Tesla Car Insurance Impact

Electric cars generally tend to have higher insurance cost when compared to gasoline-powered cars. One reason could be that these cars are not well established in the market. Others may say that there is not much data out there to compare performance, repair costs etc. With the lack of information, it becomes difficult for insurance companies to calculate premiums and define underwriting rules for Tesla. The price factor also needs to be considered since electric cars like Tesla do come with a higher price tag. Higher valued cars do have a higher cost for insurance too. Tesla cars are not easily prone to thefts as the safety technology makes tracking easy.

Tesla Accident Benefit Performance

Electric cars use different transmission technology when compared to their counterparts. So the nature of repairs or replacement of parts is very different if the car is electric. Tesla cars are also fitted with 8 airbags for occupant protection among other safety features. Repair costs may be high but the frequency of repairs may be less. For some reason, those who drive electric cars tend to be more mindful and drive carefully, thus getting into lesser accidents. As per the crash testing by National Highway Traffic Safety, Tesla cars got good safety ratings.

Maybe that is the reason for the incentives given by certain insurance companies for electric cars to encourage the green initiative. Lower claims rates have pushed the Tesla cars into favored position when it comes to getting cheaper car insurance. Especially, in Ontario, green cars do get many privileges with the green license plate and other perks.

Tesla Collision And Comprehensive Claim Costs

Though not common, the increasing presence of Tesla cars on the roads may provide some factors to calculate collision and comprehensive claim costs. With fewer accidents down the line, electric cars do benefit from their small compact sizes and limited speed variations. As a result, the claims data for these cars do not figure much in the insurance market. Though purchasing an electric car may be expensive, the cost of ownership combined with insurance costs may be cheaper in the long run. Most Tesla vehicles are equipped with safety features and sales are increasing by the day. When Insurance Bureau of Canada has enough statistics for the Tesla cars, their insurability may be affected in terms of collision costs.