Compare Cheap Tesla Model 3 Insurance Rates
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- Insuring your Tesla Model 3 vehicle in Canada
- How much is it to insure a Tesla Model 3 vehicle for a young driver?
- How much is it to insure a Tesla Model 3 for an experienced driver?
- How much can a traffic ticket or an accident raise your insurance?
- How to get cheaper car insurance for your Tesla Model 3
- Should you buy or lease your Tesla Model 3?
- Which Tesla Model 3 model is considered safest?
- Protecting your Model 3 with InsureMyTesla
Insuring your Tesla Model 3 in Canada
While many other brands are making strides in the electric vehicle (EV) market, the Tesla Model 3 remains a standout choice, offering cutting-edge technology and exceptional performance. However, its advanced features and innovative design can also contribute to higher repair costs, which may result in elevated insurance premiums.
Below, you’ll discover how various factors – both within and beyond your control – can influence insurance premiums for your Tesla Model 3.
How much is it to insure a Tesla Model 3 for a young driver
If you're a young driver interested in insuring a Tesla Model 3, you might find that the insurance costs are on the higher side. Insurance companies assess various factors when setting rates, and the Tesla Model 3 comes with specific characteristics that can drive up premiums for younger drivers.
Here’s a look at why insuring a Tesla Model 3 might be more expensive for you and the key reasons behind it.
Driver's risk level: Insurance companies generally see young drivers as higher risk due to their lack of driving experience. The Tesla Model 3, with its instant torque and fast acceleration, can be tempting for younger drivers to push to its limits, increasing the chances of accidents and leading to higher premiums.
Car type and value: The Tesla Model 3 is a high-end electric vehicle with a higher market value compared to standard cars. The overall cost to repair or replace it can be quite high due to the expensive technology and parts used in the vehicle. This means that if something happens to your car, the insurance company would need to pay more for repairs or a replacement, leading to higher premiums.
Performance: The Tesla Model 3 is known for its impressive acceleration and speed. Young drivers might be more likely to take advantage of this power, which could lead to risky driving behavior.
Repair costs: The Tesla Model 3 uses specialized parts and advanced technology, so if you're involved in an accident, the cost of repairing your vehicle can be significantly higher than with conventional cars. For example, the electric battery packs in Teslas are expensive to replace.
Location: Where you live can also affect how much you pay for insurance. If you’re driving in a busy urban area, where traffic is dense and the risk of accidents is higher, insurance premiums tend to go up. The Tesla Model 3 is popular in larger cities, making insurance more expensive for young drivers who live in such locations.
Despite the high premiums for Tesla Model 3, there are ways to get discounts, even for young drivers.
Age | Insurance cost range |
|---|---|
18 | $19,544 - $21,273 |
19 | $14,431 - $16,404 |
20 | $12,208 - $14,755 |
21 | $10,336 - $12,348 |
22 | $8,407 - $9,612 |
23 | $7,693 - $8,808 |
24 | $7,403 - $8,460 |
25 | $6,134 - $7,338 |
How much is it to insure a Tesla Model 3 for an experienced driver
Even experienced Tesla Model 3 owners can see varying insurance rates depending on several factors. While safe driving and a clean record help lower premiums, other elements still have a significant impact.
Age and experience: Drivers in their 30s, 40s, and 50s typically enjoy the best rates. However, as drivers age, particularly those in their 60s or 70s, insurance premiums may rise due to factors such as slower reflexes and health-related concerns.
Tesla Model 3 specifics: The Tesla Model 3 is often cheaper to insure compared to other Tesla models, as it is smaller and less expensive to repair. Its popularity and availability of parts also contribute to more competitive insurance rates.
Driving history: If you have a history of safe driving with no accidents or violations, your rates will likely stay low. However, recent accidents or traffic violations can increase your premium, even for seasoned drivers.
Mileage: If you drive your Tesla Model 3 frequently, your risk of an accident rises. This could result in higher premiums. But, if you only use it for occasional drives or short trips, you might qualify for a low-mileage discount.
Location: Where you live plays a major role in determining your insurance costs. Living in an area with heavy traffic, frequent accidents, or high rates of vehicle theft can lead to higher premiums.
Safety features: The Tesla Model 3 is equipped with advanced safety technologies, such as automatic emergency braking and autopilot features. These features make the vehicle less risky to insure and could result in discounts on your insurance premiums.
Coverage and deductibles: The type of coverage you choose impacts how much you pay. Full coverage provides more protection but is more expensive, whereas opting for a higher deductible can lower your monthly payments, though you’ll need to pay more out of pocket if you make a claim.
As an experienced driver, you can save on your insurance in plenty of other ways.
Age | Insurance cost range |
|---|---|
30 | $5,187 - $5,669 |
35 | $4,896 - $5,176 |
40 | $3,501 - $4,827 |
45 | $3,065 - $4,749 |
50 | $2,872 - $4,674 |
55 | $2,770 - $4,110 |
60 | $2,724 - $4,028 |
65 | $2,708 - $3,865 |
Methodology
The table above outlines the average cost of car insurance in Toronto for a female G-licensed policyholder driving a 2023 TESLA MODEL 3 LONG RANGE 75D 4DR AWD. Using our rate calculator, we calculated average auto insurance premiums by age, assuming the driver has a clean driving record. All ranges and averages presented represent the three lowest quotes offered. The insurance policies used for comparison include $1,000,000 in coverage, along with a $1,000 deductible for both collision insurance and comprehensive insurance.
It’s important to note that these quoted rates are specific to this driver profile. You are more likely to find rates at the lower end of the provided range by comparing quotes from different providers and selecting the one that offers the best value for your needs.
Disclaimer
Auto insurance rates are influenced by a variety of factors, including (but not limited to) your postal code, driving history, the specific make and model of the vehicle, additional safety features, whether you attended driving school, and more. This means the premiums for individuals with different circumstances may vary significantly from the rates shown here. Always compare personalized quotes to ensure you're getting the best coverage at the best price.
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How much can a traffic ticket or accident raise your insurance for a Tesla Model 3?
Even with the Tesla Model 3’s advanced safety features, accidents or tickets can still significantly impact your insurance premiums. For example, receiving a ticket for distracted driving or being involved in a minor accident could cause your premiums to rise, as the Tesla Model 3’s repairs tend to be more expensive due to its advanced technology and specialized parts. Insurers also view repeated infractions as a sign of risky driving, which could lead to even more substantial rate increases.
Here are some of the possible changes you might see in insurance rates, based on major convictions and at-fault accidents:
Age | Major convictions | At-fault accidents | Insurance cost range |
|---|---|---|---|
30 | None | None | $5,187 - $5,669 |
None | 1 | $8,942 - $12,563 | |
1 | None | $9,739 - $10,824 | |
1 | 1 | $24,650 - $26,826 | |
35 | None | None | $4,896 - $5,176 |
None | 1 | $8,600 - $10,601 | |
1 | None | $9,247 - $10,404 | |
1 | 1 | $23,248 - $24,650 | |
40 | None | None | $3,501 - $4,827 |
None | 1 | $8,218 - $9,864 | |
1 | None | $6,499 - $9,888 | |
1 | 1 | $21,391 - $24,650 | |
45 | None | None | $3,065 - $4,749 |
None | 1 | $8,192 - $9,449 | |
1 | None | $5,647 - $9,852 | |
1 | 1 | $20,061 - $24,172 | |
50 | None | None | $2,872 - $4,674 |
None | 1 | $8,062 - $9,014 | |
1 | None | $5,269 - $9,708 | |
1 | 1 | $19,355 - $22,472 | |
55 | None | None | $2,770 - $4,110 |
None | 1 | $7,013 - $8,472 | |
1 | None | $5,066 - $8,436 | |
1 | 1 | $18,625 - $22,782 | |
60 | None | None | $2,724 - $4,028 |
None | 1 | $6,973 - $8,122 | |
1 | None | $4,979 - $8,436 | |
1 | 1 | $23,168 - $24,650 | |
65 | None | None | $2,708 - $3,865 |
None | 1 | $6,673 - $8,059 | |
1 | None | $15,209 - $17,726 | |
1 | 1 | $17,712 - $23,731 |
Methodology
The table provides a comparison of average car insurance premiums in Toronto for a female G-licensed driver operating a 2023 TESLA MODEL 3 LONG RANGE 75D 4DR AWD. The analysis includes two driving profiles: one for drivers with clean records, meaning no major convictions or at-fault accidents, and another for drivers with one at-fault accident, one major conviction, or both. Using a rate calculator, we determined the average premiums across different age groups by selecting the three lowest quotes from leading insurance providers. The insurance coverage considered includes $1,000,000 in liability coverage and a $1,000 deductible for both collision and comprehensive insurance. For drivers with at-fault accidents or convictions, premiums were adjusted based on the additional risk weighted by insurers, leading to higher quotes for that group.
Disclaimer
It is important to note that the rates listed are specific to this driver and vehicle profile and may vary significantly based on individual circumstances. Factors such as postal code, claims history, specific vehicle features, and even completion of a recognized driving school course can influence premiums. To ensure the best value, it is essential to obtain personalized quotes from multiple providers, as rates and coverage offerings can differ substantially depending on how each insurer evaluates risk. Comparing quotes allows drivers to find the most suitable and cost-effective insurance for their unique needs.
How to get cheaper car insurance for your Tesla Model 3
When it comes to insuring your Tesla Model 3, there are plenty of ways to reduce costs while maintaining comprehensive coverage. For example, the Tesla Model 3 comes equipped with advanced safety features, which can help you qualify for lower premiums. You could also explore usage-based insurance programs that reward safe driving habits. Additionally, bundling policies, such as combining auto and home insurance, is an easy way to unlock further savings.
Here are some insurance discounts that could apply to you:
Bundling policies
Bundling your auto and home insurance—or combining other policies like tenant or condo insurance—can significantly reduce your premiums. Insurance companies appreciate customer loyalty and often reward it with discounts. Savings can reach up to 20% or more. By taking advantage of this, you not only simplify your insurance management but also save a chunk of change.
Multi-vehicle discount
If your household has more than one car, insuring them under the same policy can lead to big savings. This is because insurers offer discounts (up to 15%) for placing multiple vehicles together under one account. It’s an easy win for families or households with multiple drivers, as it combines coverage while cutting costs.
Loyalty discounts
Insurance companies love loyal customers, and they often show it by reducing premiums for those who stick with them year after year. The longer you stay, the more you save—it can range from 5% after one year to as much as 10% for a decade of loyalty. If you’re happy with your insurer and their service, this discount is an excellent perk.
Higher deductibles
Choosing a higher deductible (the amount you pay out of pocket in a claim) can reduce your annual premiums by 5-10%. While the trade-off means you’d pay more in case of an accident, it’s a smart option for drivers who are confident in their safe-driving habits and want lower upfront costs.
Paying annually
Paying your entire premium in one annual payment instead of monthly installments can save you money by avoiding administrative or installment fees. While it requires a larger payment upfront, it’s a simple way to cut down on overall costs.
Telematics programs
Telematics are devices which can be added to you car or through a mobile app, which monitor your driving habits, such as speed, braking and mileage, rewarding safe drivers with lower premiums. They offer benefits like fairer rates for low-mileage drivers, personalized discounts and improved driving awareness. To maximize savings, you should focus on consistent safe driving, reduce high-risk night trips and choose a telematics program that best fits your needs.
Winter tires
Installing winter tires is not only smart for safely navigating Canada’s icy roads, but it can also reduce your premiums by 2%-5%. Some provinces, like Ontario, even require insurers to offer this discount. If you regularly switch to winter tires, make sure your insurer knows about it.
Anti-theft devices
Vehicles with anti-theft systems, like alarms or tracking devices, are less likely to be stolen, and insurers recognize this by offering discounts up to 15%. If your car doesn’t come with built-in anti-theft features, consider installing an aftermarket system to take advantage of this savings opportunity.
Should you buy or lease your Tesla Model 3?
Choosing between buying or leasing a Tesla Model 3 can be an important financial decision. Each option offers unique advantages, depending on your lifestyle and budget. Leasing might result in lower monthly payments and allows you to drive a newer Model 3 every few years, though it typically comes with mileage restrictions. On the other hand, buying gives you full ownership of the car and eliminates concerns about mileage limits, but it often requires a larger down payment or higher monthly installments.
Here's a list of advantages and disadvantages to help you make the right call regarding your Tesla Model 3:
Leasing
Advantages:
- Cutting-edge updates: Leasing allows you to drive a new Tesla Model 3 every few years, ensuring access to Tesla’s constantly improving features, like enhanced Autopilot or Full Self-Driving upgrades.
- Lower monthly payments: Lease payments are usually more affordable than buying, making the Model 3 more accessible to a wider range of drivers.
- Warranty protection: Leased vehicles are typically covered by Tesla’s warranty, offering peace of mind and saving on repairs during your lease term.
- Flexibility in ownership: At the end of your lease, you can choose to upgrade to a newer Tesla Model 3 or reconsider your options without the burden of selling or trading in a car.
Disadvantages:
- Mileage restrictions: Most Tesla Model 3 leases come with mileage caps, so if you’re planning a lot of road trips, you may face overage charges.
- No ownership equity: Leasing doesn’t allow you to build long-term value, and you must return the car once the lease is over.
- Customization limitations: Modifications to your Tesla Model 3 are typically prohibited, so you can’t make it uniquely yours.
- Early termination penalties: Ending a lease early can be costly, so committing to the full term is essential to avoid fees.
Buying
Advantages:
- Ownership freedom: Once you’ve paid off your Tesla Model 3, it’s fully yours, giving you control over vehicle usage and equity for future resale or trade-ins.
- Unlimited mileage: Whether commuting, adventuring, or road-tripping, there’s no need to worry about how far you drive your Model 3.
- Personalization options: Owning your Tesla Model 3 means you can customize it to fit your personality, whether it’s upgraded wheels, wraps, or unique interior accessories.
- Long-term savings: For committed EV owners, buying can be the more cost-effective choice over time, eliminating recurring lease payments.
- Resale value: The Tesla Model 3 holds its value surprisingly well due to its demand and electric efficiency, making resale or trade-in easier when the time comes.
Disadvantages:
- Higher upfront costs: Compared to leasing, buying usually requires a larger down payment and higher monthly payments.
- Repair expenses: After Tesla’s warranty period ends, you’ll need to budget for maintenance and eventual repairs, especially for higher trims like the Model 3 Performance.
- Potential depreciation: While the Tesla Model 3 typically depreciates slower than many cars, its value will still decrease over time.
Protecting your Model 3 with InsureMyTesla
InsureMyTesla is a specialized insurance program designed specifically for Tesla owners in Canada. It is powered by Aviva and offers tailored coverage options that cater to the unique needs of Tesla vehicles. Here’s what makes it stand out:
- Tesla-specific coverage: Includes coverage for Tesla-specific features like wall connectors and key fobs. Designed to complement Tesla’s advanced safety and technology features.
- Customizable policies: Offers standard car insurance features with optional add-ons to suit individual needs.
- Convenience: Features 24/7 claims service, allowing you to file claims online, by phone, or through an insurance representative.
New Vehicle Limited Warranty
New Tesla Model 3 vehicles also come with a limited warranty:
- Basic Vehicle Limited Warranty: Covers 4 years or 80,000 km, whichever comes first.
- Supplemental Restraint System Limited Warranty: Covers 5 years or 100,000 km.
Battery and Drive Unit Limited Warranty
It also includes:
- Model 3 Rear-Wheel Drive: 8 years or 160,000 km, with at least 70% battery capacity retention.
- Model 3 Long Range and Performance variants: 8 years or 192,000 km, with at least 70% battery capacity retention.
Used Vehicle Limited Warranty
When buying a used Tesla Model 3, you are still covered:
- Covers the remainder of the original 4-year/80,000 km warranty.
- After expiration, an additional 1 year or 20,000 km is provided.
- Parts, Body, and Paint Repair Limited Warranty:
- Covers Tesla-branded parts for 12 months or 20,000 km.
- Specific parts like sheet metal have a limited lifetime warranty.
These warranties ensure peace of mind for Model 3 owners, covering key components and offering extended coverage options.
