How much does Tesla insurance cost?
Tesla car insurance premiums are higher than the average rate. 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 cost more. For example, not all mechanics are trained to repair Tesla vehicles, which can increase repair costs if the vehicle was damaged or in an accident.
Average Tesla insurance costs can vary. For example, the Tesla car insurance cost in Ontario can range from $1,600 to $5,000 or more depending on the vehicle model. So, Tesla's monthly insurance can be between $130 to $400 or more.
Factors that impact Tesla auto insurance rates
Auto insurance premiums for your Tesla are impacted by many factors. 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
Get a Tesla insurance discount
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. Learn more about insurance discounts.
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 quotes from the top providers for coverage on your Tesla to help you save. Speak with an advisor today!
The Model S hit to 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 more than other sedans, we can still help you get lower rates.
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-selling EV of all time.
Model 3 insurance costs, like other electric cars, are slightly higher than average. We’ll help you get the best premiums for Tesla Model 3. Contact us to review quotes.
Considering other EV models? 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