Teslas have been around long enough now that you can buy new or used Teslas. With Sentry mode, advanced climate control, and systems you can upgrade via a simple download, these electric vehicles almost belong in a sci-fi show. And yet they’re here. For several years now, Tesla has offered its own car insurance product, InsureMyTesla. But you have other options, too. In this blog post, we’ll explain what they are.
InsureMyTesla
This is Tesla’s own insurance offering, administered by Aviva Services. According to the company’s brochure, “InsureMyTesla enhances the customer experience” through special benefits.
The program promises competitive pricing adjusted for the safety and technology found in these electric vehicles. It also offers discounts for policies covering more than one vehicle and for customers requiring more than one policy.
In addition, InsureMyTesla includes the following:
- wall connector coverage
- full glass coverage
- comprehensive coverage for accidental loss or damage
- coverage for lost, damaged, or destroyed key fobs
- new-for-old replacement in the case of total loss (an optional endorsement that lasts up to 60 months)
Visit the program’s website for more details.
Contact an Insurance Broker
All good things come with quotes. Shopping for car insurance is no different from shopping for a car, and as special as a Tesla is, treat shopping for your Tesla insurance the same way.
Morison Insurance has locations in Simcoe, Hamilton, Hagersville, Waterford, Oakville, Tillsonburg, Port Dover, and St. Catharines and offers information on their website about obtaining insurance for your Tesla.
As with other forms of car insurance, expect the price of your Tesla insurance to include factors like your claims history, age, where you live, the year and model of your Tesla, your driving record, how long you’ve had a licence, and more.
In addition, notes the brokerage, the deductible is usually higher because of the car’s high price. Don’t be shocked when you see $2,500 as your deductible.
Other Considerations with Tesla Insurance
LowestRates.ca, based in Toronto, was founded in 2012. They help people save time and money by allowing them to compare services and products offered by North America’s leading financial institutions. They explain on their website why insuring a Tesla differs from insuring other cars. One point stands out the most: the car’s self-driving feature.
“Teslas also famously have self-driving capabilities that could nullify your insurance if you use them,” the website explains.
How will insurance companies know that you weren’t at the helm? The car’s black box. It records almost everything. According to Inside EVs, examples include “the vehicle’s speed, how far each pedal is pressed, what kind of g-forces the vehicle is experiencing, what settings are on or off, which seat belts are buckled, and much more.” It’s also expensive to get a copy of that information yourself.
Teslas: Amazing Vehicles, Still Hard on the Wallet
In October, Bloomberg reported that the Tesla Model 3 became the first EV to top Europe sales, even eclipsing gasoline favourites, Renault’s Clio and Volkswagen’s Golf. We suspect it may still be some time before that happens in North America, home of the Ford F-150.
But there’s no doubt EV sales are on the rise. If a Tesla is in your future, though, know you have insurance options. Shop around for insurance quotes while you shop for your new vehicle so you’re not blindsided by insurance costs after you’ve made your purchase.