Insurance in Canada - p3d

[Allx]

Question for fellow Canadians:
A friend just got a 500$ increase year over year for his model 3 performance - no speedings or accidents, no teen drivers. He’s now looking at over 2k . Being that he’s a good driver in his 50s it seems quite high. Is there something about the Canadian market that makes Teslas particularly expensive to ensure?


Any recommendations ?

 

[Soul Surfer]

Question for fellow Canadians:
A friend just got a 500$ increase year over year for his model 3 performance - no speedings or accidents, no teen drivers. He’s now looking at over 2k . Being that he’s a good driver in his 50s it seems quite high. Is there something about the Canadian market that makes Teslas particularly expensive to ensure?


Any recommendations ?

Have you tried CAA? I left my prior insurance after finding that CAA was at least >30% cheaper. Like you, no speeding, parking or claims. As a rule I go through this process every year, prior to my renewal. You might not have done anything at all, but your region may have had more claims, causing the actuarials to jack up the rates. This is way it is alway good to shop it annually.

And don’t take your brokers word for it either. I had to literally fire my agent because she was so damn lazy that she didn't offer me CAA, despite carrying that company as one of their products.

 

[Threader]

I have been with TD for too many years. I had enough when they jacked my insurance past $3000 for May 2024. Aviva was $650 less than TD with slightly better options than what I had with TD.

 

[Allx]

I have been with TD for too many years. I had enough when they jacked my insurance past $3000 for May 2024. Aviva was $650 less than TD with slightly better options than what I had with TD.

Yikes , I guess that friend of mine has a “good deal” at 2100$.

 

[cdswm3]

We pay $2,300 a year total for both EV's. 2020 Model 3 and a 2022 EV6. We are in SW Ontario. Just got my renewal 2 weeks ago with Wawanesa Insurance full coverage $500 deductible. I guess we are doing good.

 

[Dear_OP]

Model 3 is higher due to the nbr of crashes and therefore fix/write off. BCAA quoted me $2400 vs $2000 for MY. My driving history is spotless. Interestingly enough Ford Mach E is only $1400! I am curious if this is a Tesla thing vs. EV in general. Straight ICBC is even higher for Model 3 at $2660. ICBC may raise rates for EV due to cost of repair. Many are simply written off.

 

[Tony_YYZ]

Yeah mine went up around $250 this year for no reason at all other than insurance companies are raising rates for everyone. My Model Y went up as well a similar amount.

 

[cdswm3]

Yeah mine went up around $250 this year for no reason at all other than insurance companies are raising rates for everyone. My Model Y went up as well a similar amount.

All insurance is increasing for all cars.

 

[cdswm3]

Model 3 is higher due to the nbr of crashes and therefore fix/write off. BCAA quoted me $2400 vs $2000 for MY. My driving history is spotless. Interestingly enough Ford Mach E is only $1400! I am curious if this is a Tesla thing vs. EV in general. Straight ICBC is even higher for Model 3 at $2660. ICBC may raise rates for EV due to cost of repair. Many are simply written off.

Most cars with any significant damage are written off these days. Even a minor fender bender results in a write-off these days. This is for all cars not just EV's.

 

[wayner]

Interesting - the cost of repairs are increasing so I can see that being a reason for insurances rates to go up. But given all of the price cuts in the last year or so replacement value for Teslas is way down, is it not?

 

[Dear_OP]

Most cars with any significant damage are written off these days. Even a minor fender bender results in a write-off these days. This is for all cars not just EV's.

Well certainly not what the ICBC and BCAA folks said. Recent BC insurance news seem to support that narrative too.
Giga-casting or commonly known mega-casting makes it difficult for body shop to perform isolated repairs. Great on reducing mfg cost, but not so great for accident repairs on specific sections. Don't forget the batteries too. It's instant write-off if any part of it is damaged.

 

[Allx]

Interesting - the cost of repairs are increasing so I can see that being a reason for insurances rates to go up. But given all of the price cuts in the last year or so replacement value for Teslas is way down, is it not?

Yeah that’s what was surprising to me, I’d expect things to get better on replacement cost. Only thing I can see is repair cost isn’t going down . Looking for a bumper replacement a year back, it seemed there was little to know capacity to take in a car before many months of wait (Ottawa) and the quotes were in in the 4K-6K range. Figured it was “supply chain”/covid profiteering residue but it seems to be having a knock on effect on insurance now.

 

[cdswm3]

Well certainly not what the ICBC and BCAA folks said. Recent BC insurance news seem to support that narrative too.
Giga-casting or commonly known mega-casting makes it difficult for body shop to perform isolated repairs. Great on reducing mfg cost, but not so great for accident repairs on specific sections. Don't forget the batteries too. It's instant write-off if any part of it is damaged.

Any damage resulting in a casting failure will be a write-off for any car these days. The casting has provisions for the ears to be replaced in medium damage collisions. A co-worker had has CX-9 written off due to very minor front end collision. One of the glue joints (Panel bond) on the front subframe showed damage and was not repairable. Looked like a 4K damage accident. A significant amount of insurance premium is for injuries not the car repair.