Model S Insurance in Canada

[Mayhemm]

High rates like that sound an awful lot like "facility" rates. Call around for better prices. I've always said that if government requires us to have insurance then the rates should be regulated to prevent unfair practices.

You guys need to have a public insurance broker like we have here in SK.

Basic insurance on Model S is only $1057, but most people pay an extra $450 for the additional coverage pack which gets you 3-year full-value replacement, $500 deductible, $1000 loss-of-use, and $2 million liability coverage.

 

[tsarlsy]

My insurance went down by $100+ a yr with my Model S. My old car was a 10 yr old Honda Odyssey. I went with The Personal.

 

[Luclyluciano]

Called the broker that handles my motorcycle.....inquired for the Tesla quote. They previously quoted on all my vehicles but were slightly higher so I never switched. They sent the quote back for $1695 for the Tesla but want all the other vehicles. Their quote on my wife's GLK is $2k higher than our current broker.
So far I'm not winning here.

 

[Sgutz]

I must be the luckiest guy in the world. My Model S insurance will be the same price as what I paid for my Porsche - $624/yr. This is with The Personal taking advantage of a big corporate discount via my employer plus multi-car and multi-policy discounts.

 

[Jaff]

Remember though, it is a double edged sword...you only get what you pay for...if you were unfortunate enough to be seriously hurt in an auto accident, the benefits in SK would be substantially less than in ON...

You guys need to have a public insurance broker like we have here in SK.

Basic insurance on Model S is only $1057, but most people pay an extra $450 for the additional coverage pack which gets you 3-year full-value replacement, $500 deductible, $1000 loss-of-use, and $2 million liability coverage.

 

[Mayhemm]

Remember though, it is a double edged sword...you only get what you pay for...if you were unfortunate enough to be seriously hurt in an auto accident, the benefits in SK would be substantially less than in ON...

Hmmm...I thought it was pretty good, but then again I've never actually needed it. I'm sure you can get even more coverage if you want (for a fee, of course)

 

[swrving]

I recently switched to the Cooperators from Meloche Monnex (TD Insurance), becuase my house insurance had grown to be astronomical with Meloche. Cooperators managed to more than halve my house insurance. I moved my cars as well, but that was more or less a wash as Meloche was compeititive in that arena.

My Tesla S which I'm awaiting delivery has been quoted at $1118/yr, that includes $2M liability, upgraded accident benefits, $500 coll deductible and $300 comp deductible.

If you're interested, here is the broker's name I used, he's a fellow racer which is why I decided to give him my business:
Jason Legge Agency | The Co-operators
Suite 1 -1050 2[SUP]nd[/SUP] Ave East, Owen Sound, ON, N4K 2H7
Tel: 519-376-8228 | Toll Free: 1-877-376-8228

Don't let their location scare you, I dealt with them entirely on the phone and via email.

 

[mnx]

kanetix.ca

Dejardins had by far the lowest rate for me. I saved about $1000/year vs. Aviva (which used to have rates that no one could touch but it crept up steadily over the last 3 years)

Called the broker that handles my motorcycle.....inquired for the Tesla quote. They previously quoted on all my vehicles but were slightly higher so I never switched. They sent the quote back for $1695 for the Tesla but want all the other vehicles. Their quote on my wife's GLK is $2k higher than our current broker.
So far I'm not winning here.

 

[mknox]

When I added my Model S to my existing insurance policy (which was covering 2 cars for 2 drivers), the rate went up ~$1800 per year and that is in Brampton, famous for the highest insurance rates in Canada.

Mine went down (slightly) from my former 3 year old Cadillac CTS, also in Brampton. I'm currently with RBC. It went down a bit further when I renewed last November. I'd have to pull my policy to carve out the exact number for the Model S because I have two cars, a step-son with only a few years of experience, my house and a rental property all on the same policy.

- - - Updated - - -

I've always said that if government requires us to have insurance then the rates should be regulated to prevent unfair practices.

Ontario requires you to carry "Liability" insurance, even though we have a "no-fault" system where your own insurance covers your own damage regardless of blame. And "blame" or "fault" is still assessed to determine if damages go to the Liability or Collision/Comprehensive portion of your policy and to assess your rate. This sucks. There is no incentive for your insurance company to work on your behalf to find the other driver at fault. In fact, it's to the company's advantage to find you at fault because they can then charge your own damage to the Comprehensive portion of your policy and charge you the deductible. (If the other party is at fault, it goes to Liability with no deductible). And finding you at fault gives justification to raise your rates. This whole "no-fault" thing seems to be a huge conflict of interest situation between insurance companies and policy holders. (I do realize it is provincially mandated, and the insurance companies are only "following the rules").

I believe that "Liability", since mandatory, should be part of your Driver's Licence, not the car. It is the driver, after all, who causes the accident. Then, optionally insure the car for other damages (Collision/Comprehensive) like any other piece of property. That way, I'm insured for any car I drive. Years ago, I was single and had two cars. It bugged the hell out of me that I had to pay Liability twice when I could only drive one car at a time. Couples with one car only have to pay Liability once, so this doesn't seem fair.

 

[green1]

I believe that "Liability", since mandatory, should be part of your Driver's Licence, not the car. It is the driver, after all, who causes the accident.

The insurance companies CLAIM that liability insurance is calculated 100% on the driver, and the vehicle is irrelevant. And yet you can't get a quote for liability only without giving them all sorts of details about the vehicle you have, and changing vehicles without changing drivers, changes the rate significantly.
Basically they're lying.

 

[mknox]

The insurance companies CLAIM that liability insurance is calculated 100% on the driver, and the vehicle is irrelevant. And yet you can't get a quote for liability only without giving them all sorts of details about the vehicle you have, and changing vehicles without changing drivers, changes the rate significantly.

That's why I like the idea of attaching it to your drivers license. Your rate can be based on your real-world driving history irrespective of vehicle, and the car itself can be optionally insured for damage (not caused by others) like any other piece of property.

 

[iKhalid]

How are you guys getting such small deductibles? I called different insurance companies including cooperators and they start with $500 or $1000 deductible. The moment they figure out the price of the car, they go up to $2,500. I called 6 insurance companies and I got the same response. There is a threshold of 80k or 90k, once exceeded, the deductible increases.

In case you are wondering, I'm in my 30s, married, and have a really good history (no tickets except for parking).

 

[green1]

That's why I like the idea of attaching it to your drivers license. Your rate can be based on your real-world driving history irrespective of vehicle, and the car itself can be optionally insured for damage (not caused by others) like any other piece of property.

I like the idea too. It would also reduce the number of people driving without insurance.

 

[mknox]

How are you guys getting such small deductibles?

Try RBC. I had no issue with $300 or $500 on my car. If they won't match this, don't tell them I sent you :smile:

 

[Aussie Bob]

How are you guys getting such small deductibles? I called different insurance companies including cooperators and they start with $500 or $1000 deductible. The moment they figure out the price of the car, they go up to $2,500. I called 6 insurance companies and I got the same response. There is a threshold of 80k or 90k, once exceeded, the deductible increases.

In case you are wondering, I'm in my 30s, married, and have a really good history (no tickets except for parking).

I just asked and premium increased somewhat until I was happy with deductible amount versus premium. I am with Monnex.

 

[Luclyluciano]

Is it true that TD Meloche Monnex ONLY offers insurance for University graduate professionals? Thats what Im being told.

 

[cwave1]

Try RBC. I had no issue with $300 or $500 on my car. If they won't match this, don't tell them I sent you :smile:

I'm with RBC as well and just received my renewal. It has gone down a bit at $1200/year. I also have low deductibles. RBC has a program where they reduce the deductible each year you are claim free.

 

[wayner]

What's the reason that some of you folks want low deductibles?

My own theory is that you only buy insurance for losses that you cannot afford without really feeling the loss. For losses that you can afford you are better off not buying insurance since the cost of insurance will be higher than the expected loss since there are frictional costs added to the insurance premium, including a profit margin for the insurer, the costs of the insurer and the brokers commission (hence I never buy the extended warranty for a $70 inkjet printer at Futureshop). And I am assuming that if you can afford a $100k car then you can afford to eat the deductible amount of something happens. Of course it is a different story if the premiums are similar if you raise the deductible but that hasn't been my experience. Given the current extremely low interest rates this would be even more the case since firms are not going to price at an underwriting loss since they can't earn much of a return on your premium with sub 1% money market rates.

 

[green1]

My own theory is that you only buy insurance for losses that you cannot afford without really feeling the loss. For losses that you can afford you are better off not buying insurance since the cost of insurance will be higher than the expected loss since there are frictional costs added to the insurance premium, including a profit margin for the insurer, the costs of the insurer and the brokers commission (hence I never buy the extended warranty for a $70 inkjet printer at Futureshop). And I am assuming that if you can afford a $100k car then you can afford to eat the deductible amount of something happens. Of course it is a different story if the premiums are similar if you raise the deductible but that hasn't been my experience. Given the current extremely low interest rates this would be even more the case since firms are not going to price at an underwriting loss since they can't earn much of a return on your premium with sub 1% money market rates.

I fully agree. On my current (much cheaper) vehicle, I have liability only coverage, I'm self insured for any other loss (maximum value of loss is the cost of the vehicle, which is probably worth less than $10K)
When I get a Tesla I will need more insurance, because I won't have the replacement cost of the vehicle kicking around "just in case" so I will want full coverage, but I will be willing to take a higher deductible to bring premiums down. That said, someone mentioned a $10K deductible, that seems REALLY high for a deductible, I would hope that that would cause a significant reduction in the premium over a $500 deductible, but I have a feeling the premiums aren't that different.

 

[iKhalid]

What's the reason that some of you folks want low deductibles?

My own theory is that you only buy insurance for losses that you cannot afford without really feeling the loss. For losses that you can afford you are better off not buying insurance since the cost of insurance will be higher than the expected loss since there are frictional costs added to the insurance premium, including a profit margin for the insurer, the costs of the insurer and the brokers commission (hence I never buy the extended warranty for a $70 inkjet printer at Futureshop). And I am assuming that if you can afford a $100k car then you can afford to eat the deductible amount of something happens. Of course it is a different story if the premiums are similar if you raise the deductible but that hasn't been my experience. Given the current extremely low interest rates this would be even more the case since firms are not going to price at an underwriting loss since they can't earn much of a return on your premium with sub 1% money market rates.

I agree with you and that was my exact theory when I got my insurance and I was happy with it.... until the 3rd week when my windshield was cracked. The cost to replace it is more than my $2500 deductible. It ended up being replaced by Tesla since it was from the inside but just wanted to give you an example where a smaller deductible is nice to have.