Ontario Tesla Insurance

Tesla Insurance Ontario 

If you own a Tesla, you are in a class of your own. Your vehicle turns heads on Ontario roads. Teslas are uniquely styled and well-appointed luxury vehicles. In addition to their style, Teslas also have all the pros that other electric vehicles do: no need to purchase gas, they don’t need traditional oil changes, and they have autopilot, which is very advanced cruise control that paves the way for self-driving cars. These vehicles also signal the driver is on-trend—driving one of the most popular electric cars in the market. As a Tesla owner, it makes sense to get the best electric car insurance for your car. 

Who Needs Tesla Insurance? 

Everyone who owns a Tesla needs to have Tesla insurance. In Ontario, having the proper car insurance for any vehicle on the road is mandatory. If you own a Tesla model, you should have Tesla insurance that protects your luxury car and all its features. In the event of a loss, you will want to ensure you have the proper coverage to repair or replace your Tesla, and standard auto insurance may not provide the coverage you require. Speak with an expert broker who will help you determine the coverages required to ensure your Tesla has the proper protection. 

What Does Tesla Insurance Cover? 

The array of insurance products available for Teslas includes coverage for third-party liability, accident benefits, direct compensation property damage, uninsured automobile coverage and more.  

Accident Benefits Coverage 

Accident benefits coverage is designed to cover losses suffered by the insured driver and all passengers and pedestrians involved in an incident. Some of the potential costs that accident benefits coverage can reimburse people for include the following: 

• Lost wages as a result of missing work
• Any medical expenses involved
• Any equipment or devices needed due to injuries, such as crutches, wheelchairs, and similar devices
• Travel between medical facilities
• Lost tuition costs for students
• Caregiver benefits

Please keep in mind these are not all of the only situations in which accident benefits coverage protects you. If you want to know more about how accident benefits coverage works, we recommend you speak with your Morison Insurance broker. 

Third-Party Liability Coverage 

Third-party liability coverage financially protects you if you are ever at fault for the injury of another person. This could include collisions for which you were deemed responsible or injuries caused to pedestrians due to a mistake on your part. In these cases, many of the fees you must pay will be reimbursed by your insurance company via third-party liability coverage. Examples of charges third-party liability coverage could reimburse you for include the following: 

• Legal fees that you are charged with paying
• Repairs or replacements for any other person’s vehicle that you damaged
• Repairs or replacements for any other property damaged
• Lost wages or tuition caused by the injury

Please note that this is not a complete list. If you would like to know other situations where third-party liability coverage could cover you, it is best that you speak with your Morison Insurance broker. 

Direct Compensation Property Damage Coverage 

Direct compensation property damage, also known as DCPD coverage, covers damage to your vehicle, as well as all contents of the vehicle when you are involved in an accident for which you were deemed not at fault. This ranges from small incidents, such as fender benders, to large collisions where your vehicle has sustained heavy damage. It will cover the following costs: 

• Damage to the vehicle itself. This is regardless of if the damage is to be repaired or if the Tesla is to be replaced. 
• All contents of the vehicle, with the exception of cargo

Please note that you are only covered if you are not at fault, if there is at least one other insured vehicle in the incident, and if the accident happens in Ontario. If you would like to know more about DCPD, it is best that you speak with your Morison Insurance broker. 

Uninsured Automobile Coverage 

Uninsured motorist coverage covers you in situations where the other driver is either not identified or if they do not have the insurance needed in this situation. You might otherwise not be able to receive the money you need to cover your expenses due to the other person either not being able to pay them or not being identified at all. These types of situations include: 

• If you are the victim of a hit-and-run
• If an unidentified or at-fault party does not have insurance to cover the costs needed
• Any other driver who is found responsible does not have enough coverage to cover the entire amount you are owed
• You get into a collision with an uninsured driver

Please note that there are other incidents in which you might be able to get reimbursement from uninsured automobile coverage. If you would like to know more, it is best that you speak with your Morison Insurance broker. 

What levels of protection are offered for Tesla Insurance In Ontario? 

Collision or upset coverage, comprehensive coverage, and all perils coverage are the different levels of protection that are offered for Tesla insurance. Each level of coverage is suitable for their own situations. 

Collision Or Upset Coverage 

Collision or upset coverage covers you in the event of a collision regardless of whether you are the at-fault driver. This includes colliding with another vehicle and collisions with another object, such as a sign, snowbank or another vehicle, but not with an animal. 

Comprehensive Coverage 

A comprehensive insurance plan will cover your Tesla when you require compensation for events other than a collision. Examples of these events include: 

• Damage caused by natural disasters
• Damage caused by animals. This includes possible collisions with wild animals
• Damage caused by vandalism
• Theft, as well as damage done by attempted theft
• Damage caused by falling objects, such as rocks and/or trees

Please remember that these are not all situations where you will be reimbursed by comprehensive coverage. If you would like to know more about what comprehensive coverage can do, it is best to speak with your Morison Insurance broker, who will happily let you know. 

All Perils Coverage 

All perils is the broadest form of coverage offered as part of a Tesla insurance policy. It covers everything except for the situations mentioned explicitly in the policy itself. This makes it the most all-encompassing type of coverage and is recommended if you want to cover the widest breadth possible. 

What Other Coverages Are Available For Tesla Insurance? 

No two people need the same protection from car insurance. For this reason, there are a lot of ways that car insurance can be customized with its own unique add-ons. Below are some optional coverages that can be added to a Tesla insurance policy of you wish to gain the protection they provide. 

Loss of Use Coverage (OPCF 20) 

The OPCF 20, also known as loss of use, is a coverage option that will reimburse you for any extra amount you must pay for transportation while your vehicle is inoperable due to an insured peril. For example, let’s say your Tesla is involved in a collision for which you are not at fault and needs to be repaired. During this time, you might need to rent a car or use public transportation to commute to and from work. If you have loss of use coverage added to your Tesla insurance, this cost will be covered for you, giving you peace of mind that you can continue with your life as normal. 

Liability For Damage To Non-Owned Automobiles (OPCF 27) 

The OPCF 27 gives people the benefits of car insurance when driving a vehicle they don’t own. This would include situations such as renting a car while they are on vacation or borrowing a friend’s vehicle. Permanently adding liability for damage to non-owned automobiles to your Tesla insurance policy is a good idea if you foresee needing to rent a vehicle, as the costs are often lower than a single rental car insurance policy. 

Emergency Roadside Assistance (OPCF 35) 

The OPCF 35 covers you in case you ever need emergency roadside assistance. If you need to be towed after an insured loss, your insurance company will cover the price of the tow on your behalf. 

Removing Depreciating Deduction (OPCF 43) 

The OPCF 43 is only available for brand-new cars and makes it so that the depreciation value on your vehicle doesn’t decrease the amount you earn on a claim. For example, you may get into an accident and need your Tesla replaced. If it had lost 40% of its value, and you do not have removing depreciating deduction on your Tesla insurance policy, you will only receive the remaining 60% as reimbursement. This coverage negates this impact and allows you to get the full value of your vehicle when you paid for it. 

Which Companies Offer Tesla Insurance? 

Many Canadian auto insurance providers offer Tesla car insurance. To save time, work with a broker who can help you find the best automobile insurance company for your particular needs. Brokers can compare Tesla insurance quotes from leading insurance companies and will work with you to determine what coverage you need to ensure your Tesla is properly protected and at competitive rates. 

How Much Does Tesla Insurance Cost? 

While the cost of a Tesla insurance will vary depending on many factors that are related to the driver and vehicle, the average cost of a Tesla insurance policy can range from $2,300 to $7,500 annually. Tesla insurance premiums are determined by several factors. These factors include the following: 

• Your driving record as a safe driver
• The driving record of any secondary drivers
• The number of years licensed
• Claims history of the policyholder
• Age of the Tesla driver
• Where the driver lives
• Year, model and value of the Tesla
• The level of protection desired
• Mileage driven annually

Depending on the options purchased for your Tesla, discussing the best insurance options with your Morison broker is vital. It is also important to note that most insurance companies will require a higher deductible due to the higher value of a Tesla. 

Please note that depending on the value of your Tesla, you may require high-value auto insurance.  Contact a Morison Insurance broker to receive an accurate Tesla insurance quote based on your specific details. 

*These Tesla insurance quotes above were calculated based on national averages, assuming the driver was 25 years old and had a good driving record (no previous tickets).

Are There Discounts Available For Tesla Insurance? 

Yes. Tesla vehicle owners can qualify for many car insurance discounts provided by companies in Canada. When you get a Tesla insurance quote, many discounts are calculated into the final price but not acknowledged as discounts. Some of these discounts are below. 

• Bundled home and auto insurance discount
• Winter tire insurance discount
• Claims free car insurance discount
• Good driver car insurance discount for responsible drivers who use usage-based insurance
• Mature driver car insurance discount
• Green vehicle discount

Please note that these are not the only Tesla insurance discounts available. A broker will be sure that you get the best Tesla insurance quote for your lifestyle and will help you get all the discounts you deserve to ensure your insurance cost is reasonable! 

Can I Lower My Tesla Insurance Quote? 

Besides using discounts, you can do a few things to lower your Tesla Insurance quote. They include the following: 

• Not making claims on small losses to keep a clean record
• Increasing your deductible
• Driving safely to lower the chance of a collision
• Having a clean driving record. 

Please note that these are not the only ways to lower your Tesla Insurance quote. If you want to know more, you can speak with your Morison Insurance broker, who will gladly help you. 

Can I Get Ontario Tesla Insurance From Tesla? 

Currently, Tesla only offers their in-house insurance brand to customers in a few specific areas of the United States. It is not available to Canadian Tesla customers at this time. 

Where Can I Get A Tesla Insurance Quote? 

You can get a Tesla Insurance quote from Morison Insurance. We are Tesla insurance experts who strive to provide outstanding customer experience and the best car insurance rate. Our brokers will get you multiple Tesla insurance quotes and discuss your needs to ensure your electric vehicle is properly covered. We can also cover your home insurance, business insurance, and other insurance needs. Contact us today by calling 1-800-463-8074 or filling out a form on our website. You’ll be happy you did!