Auto Insurance for Model 3 in Canada

[Struja]

B.C. drivers paying up to $1k more per year for insurance than other Canadians: industry



FYI: I just renewed the insurance on my 2014 Hyundai Sonata and I pay $2121.72 for insurance. It went up by about $180 over last year.

That's awful.

Here is the state of insurance in Ontario: Report: Ont. drivers might have overpaid $5B on insurance over five years

And an exerpt from that article...

Report author and economics professor Fred Lazar, of York University’s Schulich School of Business, suggests insurers might have raked in approximately $5 billion in pre-tax income from 2011-2016, including an estimated $1.5 billion in 2016. Those 2016 profits represent an estimated 60 per cent increase over those from 2011, Lazar says.

 

[Dante]

Just got a call from TDMM - Model 3 is now in their system and my premium going up from $75/mth to $89/mth. Not backdated either, just going forward. Not bad.

Wow, I think I'm paying about double that with TDMM... and never been in an accident. Not sure why there's such a huge difference.

 

[oakvillemike]

Wow, I think I'm paying about double that with TDMM... and never been in an accident. Not sure why there's such a huge difference.

Likely based on where you live? I'm in a relatively new subdivision so I'm guessing the insurance maps see us as living on farmland with no traffic. Not sure...

 

[pcons]

Wow, I think I'm paying about double that with TDMM... and never been in an accident. Not sure why there's such a huge difference.

I was also quoted a similar (low) rate. About 90/month from certas. I have home and a my wife's car with them, but that only takes about 20-25% off so I would definitely shop around.

As the other poster said, maybe your location has an effect, ie downtown TO or Hamilton, but I'm in Burlington so hardly rural country.

Shop around, it seems many are reporting variability with insurance but with a good record you shouldn't be much more than 100/month it seems (in Ontario...)

 

[Dante]

I was also quoted a similar (low) rate. About 90/month from certas. I have home and a my wife's car with them, but that only takes about 20-25% off so I would definitely shop around.

As the other poster said, maybe your location has an effect, ie downtown TO or Hamilton, but I'm in Burlington so hardly rural country.

Shop around, it seems many are reporting variability with insurance but with a good record you shouldn't be much more than 100/month it seems (in Ontario...)

Living in London Ontario... when I moved from Toronto to London, price dropped quite a bit... I also got the 0 deductible and "grand touring" solution from them... maybe that's why it's so much?

 

[McDMan]

BC Drivers.....where are you getting your best optional rates from? I've called BCAA (member) and Bel-Air and BCAA is cheaper by about $200 for me? What others have you tried?

 

[trevorc]

Is anyone else with TDMM still listed with a faux Model S? I don’t mind waiting a few more months for them to remember to call me and raise my premium, but just curious.

 

[Blu-Ion]

I'm with Desjardins DGI Direct, my policy expires end of August, based on the $1650 renewal rate they gave me, looks like I'm going elsewhere!
So far Intact gave me best rate ($1731 for 2 cars - incl 218 BMW X3)

 

[realtycoon]

I'm in York Region with TDMM, My renewal just came in and increased substantially (after already increasing due to the S to 3 changeover).
I'm shopping around now, any recommended insurance companies/brokers etc? Anyone I should stay away from? I did some online quotes and Aviva seems to be coming in competitive.

Also, I've been with TDMM for over 10 years, moving my business to another insurer, am I leaving any loyalty benefits on the table? Any other issues with changing companies?

Thanks

 

[Falcon3]

I'm in York Region with TDMM, My renewal just came in and increased substantially (after already increasing due to the S to 3 changeover).
I'm shopping around now, any recommended insurance companies/brokers etc? Anyone I should stay away from? I did some online quotes and Aviva seems to be coming in competitive.

Also, I've been with TDMM for over 10 years, moving my business to another insurer, am I leaving any loyalty benefits on the table? Any other issues with changing companies?

Thanks

Try this website Car insurance quotes in minutes. Compare & Save - Kanetix.ca , I ended up going with Co-operators and gave me a great deal $1305/year.

 

[ZooSean]

I'm in York Region with TDMM, My renewal just came in and increased substantially (after already increasing due to the S to 3 changeover).
I'm shopping around now, any recommended insurance companies/brokers etc? Anyone I should stay away from? I did some online quotes and Aviva seems to be coming in competitive.

Also, I've been with TDMM for over 10 years, moving my business to another insurer, am I leaving any loyalty benefits on the table? Any other issues with changing companies?

Thanks

Call Costco insurance broker.

 

[realtycoon]

Try this website Car insurance quotes in minutes. Compare & Save - Kanetix.ca , I ended up going with Co-operators and gave me a great deal $1305/year.

Call Costco insurance broker.

Thanks
Is there any disadvantage to changing insurance companies after being with the same one for so long? Am I putting myself at any risk or disadvantage? Is there a hit to credit rating or inaurinsu rating every time you change providers? I just want to make sure I'm not screwing myself over to save a few bucks in the short term.
Also any providers I should avoid/lean towards?

 

[Falcon3]

Thanks
Is there any disadvantage to changing insurance companies after being with the same one for so long? Am I putting myself at any risk or disadvantage? Is there a hit to credit rating or inaurinsu rating every time you change providers? I just want to make sure I'm not screwing myself over to save a few bucks in the short term.
Also any providers I should avoid/lean towards?

I don't think you're screwing yourself if you switch. Insurance companies have no loyalty program as you're just another number in their books in my opinion. If one company isn't providing the right price, you bring your business elsewhere.

 

[ZooSean]

I don't think you're screwing yourself if you switch. Insurance companies have no loyalty program as you're just another number in their books in my opinion. If one company isn't providing the right price, you bring your business elsewhere.

Yes. I was with Desjarin four years without a single claim , my premium jumped 30% last year. Because their system says more claim in my living area. I switched and got less premium less deductible .

The best thing is my current insurance company gave almost same price for my Model 3 replacing my Nissan Leaf 2015.

 

[Tony_YYZ]

Is anyone else with TDMM still listed with a faux Model S? I don’t mind waiting a few more months for them to remember to call me and raise my premium, but just curious.

Me

 

[trevorc]

Me

Good to know. I was starting to wonder if it was something to do with my having to put a windshield stone chip claim through and whether or not they could change the model until that was totally tidied up.

 

[thesteve]

Is anyone else with TDMM still listed with a faux Model S? I don’t mind waiting a few more months for them to remember to call me and raise my premium, but just curious.

FYI no one called me from TDMM, I logged into the portal and see my car now says M3 (from MS) and my rates gone up around 10% (I think as I can't see the previous info).

 

[Falcon3]

FYI no one called me from TDMM, I logged into the portal and see my car now says M3 (from MS) and my rates gone up around 10% (I think as I can't see the previous info).

If you don't mind me asking, how much is TD MM charging you?

 

[thesteve]

If you don't mind me asking, how much is TD MM charging you?

Pretty expensive, but cheaper than the other guys. $2.2k/yr (wife with G2)

 

[Falcon3]

Pretty expensive, but cheaper than the other guys. $2.2k/yr (wife with G2)

I think the rates for insurance in Ontario increased it seems because the quotes that i'm getting now are way more expensive than back in May/June.