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Insurance in BC

@nexxco ouch. one small thought: for the optional replacement value coverage, have a look at 3rd party offerings. The way it works with ICBC is you can buy it for up to 3 years, and each year gets more and more expensive (since the delta between your car's depreciated value and replacement cost grows from year to year). In the end, it's likely to cost you well in excess of 3 x $700 (because each year will go up) and only give you 3 years of coverage.

There are some 3rd party options that allow you to buy up to 5 years. The downside is you have to pay it up front but the upside is you can get those extra 2 years and you don't have the recurring and increasing premium costs on the 2nd and 3rd years.

Your mileage may vary but we got ours for somewhere between $2500-2600 for 5 years on our LR MY (which also has a higher MSRP than the SR+ M3 you're planning) which is a far better value IMHO if you can afford the up-front. We bought ours directly from the insurance agent at the Tesla delivery center (we picked up in Surrey/Langley location), but I think you could buy from an independent dealer within the first few days (double-check that) if you find an offer you like better--just decline the replacement cost coverage during your delivery and buy it separately from your selected agent.
Ah I've never actually heard about replacement coverage before I got the quote, that's good to know there are other options. I didn't know Tesla dealt with any insurance besides ICBC when you pick up the car. What other insurances do they help with? And the replacement coverage you got, if it's for 5 years, what happens if you decide to sell the car half way through?
 
Ah I've never actually heard about replacement coverage before I got the quote, that's good to know there are other options. I didn't know Tesla dealt with any insurance besides ICBC when you pick up the car. What other insurances do they help with? And the replacement coverage you got, if it's for 5 years, what happens if you decide to sell the car half way through?

@nexxco great questions! If you're not familiar, the replacement cost coverage basically covers the gap in the unfortunate event that your vehicle gets written off during the coverage term. So let's say you're 2.5 years into ownership and paid a hypothetical $45,000 for the car brand new but it's now depreciated to a hypothetical value of say $30,000. If the vehicle is written off without the coverage, you would get a cheque for the depreciated value. With the replacement cost coverage, I believe you get a cheque for what it would cost to order the equivalent vehicle brand new again. If I remember correctly. To us, it was worth getting, but everyone's views on insurance will vary.

Tesla themselves (outside of California and soon some other US states) don't actually deal with insurance at all. However, you're not allowed to drive it off the lot without getting it registered and at least basic insurance, both of which are handled via ICBC. So like all car dealerships in BC, there is an insurance agent sitting around the dealership (or nearby and can be called in as needed) to help you. They do not work for Tesla and instead work for various 3rd party insurance broker companies like Westland and many others. They can all offer you ICBC products, and depending on their company's partnerships, they can offer you various 3rd party options for optional insurance. Hopefully that helps clarify that a bit? So they don't work for Tesla nor for ICBC but have to be there to help you register and insure during your pick up. Same at any other brand's dealerships as well in BC.

As to what happens if you sell part way through: you would have to ask. I believe you can transfer it onto your next vehicle, if I remember correctly--at least for our policy. Other providers might offer different options so definitely ask around.
 
@nexxco great questions! If you're not familiar, the replacement cost coverage basically covers the gap in the unfortunate event that your vehicle gets written off during the coverage term. So let's say you're 2.5 years into ownership and paid a hypothetical $45,000 for the car brand new but it's now depreciated to a hypothetical value of say $30,000. If the vehicle is written off without the coverage, you would get a cheque for the depreciated value. With the replacement cost coverage, I believe you get a cheque for what it would cost to order the equivalent vehicle brand new again. If I remember correctly. To us, it was worth getting, but everyone's views on insurance will vary.

Tesla themselves (outside of California and soon some other US states) don't actually deal with insurance at all. However, you're not allowed to drive it off the lot without getting it registered and at least basic insurance, both of which are handled via ICBC. So like all car dealerships in BC, there is an insurance agent sitting around the dealership (or nearby and can be called in as needed) to help you. They do not work for Tesla and instead work for various 3rd party insurance broker companies like Westland and many others. They can all offer you ICBC products, and depending on their company's partnerships, they can offer you various 3rd party options for optional insurance. Hopefully that helps clarify that a bit? So they don't work for Tesla nor for ICBC but have to be there to help you register and insure during your pick up. Same at any other brand's dealerships as well in BC.

As to what happens if you sell part way through: you would have to ask. I believe you can transfer it onto your next vehicle, if I remember correctly--at least for our policy. Other providers might offer different options so definitely ask around.
Wow appreciate the detailed response, I've only bought used cars privately outside of BC so this is all new to me. Thanks!
 
@nexxco how are things going now? Just curious.
Hey, haven't done too much with insurance yet, but I did put an order in for a M3 SR+. Since there's probably still 2 months before delivery, I just started creating a list of brokers that deal with a couple 3rd party optionals underwriters (stratford, optiom, etc.) - will probably call them for quotes next month
 
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Hey, haven't done too much with insurance yet, but I did put an order in for a M3 SR+. Since there's probably still 2 months before delivery, I just started creating a list of brokers that deal with a couple 3rd party optionals underwriters (stratford, optiom, etc.) - will probably call them for quotes next month
Many 3rd party underwriters are no longer providing insurance in BC... we called a few icbc agents and many don't have any 3rd party options anymore.
 
Many 3rd party underwriters are no longer providing insurance in BC... we called a few icbc agents and many don't have any 3rd party options anymore.

@marcham I wonder if that's because of the changes ICBC made on May 1st? Maybe ICBC's offerings are now competitive enough that going 3rd party is a tougher sell for the agents?
 
I’m with ICBC/BCAA on my Model X and all ICBC on my Model S. With BCAA, there is no deductible for glass replacement (the Model X windshield is $2300CAD) but you have to pay an extra $50 a year for that benefit. I also recently got a rock chip. ICBC’s new policy won’t cover rock chips to the driver’s side. BCAA did for free otherwise you have to pay $70 out of pocket without claiming insurance. Also, for some stupid reason, Speedy won’t fix rock chips on Tesla’s, had to take it to Broco.
 
We just bought a 2021 M3 SR+. ICBC comprehensive was around $1400. BCAA for exact same coverage was $800! Definitely shop around.

We are considering whether it's worth getting replacement cost insurance and also whether it's worth getting OEM parts coverage on that. Would anyone have any insights?

On the OEM, as far as we can tell we shouldn't need it because all repairs have to be done at Tesla service centers anyway and therefore would automatically be OEM parts... is this correct? The agent said that there's always a possibility that aftermarket parts start coming out in the next few years, but we're not sure how likely that is. Any insight appreciated.
 
We just bought a 2021 M3 SR+. ICBC comprehensive was around $1400. BCAA for exact same coverage was $800! Definitely shop around.

We are considering whether it's worth getting replacement cost insurance and also whether it's worth getting OEM parts coverage on that. Would anyone have any insights?

On the OEM, as far as we can tell we shouldn't need it because all repairs have to be done at Tesla service centers anyway and therefore would automatically be OEM parts... is this correct? The agent said that there's always a possibility that aftermarket parts start coming out in the next few years, but we're not sure how likely that is. Any insight appreciated.
I’ve had my Tesla’s repaired 4 times, Tesla never took care of any insurance claims. It was done by 3rd party authorized Tesla repair shops. BCAA gives you slightly better coverage, no glass deductible, 1st accident forgiveness and some other benefits. BCAA was slightly cheaper on my X but more expensive on my S so for that I stayed with ICBC. For non insurance warranty claims, Tesla did everything in house.
 
I’ve had my Tesla’s repaired 4 times, Tesla never took care of any insurance claims. It was done by 3rd party authorized Tesla repair shops. BCAA gives you slightly better coverage, no glass deductible, 1st accident forgiveness and some other benefits. BCAA was slightly cheaper on my X but more expensive on my S so for that I stayed with ICBC. For non insurance warranty claims, Tesla did everything in house.
thanks. So as far as I can tell the BCAA and ICBC policies are identical... mine didn't say anything about the glass deductible. Where would I find this?

What I meant to ask was that if we have an insurance repair claim, we would take it to Tesla and they would send us to one of those authorized repair shops, and wouldn't those shops be using Tesla OEM parts by default? so there would be no need for the OEM parts benefit.
 

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