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 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.