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?
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angus[Y]oung
Active Member
@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!
angus[Y]oung
Active Member
Btw ICBC slashed rates quite a bit, starting from May (the first new bill I got was from June). My monthly payment went down from about $170 to about $110. My car is a 2018 model 3 long range.
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
angus[Y]oung
Active Member
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.
angus[Y]oung
Active Member
@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?
Hippo25
Member
Basic, third party liability 2 million, collision and comprehensive with $300 deductible.
Picked up m3 sr+ in Vancouver
Went with Stratford saved about $800 on optional
Replacement insurance for 8 years around $2550
Went with Stratford saved about $800 on optional
Replacement insurance for 8 years around $2550
angus[Y]oung
Active Member
@cyvr nice! That's almost exactly what we paid for 5 years! (Mind you, replacing a LR MY would cost more than replacing an SR+ M3, so it's probably not as drastically different as it first seems.)
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 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.
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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