location plays a large role too.
Plus.. I have found it to be very consistent that quotes based off of the Model S 70D have actually been lower than for the Model 3.
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Insurance quotes for Model 3
- Thread starter McFlurri
- Start date
Plus.. I have found it to be very consistent that quotes based off of the Model S 70D have actually been lower than for the Model 3.
Agreed. I am in the oakville area. Hoping the rate doesn't go up. I think TD does not have the details of the Model 3 in their system (alarm features, etc.), so I guess the price could go up if the criteria ends up being different than the model S 70D.
CAUTION ON TD MELOCHE MONNEX --- Just had to deal with a last minute urgent issue because of TD Meloche Monnex. As described above, they had to issue me insurance for the Model S 70D because they don't have the Model 3 in the system. I forwarded my insurance to TESLA to prepare for the delivery date and they called me back saying it was not acceptable. They insisted on having insurance for the Model 3...not Model S. They said I would not be allowed to pick up the car without this being resolved.
So, I called TD Meloche Monnex and described the challenge I was having. They ended up overriding the model name and VIN so that my insurance would indeed list a Model 3 and show my VIN. They will load the actual model onto my insurance and adjust the rate once it is in the system.
I will be sending this to TESLA tonight and I am hoping this satisfies their requirement.
I wanted to post this here so people don't show up on delivery date with insurance listing the model S....and be denied....that would SUCK!
jkirkwood001
Active Member
Just did some research tonight online and here's what I got:
My particulars:
Hope this helps. Did I miss any?
My particulars:
- Age: 55
- Single, male
- Assumed no other insurance included (home, other car, other driver)
- Live in Ottawa
- Drive 15,000 / year, 0 commute (I bus), 0 business
(we'll see if the 3 takes over the fun part of driving from my Miata, in which case, +5,000 to mileage, and how many road trips I do) - Tickets in last 3 years: 1
- Accident claims: 0
Hope this helps. Did I miss any?
I just received my quote from current insurer (TD MM) and it is basically the same as my current vehicle (2005 Honda Accord).
Will be $1,464 - $122/month from $1,488 - $124/month. Includes:
Home insurance bundled
Accident forgiveness
$1M liability
$1K Collision deductible & $1K comprehensive deductible
Drive 15,000 kms - pleasure
Winter tires
TD MyAdvantage tracking
Driver Excellence
5 year new vehicle replacement
I guess from what I see in this thread, it could be worse, but I still want to shop around later.
Will be $1,464 - $122/month from $1,488 - $124/month. Includes:
Home insurance bundled
Accident forgiveness
$1M liability
$1K Collision deductible & $1K comprehensive deductible
Drive 15,000 kms - pleasure
Winter tires
TD MyAdvantage tracking
Driver Excellence
5 year new vehicle replacement
I guess from what I see in this thread, it could be worse, but I still want to shop around later.
jkirkwood001
Active Member
Thanks for the tip. I went to check out TD MM, but it seems that a group plan, no? If so, that would explain why it's cheaper than one-off quotes. And I don't have access to it. Please let me know if I'm off on this.
Yes, TD Meloche Monnex is only via groups.... but they include a LOT of groups, like universities, professional associations, etc.
It's basically the guaranteed replacement cost of the vehicle. So you will get the full $ value that you originally paid.
jkirkwood001
Active Member
When I've seen this, it's always for up to 5 years, i.e. if your car is totaled, we'll replace it with a new car for the first 5 years.
And @McFlurri I don't agree with telling people what options they should choose to spend money on. It's like saying "please make sure you pay $2,000 for harsher 19" wheels!!". No, that's a personal choice. If I've never totaled a car in 35 years of driving, maybe I don't want to pay extra for this option.
Since you can't lease a Model 3 right now, it's a moot point. But most leases require the waiver (total replacement option). I think it's a super option, especially for a car like this. The situation it's trying to address is: if you have the car for say, 3 years, and it gets in an accident (let's say someone else rear ended it and it's un-repairable).. the insurance company has the option (without this wavier) to just pay you the immediate replacement cost (i.e. if you were to buy a USED Model 3 with approximately the same age/mileage). With the waiver the insurance company must pay you the amount to buy a brand new car.
Rcvd my VIN as well (email from delivery agent) although my account is still not updated.
Will speak to TD MM in the morning.
Will speak to TD MM in the morning.
Called TD MM to check my rates as it's time to renew my insurance.
Took delivery of the M3 in May - needed to use the 'Tesla Model S 70D 4DR AWD' to have it insured by them initially. Initial rate was $1,280.
They are finally switching it over to the Tesla Model 3 75 RWD and increasing my rate by 20% to $1,530.
No other modifications to the plan.
Has anyone else been switched by TD MM? Judging by the late May posts there are at least a few of us who have had to do this.
It seems like a steep increase for a less expensive car with more advanced safety features (albeit without 'AWD' and with likely a more aggressive driver cohort than the model S).
Can anyone else share their experience?
Took delivery of the M3 in May - needed to use the 'Tesla Model S 70D 4DR AWD' to have it insured by them initially. Initial rate was $1,280.
They are finally switching it over to the Tesla Model 3 75 RWD and increasing my rate by 20% to $1,530.
No other modifications to the plan.
Has anyone else been switched by TD MM? Judging by the late May posts there are at least a few of us who have had to do this.
It seems like a steep increase for a less expensive car with more advanced safety features (albeit without 'AWD' and with likely a more aggressive driver cohort than the model S).
Can anyone else share their experience?
WIthin a month of picking up on June 4, they switched me and premium up 18.5%. Surprised they took so long - consider yourself lucky.
pcons
M3 AWD+
I've had a similar experience, before delivery though. Called in June before ordering and was told it would be about $10/month more than my volt....cool!
Called last week since I'm taking delivery, and the new quote was $25 more (35 more than my volt, $123/month). I'm with Desjardins...but likely not for long after taking delivery.
The above quote is with full replacement insurance for 5 years, accident forgiveness, 500 deductable and 1million liability in case anyone is wondering.
