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Model S Insurance in Canada

Discussion in 'Canada' started by mnx, Aug 22, 2012.

  1. clea

    clea Member

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    i just got a quick online quote from TD insurance and for
    $1,000,000 Liability limit
    $2,000 Collision coverage
    $1,000 Comprehensive coverage


    they quoted me $57.57 per month ($690.90 per year)


    NB: I am a member of a university alumni that has a deal with them ...


    hmmm, will have to seriously consider doing some research about switching to them even for the home insurance and getting a bigger discount.
     
  2. Zapped

    Zapped Model S - PURE EV

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    #42 Zapped, Dec 4, 2012
    Last edited: Dec 4, 2012
    Wow, must be better drivers in Quebec.... :))
    Just got this insurance quote online for Alberta ( using a perfect driving record )
    Sorry I incorrectly posted this in the Canadian Signature Delivery thread

    TELSA Insurance Quote.JPG
     
  3. znino

    znino Member

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    What value did you put for the car? I just tried that site and first, since mine is Signature and over $100K they can't do the online quote but then I put $99K and did it and got about $200 more than you. also, did you add total loss waiver? That could also account for some difference but i suspect its more the insured cost you entered.
     
  4. clea

    clea Member

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    Am pretty sure I put $97k. The difference could be the alumni discount I received or did you also get one? Or maybe it's some driver statistic related discount.
     
  5. znino

    znino Member

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    I also had the alumni discount. Who knows. Anyway. It's pretty cheap. Will be calling them today to see what it comes out to with the real cost of my car.
     
  6. mibaro2

    mibaro2 Member

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    Hello, and thanks for posting.

    I use to live in Montreal, and miss the low insurance rates. Here in Ontario (even outside of Toronto), the rates are insanely high.
    So in Quebec you'll get to enjoy low rates, and your Model S :smile:

    C'est la vie,

    Michael
     
  7. Zapped

    Zapped Model S - PURE EV

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    Finalized quote with TD Meloche Monnex
    $598.00 / yr
    $1 M liability
    $5k Deductible on Collision and Comprehensive ( minimum allowed on vehicle over $100k )
    I'll have to invest $500 / yr and hope nothing bad happens for 10 yrs
     
  8. znino

    znino Member

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    Zapped, the premium is low (similar to what TD told me when i called) but the deductible is very high. Basically, you will not claim any issue, even if not your fault like a busted windshield or hit and run or hit from behind unless it is a really big repair. That scared me a lot and so I opted for Belair direct that quoted me just over $900 but the deductible is $500 on collision and $250 on comprehensive (they do not have the $100K car requiring high deductible issue). Furthermore, TD was forcing me to install a tracking device like boomerang so if I factor $500 to buy and install the thing and $200 per year for monitoring, I was already close or over than Belair, not even counting the much higher deductible. Might be worth a call to Belair to compare.
     
  9. Doug_G

    Doug_G Lead Moderator

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    I'm good with a high deductible. It's not worth making a claim unless it's a biggie.

    Let's say you make a claim for a windshield repair. That's one claim. Now you get into an accident - that's two claims and your rates skyrocket. You're far better off just paying for the small thing yourself and keeping your insurance company out of the picture.

    So my take is that you take the biggest deductible they offer, get the lowest rates, and if you ever get major damage then you've already saved the money required to pay the deductible.
     
  10. znino

    znino Member

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    #50 znino, Dec 11, 2012
    Last edited: Dec 11, 2012
    Not the way I see it Doug. As far as I know (and from past claims), your premium is not supposed to be affected or go up unless you make a claim that is your fault. If someone rear ends you it is different than if you rear end someone. Windshields and the like also not supposed to affect your premium. That is why a lot of insurance companies now offer extra waivers that ignore a first claim that is YOUR FAULT. With that premise, I figure that if someone hits me from behind it will likely cost a couple of thousand dollars damage. Why wouldn't I claim it and be happy with a $500 deductible? Plus the difference in premium (for Belair) from a 500$ deductible to a $2000 deductible was only just over $50 a year. Its just that td does not offer lower than $3000 deductivle on the model S. thats their rule. Insurance varies greatly between companies and for specific cars. Like the tracking device rule. TD forces you to have it for the Model S. that's $200 just for yearly monitoring that is essentially increasing your insurance costs

    Update: just looked at the insurance bureau of Canada site and found the FAQ for Ontario and the attached screenshot seems to say what I thought... Not at fault claim, no increase in premiums (for collision and comprehensive).

    ymede9up.jpg
     
  11. Doug_G

    Doug_G Lead Moderator

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    I know someone who got nailed very hard on the windshield claim thing in the past. Maybe it's not still the case.

    I just got a preliminary quote from TD Meloche Monnex for $732 a year, $1M with $1000 deductible. I'm on the "grandfathered" Professional Engineers Ontario plan so that should be a really good rate.

    Mind you the quote is preliminary because they couldn't find my VIN in the system. It has to be reviewed.
     
  12. znino

    znino Member

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    $732 is excellent for the $1000 deductible. Isn't it great to be a engineer? :)

    The rules may have indeed changed as you can read from on the screenshot I posted from the IBC. At $732 and $1000 deductible you are good to go!

    Question: Did TD say you had no choice but to install a tracking device and monitoring because they told me that and would not let go even when i told them Belair had no such requirement and it would make them non-competitive!
     
  13. clea

    clea Member

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    I am concerned about the requirement for the tracking device by TD. I don't really want people messing with the car so that they can hide it somewhere. I even doubt they would know where to put it.

    Were they insistent on the device just because the price of the vehicle crossed a threshold?

    Can the car itself not be considered as one big tracking device (along with the mobile app to track it) :~?
     
  14. znino

    znino Member

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    TD was clear with me that they could NOT insure this car without one and I had the exact same worries about it as you. It had nothing to do with just a means to lower the premiums or specifically the price. It's is how it was listed in this system. I tried to argue but they said it was in their requirements. I told them the car is Internet connected and I will likely soon have an app to locate it. They said no and gave me a list of 5 different tracking systems that were approved by them. No others would do. It just wasn't worth the $200 less in yearly premium over my Belair quote (especially considering monitoring is that much!). Interested to know if anyone was told a different story. Maybe it also varies by province. Who knows!
     
  15. Doug_G

    Doug_G Lead Moderator

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    Gotta get some benefit from all those PEO dues!

    Ah, okay, good to know. It was pretty stupid to have an incentive to fix your windshield combined with a major hidden disincentive!

    Yeah the rates on this plan are really good.

    They didn't say anything about that. They didn't ask for one on my Roadster either.
     
  16. Jeeps17

    Jeeps17 Cath Jockey in a P85

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    I don't think it is only related to the vehicle price.

    For example, when I leased my G37X 3 years ago, Desjardins (La Personnelle) forced me to install a Boomerang to get insured, only to send me a letter 2 years in stating that requirement had lapsed... Since I paid in advance for the device and 3 years of monitoring, obviously that sucked...

    When I called the same insurer to get an idea for the Tesla S, they noted that a tracking device was NOT required. Go figure...
     
  17. mknox

    mknox Well-Known Member

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    In my experience, this comes back to bite you if you ever want to change insurers. I had a small claim like that and a couple of years later when I shopped around for better pricing, I found a few less expensive companies. But when I disclosed the past claim, the quote shot way up to more than I was currently paying. It took something like 5-7 years for insurance companies to disregard it, and so I had to wait several years to switch companies and enjoy better pricing.
     
  18. Zapped

    Zapped Model S - PURE EV

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    Because the car was over $100k, the quote prep. had to go up a level. Even though the deductible is $5k, they assured me that they would be involved in any 3rd party dealings whatever the damage value. Also have some full replacement cost coverage for $40.00 / year. (have to wait for the paper to see what that's all about) No request for tracking device. I've got the policy coverage in place with my VIN. Funny they didn't ask for a bill of sale.
     
  19. znino

    znino Member

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    They have the cost of the car in their system with the VIN. Maybe they asked you for any additional options but that usually is it. I also took full replacement replacement value. For 2 years if the car is a total write off, they pay the full initial amount, not the depreciated amount.
     
  20. Doug_G

    Doug_G Lead Moderator

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    ...and when I called back to actually add the car to my policy, they told me the deductible has to be $5000 because of the price. Go figure. Practically speaking that means I'm only getting insured for major accidents and car theft. However I did take the $20 per year replacement value rider, which means if the car is stolen or totaled in the first five years I get a new car.

    They still couldn't find my VIN number in their system, although it did pass through their VIN checker tool as valid.
     

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