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Ontario Insurance - Higher minimum deductible on vehicles 75,000 and over?

TheRFMan

Member
Dec 15, 2019
387
297
Ottawa, Canada
I'm gathering a bit of info before ordering my Model 3, mainly to decide between the LR and P (I'm heavily leaning towards the P). I emailed my insurance broker to get a quote for both models, and I was surprised to see that the the minimum deductible my insurance company will allow on the P is $1500 because it costs over $75,000 (I think they factor in HST). The LR can be insured with a $500 deductible like I've always had on all my cars. I'm not certain whether this is specific to my insurance company (Gore Mutual) or an Ontario thing in general. Has anybody here insured a P with a deductible lower than $1500?

That being said, I was quite surprised at how low the quoted rate was. I was quotes a premium on the P of $1440/year with $1500 deductible ($0 if not at fault), $2M liability and injury and 5 full years of depreciation waiver. The LR was about $100/year less with the same deductible, or $100 more with a $500 deductible.

This is for two married drivers in their 40s in Ottawa with no accident history in the last 20+ years and 10,000km/year driving. Our only claim has been for windshield replacement. So we are definitely low-risk. That being said, my 2012 Volt is almost $1100/year (with $500 deductible though), so the difference for brand-new M3P seems really small.
 

CanadianRob

Supporting Member
Feb 26, 2021
119
105
Trenton, Ontario, Canada
Has anybody here insured a P with a deductible lower than $1500?

I was quotes a premium on the P of $1440/year with $1500 deductible ($0 if not at fault), $2M liability and injury and 5 full years of depreciation waiver. The LR was about $100/year less with the same deductible, or $100 more with a $500 deductible.
I've just had a conversation with my Insurance broker.

39 Year old Male - Insured with the same company since 1998

2021 Model 3 Performance

$1400/year with $500 deductible, $2M liability and 4 years depreciation waiver. Through Intact.
 

TheRFMan

Member
Dec 15, 2019
387
297
Ottawa, Canada
I've just had a conversation with my Insurance broker.

39 Year old Male - Insured with the same company since 1998

2021 Model 3 Performance

$1400/year with $500 deductible, $2M liability and 4 years depreciation waiver. Through Intact.
Seems about right. Similar profiles, but you're in a smaller urban area which often leads to slightly cheaper rates. I'll have to shop around a bit to see if I can get something similar with a smaller deductible than what my current company is offering.
 

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