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[RESOLVED] Insuring Tesla...TD monnex won't :( where can I go?

Discussion in 'Canada' started by Navsarin, Mar 3, 2016.

  1. Navsarin

    Navsarin Member

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    So my insurance company 'TD monnex' told me they can't insure a Tesla as its too high a risk?!
    Has anyone else had this sort of issue with their insurance company? They gave a nice quote with green discount etc but as soon as I provided them a Vin, they said they can't insure it!

    Anyone have a good company they use?
     
  2. agloutney

    agloutney Member

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    I'm with TDMM. They required I get a Tag installed because it's over $100k but that's it.
     
  3. Navsarin

    Navsarin Member

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    Did they ask for a 4-6 week application process? That's what they told me and it usually means they don't want to insure it.
    Thats odd! My record is spotless so it's not that. I'm very confused.
    whats a normal deductible for this car? They were saying 5k.

    QUOTE=agloutney;1398028]I'm with TDMM. They required I get a Tag installed because it's over $100k but that's it.[/QUOTE]
     
  4. agloutney

    agloutney Member

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    That is odd. They didn't ask me anything like that.
     
  5. Navsarin

    Navsarin Member

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    Is the deductible higher for this car? They quoted 5k and I had him change it to 1k but maybe that screwed up the approval?
     
  6. S'toon

    S'toon Knows where his towel is

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    What province?
     
  7. agloutney

    agloutney Member

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    I think mines 1k. All pretty standard coverage for me. Of course I got it before all the price hikes so it's barely a $100k car so maybe that's it.
     
  8. Navsarin

    Navsarin Member

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    Ontario. We said 125k, 1k deductible. Odd because we've had close to 100k cars in the past just not 125-130?

    - - - Updated - - -

    Ontario. We said 125k, 1k deductible.
     
  9. SmartElectric

    SmartElectric Active Member

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    I stayed with Desjardins and the monthly cost is less than the Mercedes SUV the Tesla S replaced, and about the same as my Smart Fortwo Electric Drive (shocker!).
    However, the deductible went from $500 to $2000 due to the MSRP of the car, so that is something to consider.

    Note: our Tesla was bought CPO (with big discount compared to new)
     
  10. Navsarin

    Navsarin Member

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    Maybe because we said 125k. Makes no sense.
    well they didn't actually record the quote as it was incomplete so I'll try again tomorrow perhaps with a lower value?
    This has never happened before. We use TDMM for home-auto.
     
  11. juschilin

    juschilin Member

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    Try RBC insurance. I take possession end of March and will be using them.
     
  12. tsarlsy

    tsarlsy Member

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    I was able to get a quote from TDMM last year. Couldn't do it online so had to talk to a real person ;) I ended up going with the Personal.
     
  13. S'toon

    S'toon Knows where his towel is

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    Have you tried CUMIS?
     
  14. Doug_G

    Doug_G Lead Moderator

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    I've got two Teslas insured with TD Meloche Monnex. I guess they've changed their policy?
     
  15. Navsarin

    Navsarin Member

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    Thanks everyone for the responses. Spoke to Tesla in Toronto and they confirmed many of the new owners are with the standard insurance companies ie. td, rbc, desjardin, Aviva etc. I'm going to call back TDMM tomorrow as this seemed really strange to me.

     
  16. Navsarin

    Navsarin Member

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    Ok got back on with TDMM. Apparently the first rep was a newbie. All bound and done. The 2nd rep was completely apologetic. :) sorry everyone. I'll remove this thread.
    thanks again for all your comments.

     
  17. Doug_G

    Doug_G Lead Moderator

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    You can't remove it... I have changed the title.
     
  18. iKhalid

    iKhalid Member

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    +1
    I'm with CIBC/Desjardins (Certas Direct) too. Very straight forward insurer as they seem to know what to do with cars like Tesla. Their 5 year coverage for the full price of the car is my favorite feature. And yes, the deductible is $2k due to the MSRP.
     
  19. Navsarin

    Navsarin Member

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    Same feature with Monnex. 5 yr full replacement clause. Deductible we could go 1k but chose 2.5k as there was quite a price diff.
     
  20. Not an Ice

    Not an Ice Member

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    Late comment to this post, but My Tesla Insurance has never been a problem, I just renewed P85D for $1,021.00 annual, paid it today. 5 Mill liability, deductable 5k, cheaper than my 68 firebird, Eacalade, 2 mini's and a jeep - State Farm, or whatever they call themselves now in Canada. Shop is I guess is my comment.
     

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