Welcome to Tesla Motors Club
Discuss Tesla's Model S, Model 3, Model X, Model Y, Cybertruck, Roadster and More.
Register

Tesla auto insurance premium varies greatly between different postal code??

coolmanfever

Member
Dec 1, 2019
518
413
toronto
Hello all!


I am located in Ontario. My auto insurance for my 2020 Model 3 SR+ is with TD Insurance Meloche Monnex. I also bundle my auto insurance with my wife's auto insurance and our home insurance with TD. I recently moved to North York from York Region (Aurora). When I call in to update my new home address to North York with TD, TD informed me that my new annual premium has increased to ~$5000 per year from ~$2500. My auto insurance premium has doubled just because I moved 30 KM south from my first home address!! I inquired TD about reason why my premium double just because I move to North York, the person on phone just keep saying it is due to my postal code and it is a new Tesla car.

For those of you living in North York and drive a model 3, how much are you paying for your insurance?

Is tesla auto insurance premium actually varies greatly between different postal code? or just TD trying to rip me off.

I really hope Tesla can offer their own insurance one day
 

jmaddr

Member
Mar 29, 2019
911
916
Florida
It’s very common for rates to vary according to postal codes. They take into consideration claims per code to decide “risk”. It sounds like your new code has more claims than your old one.
 

03DSG

Active Member
Apr 5, 2016
2,145
2,448
Ontario
We moved from Scarborough to Cobourg 8 years ago. 3 cars. Our insurance on the 3 cars dropped 50%. Currently insuring 2014 Ford Escape and a 2018 Model 3. Both include optional 1,000,000/3,000,000 medical/catastrophic coverage.

$850 for the Escape and $985 for the Tesla BUT the Tesla includes the 3’rd and final year ‘Full replacement cost’ option at $175 so the Tesla would be $810 without it. Actually cheaper than the Escape.

The list of most expensive places in Ontario for car insurance has been revealed
 
  • Informative
Reactions: Biscuitman

Brando

Active Member
Sep 27, 2016
2,882
2,007
Bainbridge Island, WA
Hello all!


I am located in Ontario. My auto insurance for my 2020 Model 3 SR+ is with TD Insurance Meloche Monnex. I also bundle my auto insurance with my wife's auto insurance and our home insurance with TD. I recently moved to North York from York Region (Aurora). When I call in to update my new home address to North York with TD, TD informed me that my new annual premium has increased to ~$5000 per year from ~$2500. My auto insurance premium has doubled just because I moved 30 KM south from my first home address!! I inquired TD about reason why my premium double just because I move to North York, the person on phone just keep saying it is due to my postal code and it is a new Tesla car.

For those of you living in North York and drive a model 3, how much are you paying for your insurance?

Is tesla auto insurance premium actually varies greatly between different postal code? or just TD trying to rip me off.

I really hope Tesla can offer their own insurance one day
Insurance company should/might have answers - high theft areas can have higher rates/
Theft rate on Tesla, I THINK is awfully low. I'd talk to the insurance company. couldn't hurt, could it ?
 

dgreensp

Member
Dec 24, 2020
12
3
Vaughan
I’m getting my Tesla next month but I want to tell you to shop around. I live in York region and last year I got my renewal from TD Insurance (Meloche Monnex) and I couldn’t believe the increase. I called them and they reduced my increase slightly. That is when I started shopping around. I ended up switching! Between my 2 cars and house I lowered my insurance by over $1000. It is worth the time to make some calls.
 
  • Like
Reactions: Falkirk and 03DSG

coolmanfever

Member
Dec 1, 2019
518
413
toronto
I’m getting my Tesla next month but I want to tell you to shop around. I live in York region and last year I got my renewal from TD Insurance (Meloche Monnex) and I couldn’t believe the increase. I called them and they reduced my increase slightly. That is when I started shopping around. I ended up switching! Between my 2 cars and house I lowered my insurance by over $1000. It is worth the time to make some calls.

Yeah. That is my plan. I intend to call the following.
AVIVA
CAA

Any other insurance companies did you try to call ?
 

Struja

"Fanboy"
Jun 27, 2017
1,048
1,055
Toronto, Canada
Aviva jacked up my Tesla by 7% and my Toyota Sienna by 31%. House insurance up by 9.5%
A study by a York U prof estimated that Ontarians overpaid for auto insurance by $12.7 billion from 2011-2018. I say “estimated” because even though auto insurance is mandated by law, there is no transparency requirements for insurers. They have no obligation to disclose profits even though their customers are guaranteed by the government. Their profits are estimated to be much higher during COVID.

All the while, consumers are being fed this BS that frivolous claims are driving up our costs. If that were true, where are all the bankrupt insurance companies? Lies, lies and more lies. The real fraud is the one being perpetrated on Ontarians, paying the highest premiums in Canada.

Like you, my premiums with TD have gone up 31% in the last 3 years with no claims, no tickets, no accidents, same neighbourhood. Feels like theft to me.
 
  • Like
Reactions: Vawlkus

Struja

"Fanboy"
Jun 27, 2017
1,048
1,055
Toronto, Canada
As an aside...I actually found a Vancouver based home insurer that was so much more reasonable than TD, it made sense for me to stop the alleged discounts for stacking policies. I use Square One Insurance for home but they do not offer auto but I still save money.

I called a few auto insurers and some (like Intact) said “we won’t even quote against TD because they are cheaper). CAA was the only one I found for less but they have much higher deductibles.
 

XAEAXII

XÆAXii
Dec 29, 2020
44
18
Calgary Alberta Canada
This is not just for Tesla but for all vehicles and all insurance companies if you live in the “Ghetto” your rates are going to be much higher than if you live in the gated “Gated Community”

these are just extreme examples but yes it varies greatly by postal code even if it’s only 5-10 mins away from each other
 

About Us

Formed in 2006, Tesla Motors Club (TMC) was the first independent online Tesla community. Today it remains the largest and most dynamic community of Tesla enthusiasts. Learn more.

Do you value your experience at TMC? Consider becoming a Supporting Member of Tesla Motors Club. As a thank you for your contribution, you'll get nearly no ads in the Community and Groups sections. Additional perks are available depending on the level of contribution. Please visit the Account Upgrades page for more details.


SUPPORT TMC
Top