Insurance costs for your Tesla in British Columbia

It is coming up on the one year anniversary of picking up my Tesla Model 3 in Vancouver, which means it is time to renew my insurance for it as well.

As a resident of British Columbia, you have to purchase your basic insurance through the provincial crown corporation Insurance Corporation of British Columbia (ICBC).

When it comes to the optional part of your insurance, you’re free to shop around for the best coverage and the best rates. In my experience living on Vancouver Island, that came from BCAA (hopefully until we get Tesla Insurance in Canada).

Breakdown of Costs

The first thing you need to consider that affects the cost of your optional insurance is how you’re going to be using the car. In BC, if you drive to/from the office no more than 6 times in a month, you can select ‘Pleasure use Only’.

You will also need to consider how much liability coverage you want. This is a personal choice and should be discussed with your insurance broker.

Another cost that should be discussed with your insurance broker is how much you want your deductibles to be in the case of a claim. Generally, the lower your deductible, the higher your premium.

It is also important to include the AEB (Automatic Emergency Braking) discount in your basic insurance with ICBC. This is a new discount offered for the first time since September 2019, so if you’re renewing for the first time since that date, make sure to mention this discount to your broker.

Replacement Cost

An optional coverage you can add, and which we recommend, is ‘Replacement Cost Plus’ from BCAA. This coverage will cover the full cost of a replacement vehicle if you are in an accident where the damage exceeds 50% of the the value in the first three vehicle model years.

In years 4 and 5, damage would have to exceed 90% of the cost.

Other replacement coverages will only pay out if the damage exceeds 80%, regardless of year, so this coverage from BCAA is pretty good.

This cost $136.90 for the year. Fairly cheap for peace of mind.


This is where you can really save with BCAA if you are a member. On my coverage, I have the following discounts:

  • Anti-Theft Discount: -$9.00
  • Multi Vehicle Discount: -$59.55 (if you have another vehicle insured with BCAA)
  • ESC (Electronic Stability Control) discount: -$13.82
  • Eco-Friendly Vehicle Discount: -$.29.78
  • BCAA Member Discount: -$59.55
  • Preferred Driver Discount: -$45.63

Final Cost

With coverage for $3,000,000 liability, with $300 deductibles for collision and comprehensive coverage, my optional insurance cost just $535.06. When you add in my basic insurance through ICBC at $652.00, my total insurance cost comes out at $1,187.06, or approximately $98.92 per month.

How much do you pay for your insurance, and who is it through? Are you from BC, or elsewhere in Canada or the US? Let us know what you pay in the comments below.

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