If you recently picked up the delivery of a 2021 Tesla Model 3 in British Columbia, Canada, you may soon be receiving an “insurance underpayment invoice” from the province’s insurance corporation, ICBC.
According to information shared by a recent 2021 Model 3 owner on the Tesla Model 3 Owners Club Vancouver on Facebook, Joy N. explains she received a letter stating she owes an extra $760 CAD ($602 USD) per year on her Model 3 insurance.
“I received my 2021 [Model 3] on Nov 21st and received this letter in the mail. I called [ICBC] and they said it was because the 2021 wasn’t in the [database] when I received my car and was given 2020 prices. Now that it has been added, the price is much larger than 2020. It’s an extra $760 a year,” said Joy.
According to an update from ICBC, Joy says the insurance corporation says she can pay anytime. “Can even be done in installments with [interest]. Just have to pay before insurance or drivers license renewal. For those who’s asking, my monthly insurance is $338. I use it to get to work about 33km away!”, detailed Joy.
Others on Facebook chimed in to corroborate the letter, saying they received the same document from ICBC as well.
“A fee/premium underpayment has occurred on your Autoplan certificate (policy) due to Multiple Errors,” reads the letter from ICBC dated February 25, 2021.
“Payment should be made upon receipt of this invoice,” says ICBC, noting interest rates of 1.5% per month compounded monthly (19.56% per year) on all balances not paid within 30 days.
Vehicle insurance in the Metro Vancouver area in B.C. is not cheap and getting an “underpayment invoice” of $760 CAD ($602 USD) to be paid definitely constitutes bill shock. Tesla Insurance can’t expand soon enough, particularly for those in B.C.’s Lower Mainland.
