Summary
- Tesla launched a new insurance policy in California, bringing underwriting in-house and offering a 3% discount for those who switch to the new policy
- Customers must elect to switch by March 14th to be eligible for the discount
- Tesla insurance program is currently available in 12 U.S. states
- Discount for those who use Supervised Full Self-Driving for 50% or more of their driving in Arizona and Texas
- Tesla is preparing to launch insurance services in China and has hired a former Geico executive to help lower premiums across the U.S.
Article
Tesla has recently launched a new insurance program in California, announcing that they will be bringing underwriting in-house and offering a discount for those who switch to the new policy. The new insurance policies in California will now be underwritten by Tesla Insurance Company, as opposed to State National Insurance Company which currently underwrites their existing plans. Customers who opt to switch to the new policy will receive a 3% discount on a terms’ worth of premiums, but they must elect to switch by four days before March 14th in order to be eligible.
While California is the only state where Tesla insurance can’t use real-time Safety Scores for premium rates currently, customers in the 11 other states where the company’s insurance program is available can access this feature. Tesla insurance recently launched discounts in Arizona and Texas for customers who use Supervised Full Self-Driving (FSD) for 50% or more of their driving. The company seems to be gearing up to launch insurance services in China as well, as they officially registered a brokerage in the country in August. Former Geico executive Allen Laben was hired as the Head of Strategic Insurance Partnerships in June with the goal to make Tesla vehicles easier and more economical to insure.
Tesla’s insurance program is currently available in 12 U.S. states, including Arizona, California, Colorado, Maryland, and others. In California, the insurance doesn’t utilize real-time driving Safety Scores due to privacy laws. Despite the expansion of their insurance program across different states, Tesla faced a setback when a judge ruled against them over ‘inflated’ premiums. The company is constantly working towards making their vehicles more affordable to insure, partnering with insurance companies, teams across Tesla, and collision shops in the U.S. and Canada to lower the total cost of Tesla ownership and accelerate the world’s transition to sustainable energy.
Tesla’s new insurance policy in California with a discount for switching to the new policy reflects the company’s commitment to providing comprehensive services to its customers. The switch to underwriting by Tesla Insurance Company shows the company’s focus on ensuring a seamless and cost-effective insurance experience for Tesla owners. The expansion of their insurance program across different states, along with possible future endeavors in countries like China, demonstrates Tesla’s efforts to make their vehicles more accessible to a global market. With the hiring of experienced professionals like Allen Laben, Tesla is working towards lowering premiums and making insurance for their vehicles both easier and more economical.
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