Tesla Insurance is heading to a new state for the first time in years
Tesla Insurance is heading to a new state for the first time in years, as the company is aiming to launch its in-house coverage platform in Florida.
Tesla Insurance launched back in late 2019, and it was massive because it was the first time a company aimed to cover its vehicle owners in-house without the need for third-party companies.
Tesla Insurance goes live with claims of lower rates by 20-30%
However, it has struggled to expand and only offers insurance in twelve states currently.
Tesla Insurance is available in:
- Arizona
- California
- Colorado
- Illinois
- Maryland
- Minnesota
- Nevada
- Ohio
- Oregon
- Texas
- Utah
- Virginia
In California, Tesla cannot offer real-time insurance or telematics due to regulatory rules.
The company uses a Safety Score to adjust rates based on driving behaviors. The current version, which is called Safety Score Beta v2.2, tracks Hard Braking, Aggressive Turning, Unsafe Following, Excessive Speeding, Late-Night Driving, Forced Autopilot Engagement, and Unbuckled Driving to determine the rate it should charge.
Tesla is working to expand into new markets and has filed applications to launch the program into new U.S. states. Back in 2022, it filed to offer insurance to Florida drivers, but it did not launch.
However, the company just filed to update its Private Passenger Auto program in Florida, according to the insurance site CoverageR.
It would be the first new state to obtain Tesla Insurance since Utah and Maryland launched over three years ago.
Tesla has its eyes on other states, including Georgia, New Jersey, Oregon, and Virginia.
It has also tried to expand to Europe, as it opened an office specifically for Insurance. It was also hiring for Legal Counsel specializing in Insurance on the continent, but nothing ever expanded to an actual offering of vehicle coverage.
Tesla Insurance is an advantage for owners specifically because the company is familiar with its vehicles, the parts, and the repair processes that are required to get a car back on the road.
This was a big reason some drivers switched from the previous providers to the in-house Insurance Tesla was able to offer.
The post Tesla Insurance is heading to a new state for the first time in years appeared first on TESLARATI.
Source: https://www.teslarati.com/tesla-insurance-heading-new-state-first-time-in-years/
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