Tesla to Work with Phoenix Holdings to Offer Unique, Driver-Tailored Car Insurance in Israel

by Eva Fox February 02, 2021

Tesla to Work with Phoenix Holdings to Offer Unique, Driver-Tailored Car Insurance in Israel

Photo: w7news

Tesla has officially entered the Israeli market, and the online order configurator was launched yesterday. Together with the settlement of various aspects for the establishment of a successful company in the country, Tesla entered into an agreement with an automobile insurer. Phoenix will use the driving data of individual drivers to offer them the best insurance rate possible.

Phoenix Holdings Ltd. will provide unique car insurance based on a driver profile that is automatically generated on Tesla's cloud servers, Globes reported. Using information about the driver, style and driving habits, accidents, etc., the insurance company can provide appropriate discounts. Phoenix will provide unique car insurance for drivers buying a Tesla vehicle in Israel.

Tesla has its own insurance, but at the moment it only operates in California, USA. Tesla's unique insurance model is individually tailored to each driver based on telemetry data that is automatically transmitted from each Tesla vehicle to the company's cloud servers. Special algorithms analyze different information, and create a profile for a unique insurance policy for each driver. Depending on the data received, the insurance company may offer insurance coverage 20-30% below the regular price.

In Israel, outside companies are not eligible and cannot obtain a license for insurance, so Tesla is forced to cooperate with a local insurance company. However, this symbiosis of the EV maker with an Israeli insurance company could become very prolific.

© 2021, Eva Fox. All rights reserved.


We appreciate your readership! Please share your thoughts in the comment section below.

Article edited by @SmokeyShorts, you can follow him on Twitter

Previous  / Next