Tesla Insurance entered three new markets in the US. Now the manufacturer starts to offer its services in Oregon, Virginia, and Colorado. Thus, to date, Tesla Insurance has been launched in eight US states.
Tesla, which has already disrupted a number of fields, has also entered the insurance industry in order to provide its customers with the best rates. Due to the presence of a large number of technologies in Tesla cars, insurance companies have always demanded relatively high premiums for their services. This prompted the manufacturer to develop a new product that, using all the same technologies, was able to offer its customers the most favorable rates.
Tesla currently offers auto insurance in eight US states such as California, Arizona, Texas, Illinois, Ohio, Oregon, Virginia, and Colorado. The company understands its vehicles, technology, safety, and repair costs, eliminating traditional insurance carriers' charges. Tesla Insurance provides a convenient monthly payment and reflects the company's vehicle's active safety and advanced driver assistance features, which come standard on all new Tesla vehicles.
Tesla Insurance uses real-time driving behavior. This means that the monthly insurance rate is calculated by taking into account the Safety Score with which each individual drives. Thus, the higher the Safety Score, the less the owner pays on a monthly basis. This encourages safer driving, as this directly affects how much users have to pay for insurance. Tesla constantly adjusts the amount of each owner's monthly installment based on the Safety Score. An average driver could save between 20% to 40%, and the safest drivers could save between 20% to 60%.
Safety Score was available in Arizona, Illinois, Ohio, and Texas and is now available in three new states: Oregon, Virginia and Colorado. California regulations do not yet allow this. Tesla CEO Elon Musk said in January 2022, during its earnings call, that the company is “pushing very hard for California to change the rules to allow informatics, which basically means that you’re as safe as you’re driving is measured.”
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