Tesla is preparing to enter the Europe insurance market to provide branded insurance for its vehicles in the region. The manufacturer is about to launch a branch in London and has begun looking for employees for it.
Tesla is seeking to open a Europe branch of its insurance business by registering in Malta, according to documents filed with Companies House. The company has already begun searching for the role of Legal Counsel to work in its “full-stack in house in insurer” in the firm’s London HQ, according to a job posting on Tesla’s website. The person in this position will be required to build and lead the in-house legal function of the insurance company to guide through the legal and regulatory landscape of an insurer operating cross-border in Europe.
Currently, Tesla Insurance operates in 12 US states and is awaiting approval in several others. 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 vehicles’ 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 up to 60%.
© 2023, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.