suggests that Tesla’s pioneering use of advanced telematics in assigning insurance risk may disrupt the insurance industry as much as the company has already disrupted global automotive markets. While many traditional insurance companies are raising rates for Tesla car owners or refusing to cover Tesla cars at all, Tesla is offering its own insurance in select U.S. states at significantly lower rates compared to the competition.
Tesla Insurance relies on a driver’s Safety Score to set premiums in real-time based on driving behavior. Tesla entered the insurance market in 2019 based on feedback that some of its customers were seeing much higher insurance costs for insuring their Teslas. Our own insurance was raised $1,000 annually by Liberty Mutual earlier this year, with no claims, no infractions, and no good explanation as to why. Unfortunately for us, Tesla insurance is not yet offered in New York.
Traditional insurance companies use the excuse that Tesla repairs tend to cost more than those for other automobile brands. And this is true. With Tesla’s use of both aluminum and aluminum/steel alloys in its cars , it has taken auto repair shops some time to come up to speed on how to perform repairs to Tesla cars. And this lack of Tesla-approved shops has also led to a certain amount of price gouging.
While other insurance companies such as Progressive and State Farm use third-party telematics devices or mobile apps to gauge insurance risk, none are as comprehensive as the sensors and software included in Tesla cars. The report suggests that Tesla’s success in the insurance market may exert price pressure on other insurers to compete, and may even provide incentive for other automakers to begin offering insurance as well.
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