Tesla (TSLA) Insurance May Become Available in Texas Next Month
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Tesla (NASDAQ: TSLA) CEO Elon Musk released updated details regarding the company’s in-house insurance program for Tesla vehicles. Musk said that Texas could see Tesla Insurance launch as soon as next month, and customer rates will be based on their actual driving history. Additionally, New York could see the automaker’s insurance program launch in 2022. The program plans to go international, but not in the short term.
“The regulatory process for approval to offer insurance is extremely slow & complex, varying considerably by state,” Musk said in a Tweet last night.
"Tesla is hoping to offer real-time (based on actual driving history) insurance in Texas next month," Musk responded to a Twitter user who asked if the automaker could offer Tesla Insurance in New York.
The Twitter user, The Cybertru, said they received a quote for $500 a month for the Tesla's Model Y. If that was the best quote they could get, the user said they couldn't keep the car.
Tesla launched its in-house insurance program in California back in August 2019. The program offers lower rates due to the company’s understanding of its mostly vertically integrated vehicles. Musk most recently commented on Tesla Insurance in April, stating that the service was ready to expand to several more U.S. states in 2021. The company filed to begin offering insurance in Texas earlier this year. Documents submitted to the Texas Department of Insurance reflected the idea that Tesla would be entering a joint venture with Redpoint County Mutual Insurance.
Tesla Insurance could save drivers up to 30% in some states. Traditional insurance companies are not able to offer the most competitive rates on Tesla vehicles because most entities are not entirely fluent in understanding how the vehicles work.
By Michael Elkins | Michael.Elkins@streetinsider.com
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