Tesla Expanding Insurance
Tesla is expanding its Insurance internationally after starting to have it in select states in the United States. When Tesla first introduced its own insurance product, it did not utilize real-time driving data, which had been the original goal. This started in California.
Tesla has been hard at work on expanding its safety score system in order to get the best data available on how users are driving. If you are a good driver, then things like aggressive turning or forward Collision warnings or unsafe following distance or forced autopilot disengagements will not affect your score negatively.
In general, this means you will be able to save on your insurance. For example, for someone who wants to save 20% to 40% on their premium compared to competitors, you should have a safety score that is 90 or higher. If you have a safety score in the high 90s, you could save up to 50%.
There are a lot of factors that determine your insurance cost even at Tesla and if there are things that are driving you to a high price than good driving habits still may not be enough to get your price down. Also, when you are first starting with Tesla Insurance, Tesla assumes a safety score of 90. This means you can quickly get your premium down with some safe driving.
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Where Is It Expanding?
Tesla is preparing to expand its Insurance internationally now, and it is going to start with the United Kingdom. Before that, Tesla had expanded into the states of Illinois Arizona Colorado Oregon Virginia Nevada Maryland and Utah.
Tesla insurance is not rolling out as fast as CEO Elon Musk would have liked. He had hoped that Tesla Insurance would be in Most states by the end of 2022. It looks like it's going to take a bit longer for Tesla Insurance to get into all 50 US states.
Can we expect the rate of progress in the United Kingdom to be faster than it is in the US? It all comes down to how much regulation and red tape there is that would stop Tesla Insurance from progressing. The UK is one of Tesla's most important markets, and new car buyers are buying electric vehicles in much greater quantities.
Tesla's goal with offering Tesla insurance is to provide insurance at a reduced cost for owners, especially those who drive carefully. I personally have been using Tesla insurance and have gotten about a 96 score average and that has saved me about 40% on my car insurance. However, Tesla can raise prices at any time, so it will determine how much they raise prices in the future to see if I still am saving that much.
Do you use Tesla insurance and if so how much are you saving on your car insurance?
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Jeremy Johnson is a Tesla investor and supporter. He first invested in Tesla in 2017 after years of following Elon Musk and admiring his work ethic and intelligence. Since then, he's become a Tesla bull, covering anything about Tesla he can find, while also dabbling in other electric vehicle companies. Jeremy covers Tesla developments at Torque News. You can follow him on Twitter or LinkedIn to stay in touch and follow his Tesla news coverage on Torque News.