The electric carmaker insists that the tally is being used exclusively for “educational purposes.” Tesla Insurance recently announced that it has rolled out its controversial driver safety score to its customers in California, the largest market for the coverage. The score is based on real-time tracking of driver behaviors while using the vehicle. According to Tesla Insurance, the driver safety score’s purpose is for education only, and that it will not impact driver premiums for the moment. The electric automaker has been selling its coverage in California for some time…
Read MoreTag: electric vehicle insurance
Tesla Insurance is taking steps to move into New York and Texas
Elon Musk recently tweeted that the coverage that started in California a year ago may move into new states. Though Tesla Insurance rolled out in September 2020 and has been exclusive to that state ever since, Elon Musk recently tweeted that the company intends to expand into massive new markets in the United States. The electric auto policy could be coming to Texas and New York before the end of 2022. The regulatory process for approval to offer insurance is extremely slow & complex, varying considerably by state. Tesla is…
Read MoreElectric vehicle insurance is cheapest for these 10 models, says Mercury
The insurer has released a list of the top 10 models of EVs for affordable coverage. Electric vehicle insurance is one of the main costs potential owners consider before they decide that an EV is the right choice for them. After all, this is an ongoing expense that will help to determine the amount paid for the vehicle’s lifetime. Mercury has released a list of the top 10 most affordable electric vehicle insurance models, based on calculations for the coverage they provide. This was, in part, to place the spotlight…
Read MoreTesla Insurance launches, sending the electric vehicle maker into a new industry
At first launch, the auto coverage will be available only in California and for the company’s customers. The Tesla Insurance coverage for the company’s electric vehicles and that was first announced earlier this year has now launched in California. The idea is to make premiums 20 percent to 30 percent more affordable for drivers of Tesla’s electric cars. Elon Musk first announced his intentions to launch the product back in April 2019. At that time, Elon Musk had assumed that the Tesla Insurance product would launch quite quickly. That said,…
Read MoreTesla insurance is “not an easy business”, warns Warren Buffett
The Berkshire CEO has pointed to past failures of the industry to try to get into selling coverage. Warren Buffett, CEO of Berkshire Hathaway and investing guru to millions has knocked Elon Musk’s idea to launch Tesla insurance. Buffett is seen as an expert in the insurance industry as Berkshire Hathaway thrives within it. Musk recently announced that his electric vehicle company will launch its own Tesla insurance coverage, as reported by Live Insurance News at the end of April. This was, to a large extent, a response to what…
Read More