The electric car company is continuing to grow its coverage as it starts focusing on European drivers.
Tesla insurance has been continuing its work to expand into the coverage market for its electric cars, taking aim at the European market in its latest moves.
The automaker started setting up a European branch in Malta in December 2020 but hadn’t started selling.
Even though the European Tesla insurance branch has been in existence since that time, it hadn’t yet started to offer any products or services to European motorists. However, it appears that this won’t continue to be the case for long. The company recently advertised a position for a Legal Council specializing in insurance in Europe and who would work out of the London headquarters of the company.
The new hire will be responsible for building and leading the in-house legal tasks for the auto insurer as it operates across the European borders and will also need to navigate the complex regulatory and legal environment of coverage in Europe.
Tesla insurance registered for its European operations from its London Headquarters in March 2022.
The electric carmaker has already been using other coverage programs in Europe and the United Kingdom to offer its drivers policies by way of partner insurers. That said, its own in-house coverage has launched through programs in the United States, and that offering has been consistently growing.
The automaker determines rates based on real-time data collected about the driving behaviors of the motorists behind the wheels of its vehicles. There are now twelve states across the US offering these products. California is not among them.
By the end of 2022, Tesla Insurance was reporting an annual premium run rate of $300 million. Its growth rate was approximately 20 percent per quarter. During the fourth 2021 earnings call, the automaker identified Europe as its next step for expansion following the US.
While there has yet to be a specific date by which the company intends to begin offering its coverage in Europe, the recent job posting and the European operations registration in London are being interpreted as a clear indicator of the company’s intentions and of a rapidly upcoming European launch date.