Tesla launches insurance based on real-time driver data in more US states

  • Tesla's insurance product is based on its safety score system, which utilizes driving data collected in real time from
  •  vehicles.
File photo of a Tesla Model 3 vehicle  (REUTERS)
File photo of a Tesla Model 3 vehicle 

Tesla's insurance arm has introduced its real-time-driver-data insurance product in three more US states - Colorado, Oregon, and Virginia, making it available in a total of seven states. Tesla's insurance product is based on its safety score system, which utilizes driving data collected in real time from vehicles to determine if one is a ‘good driver’ based on things such as the number of ‘Forward Collision Warnings’ or the amount of hard braking one does.

Other parameters taken into consideration include aggressive turning, unsafe following distance, and the driver gets forced Autopilot disengagements. Tesla says that drivers deemed “average" based on their safety score should save 20% to 40% on their premium compared to competitors while those with the safest scores could save between 30% to 60%.

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The EV maker had also launched the insurance product in California but without real-time driver safety data, due to regulations. However, recently the company started to let people who get Tesla Insurance in California use the driver safety score for “educational purposes".

In October, CEO Elon Musk had stated that Tesla Insurance is aiming to be available “in most (US) states" by the end of 2022. Though regulatory landscape for insurance is complex and varies state by state, the company is willing to do a lot of work to launch in any new state. And the efforts seem to re rewarded with the introduction of Tesla Insurance in six new states over the last five months.

In a separate development, Tesla Inc has resumed production at its Shanghai plant amid growing concerns over the economic growth risks in China due to the Covid-19 lockdown. About 8,000 employees have returned to work in the US carmaker Tesla's factory so far, Xinhua News Agency reported citing the company.

First Published Date: 20 Apr 2022, 09:59 AM IST
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