Tesla plans to offer insurance specifically designed for its electric cars through a partnership with Liberty Mutual Insurance.
Chief Executive Elon Musk has previously taken issue with the insurance industry’s handling of Tesla vehicles, like insurer AAA raising rates on Tesla vehicles in some markets, citing high claim frequencies and costs. Musk said in June that Tesla figures the average cost of insuring a Model S or Model X is about 5 percent lower than for other premium vehicles.
According the the support page, the insurance benefits include:
- New Car Replacement – Allows for a brand new car within the first year in case of a total loss
- Rate guaranteed for one year
- Genuine Replacement Parts
- Optional 24-Hour Roadside Assistance beyond the Tesla Warranty
- Optional Rental Car Reimbursement to pay your rental costs for as long as it takes to fix your Tesla
- Claims Valet Service to drop off a rental car at the scene or schedule a swap at an agreed upon time and place
Tesla has partnered to offer insurance for owners in almost 20 countries, but the this is the first time the program has come to the U.S.