Tesla offering insurance next month

[zhu-]

Elon just mentioned Tesla will be launching an insurance product by next month on the earnings call. Not much details as of yet. I suppose it would cover FSD in the future? What do you think?

Tesla to offer insurance in about a month, Musk says

 

[JulienW]

I hope it also is priced by milage/usage. I really like this model but not sure if it is legal in all states.

 

[Sandollars]

KILLER! I would jump on that in a HEARTBEAT!

 

[corduroy]

Assuming this is only for Tesla cars, so I wonder if it will still save money for families with other non Tesla cars and multi-car discounts?

 

[zhu-]

I hope it also is priced by milage/usage. I really like this model but not sure if it is legal in all states.

Supposedly it will be priced on how you drive with mileage as a factor most likely too. Would be really interesting to see considering all the data Tesla has about your specific vehicle.

 

[woodisgood]

This is huge. Elon said they can offer rates based on how they know you drive, since they have the data, and can base rates on how much AP is used/not used. Kind of big brother, but if it gets significantly lower rates it will be welcome and also set the stage for insuring FSD in the future...

 

[Eugene Ash]

sign me up : ). I would even forego the multi-car discounts.

 

[Eno Deb]

This is huge. Elon said they can offer rates based on how they know you drive, since they have the data, and can base rates on how much AP is used/not used. Kind of big brother, but if it gets significantly lower rates it will be welcome and also set the stage for insuring FSD in the future...

Yeah, hopefully not. A few "spirited" take-offs and your insurance rate goes up. Talk about taking the fun out of the car.

 

[ElectricLee]

will they force me to buy NON-OEM parts?

 

[Tam]

Tesla already did this in 2017 with a web page called "InsureMyTesla" but it then quietly died and now resurrected in 2019.

Its 2017 brochure is still alive at:

https://www.tesla.com/sites/default/files/pdfs/InsureMyTesla_brochure_US.pdf

 

[PoitNarf]

I’d only consider this if it was at least a 30% savings over my current insurance. I’m not sure how reliable a new insurance venture would be at resolving claims quickly.

 

[PoitNarf]

Tesla already did this in 2017 with a webpage called "InsureMyTesla" but it then quietly died and now resurrected in 2019.

Its 2017 brochure is still alive at:

https://www.tesla.com/sites/default/files/pdfs/InsureMyTesla_brochure_US.pdf

Yeah but that was some partnership with Liberty Mutual. I looked into it when it was first announced. The rates were horrible. It looks like this time around Tesla will be tackling it themselves and not necessarily partnering with another insurance company.

 

[vickh]

Looks like that was thru Liberty, but this will be thru Tesla directly?

AP would be a factor? Tesla says safer but do actuaries agree??

Wonder if they can beat my USAA rates.. Also I get multi product discounts that obfuscate what it would cost for 1 Tesla.

 

[Eugene Ash]

Classic Buffet move: Put all that insurance float money to good use : )

 

[woodisgood]

We are getting absolutely hosed on insurance at the moment, wiping out any and all gas savings. It’s self-inflicted, but also has to do with the obnoxious way some underwriters are valuing Model 3. Honestly, from a financial perspective, it almost makes sense to not be in the Model 3, though we are hoping this is a temporary problem and we love the car so much.

This could help folks in the same situation.

 

[vickh]

We are getting absolutely hosed on insurance at the moment, wiping out any and all gas savings. It’s self-inflicted, but also has to do with the obnoxious way some underwriters are valuing Model 3. Honestly, from a financial perspective, it almost makes sense to not be in the Model 3, though we are hoping this is a temporary problem and we love the car so much.

This could help folks in the same situation.

wonder if the new SR 35K price will help with that?

 

[BluestarE3]

Yeah, hopefully not. A few "spirited" take-offs and your insurance rate goes up.

Likewise for those of us who do not use or did not purchase (E)AP, let alone FSD.

 

[woodisgood]

wonder if the new SR 35K price will help with that?

Maybe. Seems it has to do with an “abnormally high number of claims from Tesla owners...” whatever that means.

 

[LJS22]

If they can get me a quote that’s substantially cheaper than current insurance I’d love to leverage that and see what my current insurer would do with that.
However, I’m not sure it will be available in Texas. Tesla and Texas haven’t gotten along

 

[ucmndd]

Tesla already did this in 2017 with a webpage called "InsureMyTesla" but it then quietly died and now resurrected in 2019.

This program was a massive flop because Liberty Mutual's rates were so laughably out of touch with reality. No exaggeration, my quote was ~5x what I pay now for identical coverage.