Tesla offers tailored insurance to US drivers
Tesla has developed insurance plans based on exclusive autopilot safety features and maintenance costs.
Electric car manufacturer Tesla has launched its own insurance plans in the United States, providing comprehensive coverage designed specifically for Tesla owners, underwritten by Liberty Mutual Insurance.
This month, Electrek reported that the automaker was preparing to launch the program in North America.
InsureMyTesla is a custom insurance plan available in all 50 states and also in Canada through Aviva Insurance.
Unique features include new car replacement, which allows for a brand new vehicle within the first year in case of a total loss, a guaranteed rate for one full year, genuine replacement parts, optional 24-hour roadside assistance beyond Tesla’s original warranty agreement, optional rental car reimbursement to pay for costs for as long as it takes to make repairs and a claims valet service to drop off a rental car or schedule a swap.
Tesla has worked with insurers to develop products based on autopilot safety features and maintenance costs. Tesla already offers exclusive insurance plans to customers in 20 different countries, including Australia.
At the end of January, the US Department of Transportation released findings from a six-month investigative report that found crash rates for Tesla vehicles had fallen by 40% since the autopilot feature was first installed.
However, earlier this year, US insurance provider AAA told Automotive News that premiums for Tesla owners could rise by as much as 30%, attributed to data from the Highway Loss Data Institute and other sources.
At Tesla’s annual shareholder meeting in June, Tesla chief executive Elon Musk defended the safety of the Model S and Model X vehicles, encouraging owners to switch insurance providers if their premiums increased.
Musk wants to eventually package insurance and maintenance costs into the total price of future vehicles.
Check out our handy guide to compare personalized insurance providers and rates for Tesla Model X vehicles.
- New credit cards based on credit potential, not credit score
- Visa denies role in flawed Coinbase charges
- Gaming pioneer Atari is creating its own blockchain and cryptocurrency
- The U.S. government won’t be regulating cryptocurrencies anytime soon: report
- Visa taps five Philippines banks for B2B blockchain payments