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In August, Audi e-tron Sales In U.S. Declined

With less than 600 sales in August, e-tron took just 2.8% of Audi’s total sales volume. Audi reports that in August it delivered 593 e-tron to U.S. customers, which brings the total tally to 3,106 in less than five months. After the initial period, we can already notice the peak of 826 in May (the… Continue reading In August, Audi e-tron Sales In U.S. Declined

Hyundai Glovis car carrier listing off coast of U.S. state of Georgia

SEOUL (Reuters) – A South Korean cargo vessel carrying about 4,000 cars bound for the Middle East was listing heavily on Sunday off the coast of the southern U.S. state of Georgia, an official of operator Hyundai Glovis said. The U.S. Coast Guard said a pilot and 23 crew were aboard the Golden Ray when… Continue reading Hyundai Glovis car carrier listing off coast of U.S. state of Georgia

Nissan CEO Saikawa to step down on September 16

FILE PHOTO – Nissan CEO Hiroto Saikawa attends a news conference to release first quarter earnings at the company headquarters in Yokohama, Japan July 25, 2019. REUTERS/Issei Kato YOKOHAMA (Reuters) – Nissan Motor Co’s (7201.T) embattled chief executive will step down on Sept. 16 and will be temporarily replaced by Chief Operating Officer Yasuhiro Yamauchi,… Continue reading Nissan CEO Saikawa to step down on September 16

Renault boss Bolloré: “Electric car for 10,000 euros, there will be in five years”

REUTERS Renault boss Thierry Bolloré: “The prices for electric cars have to fall dramatically, that is a necessity” So far you have to spend at least around 20,000 euros for one electric car output. But RenaultCEO Thierry Bolloré expects that the Stromer will be available in the future for 10,000 euros. “We’re working on that,… Continue reading Renault boss Bolloré: “Electric car for 10,000 euros, there will be in five years”

Uber Eats to pull out of South Korea amid tough competition

FILE PHOTO: Uber Eats workers wait for orders in central Kiev, Ukraine July 31, 2019. REUTERS/Valentyn Ogirenko SEOUL (Reuters) – Uber Technologies Inc’s (UBER.N) restaurant delivery business will terminate its service in South Korea, Uber Eats said on Monday. Facing intense competition in the world’s No.4 online food delivery market, the U.S. company is struggling… Continue reading Uber Eats to pull out of South Korea amid tough competition

“Automotive industry has to prepare for two hard years”

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HackerOne Raises $36.4M in Series D Financing

HackerOne, a San Francisco, CA-based hacker-powered pentest and bug bounty platform, raised $36.4M in Series D financing. This brings the company’s total funding amount to over $110M to-date. Backers included existing investors Benchmark, New Enterprise Associates, Dragoneer Investment Group and EQT Ventures. Effective immediately, David Obrand, Partner at Valor Equity Partners, will join HackerOne’s Board… Continue reading HackerOne Raises $36.4M in Series D Financing

Elon Musk: Tesla pickup truck pushed back to November

The Tesla pickup truck, described by Elon Musk as “the coolest car I’ve ever seen,” is now looking at a November reveal at the earliest, according to a tweet from the Tesla CEO. The science-fiction inspired electric pickup truck had been expected to arrive this summer, or October at the latest, based on previous statements… Continue reading Elon Musk: Tesla pickup truck pushed back to November

Volocopter raises $55M led by Volvo owner Geely, sets 3-year timeline for its flying taxi service

The promise of flying cars has become an idea more synonymous with the tech world’s shortcomings than its exciting potential, but today one of the startups that has been focused on actually trying to make small, airborne vehicles a reality is announcing a fundraise and says it’s on track for a commercial launch in two to… Continue reading Volocopter raises $55M led by Volvo owner Geely, sets 3-year timeline for its flying taxi service

Tesla Insurance Launches, Claims To Save Owners Up To 30% On Premiums

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Published on August 28th, 2019 |

by Kyle Field

Tesla Insurance Launches, Claims To Save Owners Up To 30% On Premiums

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August 28th, 2019 by Kyle Field

Tesla just officially launched its highly anticipated Tesla Insurance offering for Tesla owners in California. It promises to save owners up to 30% on their premiums compared to traditional automotive insurance companies. Tesla Insurance also sets the company up to provide the end-to-end vehicle purchase, service, fueling, and insurance services in a buildup to the launch of the Tesla Network. Talk about integrated.

Tesla Insurance is initially offering “comprehensive coverage and claims management to support our customers in California,” with other states being added after the company works the initial bugs out of the system via customers in its home state.

Saving cash is great and the opportunity to save even more money by getting in the insurance bed with the automotive manufacturer comes with its own series of potential risks and benefits. First off, Tesla presumably knows its vehicles better than anyone else, so can initiate claims, start shipping parts, and schedule repairs faster than anyone else.

Getting insurance through Tesla also puts the company on the hook for getting owners back into their vehicles as quickly as possible after an accident. In my mind, this is the real incentive for signing up for Tesla Insurance, as stories of long delays to get Tesla vehicles repaired after an accident are a dime a dozen on any internet forum.

Image courtesy: Tesla

The prospect of having an integrated pool of Tesla Insurance loaner vehicles for customers getting vehicles repaired is also attractive, as Tesla wouldn’t have to pay an outside rental company to provide a combustion vehicle. It could instead keep owners in a Tesla vehicle in the zero-emission Tesla ecosystem. It could even use the loaner process as a tool to encourage owners to trade up and get into a new, higher-performance Tesla while their vehicle is being repaired.

The lower prices come from Tesla’s direct knowledge of the passive safety of its vehicles as well as the active safety technology present in every Tesla rolling off the line for the past couple of years. Tesla has more nuanced knowledge about the safety equipment in each specific vehicle as well as the statistical safety of similar vehicles on the road, giving it a much more accurate ability to price in or out the risk of an accident. The lower premiums reflect what Tesla has been telling us all along about the safety of its vehicles. When a vehicle is 4–6 times less likely to get into an accident than the average vehicle driving around in the US today, that means lower insurance costs.

Tesla Insurance is currently only available to owners of a Tesla Model S, X, 3, or Roadster in California, with the prospect of further improving the total cost of ownership of a Tesla compared to other vehicles. In other words, this makes the all-in cost of electric vehicles that much more accessible to people in California, and around the world eventually.

Image courtesy: Tesla

The new offering can be added to an owner’s Tesla account in less than a minute. After logging into the Tesla Account, all that’s needed is a confirmation of the owner’s address and driver’s license information. Then a preliminary quote pops out. Coverages, deductibles, and the like can be adjusted as needed and the price adjusts accordingly.

For customers purchasing a new Tesla, Insurance can be added as soon as a VIN is assigned to the order, making the pickup of a new vehicle that much easier.

Image courtesy: Tesla

Importantly, Tesla specifically notes that it will not use or record vehicle data, including GPS and vehicle camera footage, when pricing insurance. (Doing so, it seems, would be illegal.)

For more information about Tesla Insurance, head over to the official website, the blog post introducing it, or my personal favorite, the Frequently Asked Questions page.

Also, this article from our in-house insurance expert is mandatory (recommended) reading: Tesla Insurance: Information Arbitrage To Save You Money.

Source: Tesla

About the Author

Kyle Field I'm a tech geek passionately in search of actionable ways to reduce the negative impact my life has on the planet, save money and reduce stress. Live intentionally, make conscious decisions, love more, act responsibly, play. The more you know, the less you need. TSLA investor.

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