During their earnings call, Tesla announced they are working on a new insurance product, potentially targeting people using Autopilot and more of the ADAS systems that our Teslas have. It is obvious that Tesla knows a lot about our driving, speed, routes, type of driving, etc so they can tailor the rates better. From the article:
“The purpose of the product is to use Tesla’s proprietary technology to lower costs and improve the customer experience by embedded technology to support the underwriting, rating, claims, repair, and product manufacturing network, including direct data feeds with customer permission, when required, that eliminate frictional costs and inefficiencies inherent in traditional insurance processes.”
So far, we are happy with Geico but it is good to have other options out there.
Read more: Reinsurance News