Insurance

Introducing Tesla Insurance

Several months ago, Tesla announced they were working on a new Tesla insurance product. Yesterday, they finally released it, and according to Tesla «Tesla insurance is a competitively priced insurance offering, designed to provide Tesla owners with up to 20% lower rates, and in some cases as much as 30%». Well, we tried it and in our case we got a quote 20% more expensive than what we pay at the moment. At the time of writing this newsletter Tesla has already taken down the quote page to improve the algorithm.

If you are in California, I recommend to at least get a quote, it takes only a couple of minutes. It is really the best insurance quote product that I’ve ever tried.

Read more: Tesla

PSA: Enable 'Smart Technology Discount' on Progressive Insurance Policy to save $$

u/pdobb2101 found out that his Progressive Auto Policy gets ~$90 cheaper over my 6-month by activating the «Smart Technology Discount» which basically seems to be a synonym for Automatic Emergency Breaking. This isn’t available in all states, so check the Reddit post to know if your state is in the list. Thanks u/pdobb2101 for sharing!

Read more: Reddit

Tesla insurance product to be fronted by Markel’s State National

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

Tesla insurance upgraded algorithm

You probably remember that last week I mentioned the new Tesla insurance, while I loved their UI to get a quote I wasn’t impressed by the actual quote. Well, Tesla put down their page soon after, they re-did their algorithm, and their quote came 20% lower than what I pay now for my Model S on Progressive.

I’ve decided to wait until my next insurance cycle (cancelling, etc it’s just a pain) but I will be definitely considering it seriously when the time comes. If you got a quote early just take a peek again, you may get a better quote this time around, even a cheaper one than with your current insurance.

Read more: Tesla