• 224
  • 36
  • Favorite

Elon Musk Hopes To Roll Out Tesla Insurance Worldwide, Beginning With Texas Next Month, But Says Regulations Present Massive Challenge

Benzinga2021-09-22

Tesla Inc is planning on offering car insurance, "based on actual driving history," in Texas next month, as per the company’s CEOElon Musk.

What Happened:The electric vehicle manufacturer, which already offers insurance in California, is hoping to jump into the insurance fray in Texas next month and anticipates approval in New York next year, Musk said.

The entrepreneur noted that the regulatory process for approval to offer insurance is “extremely slow & complex” and varies considerably by state.

Notably, Musk’s comments came in response to a Tesla user who said on Twitter he was quoted $500 per month for a Model Y car.

Separately, Musk also said on Twitter that Tesla would hopefully roll out the product worldwide in the long term.

Why It Matters: Tesla Insurance wasrolled out in California in August 2019. At the time, it was reported that the company’s coverage was up to 30% less expensive in some instances.

At the time, industry analysts said that the Tesla insurance product wasn’t likely to massively disrupt the insurance sector.

An app data leak, reported in June, found code that indicated rates for insurancewould be adjustedbased on time spent using autopilot, speed, miles driven per day, and other statistics.

Price Action: On Tuesday, Tesla shares closed nearly 1.3% higher at $739.38 in the regular session and fell 0.32% in the after-hours trading.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment36

  • lemms
    ·2021-09-27
    @Sissiclassic Tesla Insurance is another way to monetise their data. Which insurance firm does tesla work with to provide this service? 
    Reply
    Report
  • JTWealth
    ·2021-09-26
    What did i just see?? Wow
    Reply
    Report
  • happymoney
    ·2021-09-25
    Rolling
    Reply
    Report
    Fold Replies
    • saral
      Up and up
      2021-09-25
      Reply
      Report
    • happymoney
      Money money money
      2021-09-25
      Reply
      Report
  • SilentWarrio
    ·2021-09-25
    Too diversified?
    Reply
    Report
  • koolgal
    ·2021-09-25
    Buy Tesla car, buy Tesla insurance! That's a great match! Tesla to the moon! ????????
    Reply
    Report
    Fold Replies
    • 滚股怪
      Good
      2021-09-25
      Reply
      Report
    • koolgal
      Thanks ??
      2021-09-25
      Reply
      Report
    • JQJQ
      ?
      2021-09-25
      Reply
      Report
    View more 2 comments
  • JoelLee
    ·2021-09-24
    Reply and comment pls thx
    Reply
    Report
  • FrickL
    ·2021-09-23
    Like pls ?
    Reply
    Report
    Fold Replies
    • tungleh
      Done
      2021-09-23
      Reply
      Report
  • Hayz
    ·2021-09-23
    調虎離山。。。
    Reply
    Report
    Fold Replies
    • KH321
      yes
      2021-09-23
      Reply
      Report
    • ARIESan
      Nice
      2021-09-23
      Reply
      Report
  • SanWangtikup
    ·2021-09-22
    Gud 
    Reply
    Report
  • Ricky99
    ·2021-09-22
    Like
    Reply
    Report
    Fold Replies
    • tungleh
      Done
      2021-09-23
      Reply
      Report
  • BhaskarB
    ·2021-09-22
    Ok
    Reply
    Report
  • Deonc
    ·2021-09-22
    Will it another source of income or just an additional service provided to they customer. Please like and comment. 
    Reply
    Report
    Fold Replies
    • BhaskarB
      Ok
      2021-09-22
      Reply
      Report
  • chloectf
    ·2021-09-22
    Good idea, especially if they're trying to promote their self driving feature
    Reply
    Report
    Fold Replies
    • KLC
      Agreed.
      2021-09-23
      Reply
      Report
    • fionat
      There has been so many incidents with their self-driving cars, maybe that is why other insurance companies charge higher premiums
      2021-09-22
      Reply
      Report
  • VamX
    ·2021-09-22
    All in one package ?
    Reply
    Report
    Fold Replies
    • YiiYii
      Nice [财迷]
      2021-09-22
      Reply
      Report
  • lsn_9812
    ·2021-09-22
    ??
    Reply
    Report
  • LEEPK
    ·2021-09-22
    Like 
    Reply
    Report
    Fold Replies
    • tungleh
      Done
      2021-09-23
      Reply
      Report
  • Hoppie
    ·2021-09-22
    [Thinking] 
    Reply
    Report
  • lesandyc
    ·2021-09-22
    [Miser] another $making Avenue 
    Reply
    Report
  • Zified
    ·2021-09-22
    Ok
    Reply
    Report
    Fold Replies
    • Racoon
      Yes
      2021-09-22
      Reply
      Report
  • kennykoh
    ·2021-09-22
    Tesla Shock will be up again ?
    Reply
    Report
    Fold Replies
    • pin123
      ok
      2021-09-22
      Reply
      Report
    • Skygeemusic
      Sure thing ?
      2021-09-22
      Reply
      Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial