Tesla is now expanding its business by improving its car insurance service. The giant EV maker is expected to reach more consumers in more states.
More drivers are now transitioning to Tesla EV models as Elon Musk releases various innovations that further enhance its popular electric car technology. For the past few years, Elon Musk has been focusing on improving its FSD (full self-driving) system so that consumers can get their hands off the wheel whenever they feel tired during a long journey.
On the other hand, Tesla has also released new EV models with more advanced features. Aside from this, the giant electric car developer also opened new manufacturing plants and delivery centers so that they could produce more units compared to their production level in the past months.
Now, Tesla confirmed that it is also enhancing its car insurance service. As of the moment, insurance is quite essential for many car owners, especially new ones since they have no idea how to fix cars themselves if there are some sudden issues.
Elon Musk Expands His Car Insurance Service
Tesla Insurance is already available in California, and the company says drivers who switch are saving up to 30%, which can equal hundreds of dollars a year. While that number certainly demands attention, it also doesn’t mean that the company’s own insurance service is automatically the right choice for you.
As of the moment, Tesla Insurance is only available for the company’s actual owners. This is quite different from other EVs or traditional carmakers since they are allowing people who own other automobile brands to have their insurance services.
If you don’t have a Tesla Model S, Model X, Model 3, Model Y, or Roadster, you’ll have to look elsewhere to find a big discount on car insurance. And while Musk plans to offer his in-house insurance around the globe someday, he acknowledges that it’s been slow going so far. The company is also working on entering Illinois and Washington, according to media reports.
Tesla said that the regulatory process for approval to offer insurance is extremely slow and complex, varying considerably by state. So even if you are a luxury EV driver who would benefit by switching to Elon Musk’s own insurance service, it may be a long time before you can take advantage.
If you are ever planning to get Tesla car insurance, here are the prices depending on the model you own right now:
- Model Y: $2,118-$2,227
- Model X: $3,355-$4,025
- Model 3: $2,114-$2,351
- Model S: $3,673-$4,143
Right now, the giant automaker claims that its insurance is quite cheaper compared to the existing services offered by other EV companies and traditional car providers. However, you still need to remember that this would still depend on the discounts that its competitors offer in selected months of the year. The company says it also has an easier time sourcing and repairing the expensive parts that make up its electric vehicles.