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Tesla launches insurance services for drivers in California

By Yana Berman

Tesla announced it has launched an insurance service for drivers on its biggest market — California, Reuters reported on Wednesday, August 29.

The new insurance plan relies on electric car standards and self-driving technologies. Tesla’s CEO Elon Musk insisted that the tariffs were lower because of the additional safety features of Tesla’s cars. Per Reuters, the new plan is 20% lower than the competitors’ one.

Tesla did not officially name its insurance partner. However, per the filings published by the California Department of Insurance, the electric car manufacturer was licensed as a broker to act on behalf of the State National Insurance Company Inc.

According to Reuters, Tesla’s cars are usually mentioned among the most expensive vehicles to insure, as the renovation works and equipment are pretty expensive. Per financial research provider 24/7 Wall St., Tesla Model S, and Model X top the list of the most expensive vehicles in terms of the insurance.

Tesla once claimed that its Model 3 was tested by the U.S. National Highway Traffic Safety Administration and marked as a car with the lowest probability of injury. However, later the agency accused Tesla of “misleading statements” and issued a cease-and-desist order over them.

Earlier in August, Tesla

was sued

for allegedly cutting battery capacity of its older models. Per the document filed in Northern California, the range of older cars was suddenly cut after updating the system.

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