Tesla Insurance could be rolled out in more states by the end of 2020

Most of the country has been waiting for Tesla’s extensive internal insurance program, thanks in large part to CEO Elon Musk’s claims that it would make insuring a Tesla much cheaper because he understood his clients better than a traditional insurer.

Fast forward to today and the only state that has Tesla insurance it’s californiaBut this is more representative of a decision to improve the product than if the company takes a different direction, according to Tesla CFO Zachary Kirkhorn during the company. Second quarter 2020 earnings call.

A large part of Tesla’s plans for your insurance involves using the data Teslas collects about how they are managed to help build much more accurate and personalized actuarial information, making prices more reflective of the habits of an individual user. .

This process has taken longer than anticipated, and while customers (and investors) eagerly wait for the product to be offered on a broader scale, their wait may soon end. Tesla is about to complete its first-phase data analysis and plans to do so through a regulatory review in several states by the end of 2020.

What states? We don’t know because Tesla didn’t say so, but it seems Big T is targeting states with the strictest regulations first, like California, so once these initial markets are classified, the deployment should happen quickly.

All of that is exciting for Tesla owners, but Elon Musk had even more to say about the insurance program, especially that Tesla wanted to hire forward-thinking, revolutionary actuaries to make Tesla insurance more streamlined and adaptable. customer needs and habits.

Now, we are not sure that the “revolutionary actuary” is not an oxymoron, but if he is not and you are one, then it is time to honk at Tesla.

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