2022 – Tesla insurance expands to Nevada – 9 states in total

Tesla Insurance has expanded in Nevada, becoming the ninth state to receive Tesla’s inland insurance program. There have been reports that Florida and Maryland could be next, but while Tesla has taken steps there, neither of those two states became the ninth state to get Tesla insurance.

Tesla Insurance launched in California in 2019, and during the Tesla Q2 2020 earnings call, it was announced that they were still working on some things before making them available outside of California. Tesla’s chief financial officer or Master of Coin, Zachary Kirkhorn, also noted at the time that Tesla was developing an insurance product with items unique to Tesla cars. Also on that conference call, Zachary Kirkhorn and Elon Musk explained how they would solve insurance, and Elon confirmed that Tesla is building a major insurance company. Although it was launched in 2019, it was still only available to Californians at the time.

Fast forward to Tesla’s third-quarter 2020 earnings call, and Elon Musk noted that insurance is important and could account for 30% or 40% of the value of Tesla’s auto business.

He also explained that insurance is a great example of a product from Tesla’s internal applications team. The product is manufactured, then connected to the car, and Tesla can analyze the data and calculate risks internally based on internal software applications.

Nearly two years later — we’re still in the second quarter of 2022 — and we’ve seen Tesla expand its insurance product to a total of nine states, with Nevada ranked ninth. Maryland might be No. 10. Personally, I hope Louisiana isn’t the last—it’s last in just about everything.

Tesla Insurance uses real-time communication technologies, and as Zachary Kirkhorn pointed out two years ago, Tesla uses specific in-vehicle functions to do the calculations, which makes this unique to Tesla and its cars. These characteristics determine the premium based on the driving behavior of the vehicle owner. Teslarati It points out that Tesla’s safety points and the type of vehicle being driven, as well as a few other factors, play a role in the driver’s monthly premium.

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