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Thursday, 23 September 2021 20:33

Tesla Insurance Could Launch in Texas Next Month, New York in 2022

Written by Joey Klender, Teslarati

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Tesla Insurance is poised to launch in Texas in October and New York in 2022, according to CEO Elon Musk, who gave additional details regarding the electric automaker’s insurance initiative Sept. 21 on Twitter.

In August 2019, Tesla launched its in-house insurance program in California, offering lower rates due to the company’s understanding of its mostly vertically integrated vehicles. Tesla planned to expand its insurance to other states, but it has proven to be a timely and challenging process due to regulatory obstacles.

 

“The regulatory process for approval to offer insurance is extremely slow & complex, varying considerably by state,” Musk said Sept. 21 in a tweet.

 

Musk gave updated details regarding when customers can expect Tesla Insurance to roll out in Texas and New York. Musk said Texas could see Tesla Insurance launch as soon as October, and customer rates will be based on actual driving history. Additionally, New York could see the automaker’s insurance program launch in 2022 if all goes according to plan. The program plans to go international, but not in the short term.

 

Musk most recently commented on Tesla Insurance in April, stating the service was ready to expand to several more U.S. states in 2021. However, it hasn’t officially launched anywhere this year, and several states are on the docket for an imminent launch of the program. Reports stated Texas, Illinois, Florida and Washington were among the first U.S. states that could offer the program.

 

Tesla filed to begin offering insurance in Texas earlier this year. Documents submitted to the Texas Department of Insurance reflected the idea Tesla would be entering a joint venture with Redpoint County Mutual Insurance, a Texas-based company.

 

As Musk said, insurance regulations vary from state to state as liability laws are...


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