Tesla is eyeing an entrance into Texas for its insurance initiative, possibly making it the second state to welcome the electric automaker’s exclusive vehicle coverage program.
New documents submitted to the Texas Department of Insurance indicate Tesla Insurance could be entering a joint venture with Texas-based Redpoint County Mutual Insurance.
Redpoint County Mutual Insurance is listed as the filing company in the documents, with Tesla Insurance Services listed as the rate-rule attached company. This effectively means Tesla Insurance will adopt the same rates as Redpoint County Mutual.
The more than 500-page document elaborating on the partnership shows Tesla is planning to expand its insurance initiative, a plan that has been put into place since its program went live in late August 2019.
Much like Tesla’s vehicles, the company’s insurance program aims to “use the technology in vehicles to lower costs and improve the customer experience through automated underwriting, rating and claims, including direct data feeds with customer permission, that eliminate frictional costs and inefficiencies inherent in traditional insurance processes,” the filing states.
The Tesla Insurance program in Texas is expected to start soon. According to a January filing:
“Redpoint County Mutual Insurance Company is pleased to announce its new Private Passenger Auto (PPA) Tesla Insurance Program for private passenger auto in the State of Texas. The program will be distributed through the digital InsurTech platform from Tesla Insurance Services of Texas, Inc., formerly called Samson General Agency, Inc.”
It is not much of a surprise Tesla is expanding to Texas, as the company has made it evident...