In addition to opening a new Gigafactory in Austin, Texas, Tesla is also preparing to launch its insurance product in the Lone Star State.
According to documents submitted to the Texas Department of Insurance in January, Tesla will be partnering with Redpoint County Mutual Insurance as their underwriter (via Insurance Journal).
In addition the documents reveal Tesla Insurance will be distributed though the Tesla Insurance Services of Texas Inc.
“Redpoint County Mutual Insurance Company (Redpoint) 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. (Tesla), formerly called Samson General Agency, Inc.”
The document do not reveal when Tesla Insurance will launch in Texas.
Tesla Insurance was first launched in 2019 and is currently only available in California. The automaker can typically offer rates as much as 30% lower than traditional insurance companies. This is due in part due to access to the vast amounts of data from the car, as well as the suite of advanced safety features available.
Other markets rumoured to be seeing Tesla Insurance launch soon include Israel, where the first vehicles are expected to be delivered within the next few weeks.
