Tesla Insurance coming to Georgia later this year, reveals filing

Tesla is hoping to expand their insurance program to enough states so that 80% of owners in the US can purchase the product by the end of the year.

Based on a new filing, it looks like Georgia will be among those states.

According to the filing, Tesla is planning to launch their real-time insurance program, which considers certain metrics such as Hard Braking and Forward Collision Warnings (FCW) to calculate a real-time Safety Score. That Safety Score then determines your monthly premium.

The filing shows the program has a proposed effective date of November 15, 2022 and that Tesla Insurance in Georgia will be distributed through their own “digital InsurTech platform.”

“The program will be distributed through the digital InsurTech platform from Tesla Insurance Services (Tesla). The purpose of the product is 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 digital approach to purchasing insurance by the consumer will streamline and enhance user experience throughout the policy lifecycle, beginning with the quote through online bind, renewal, and in the event of a claim. The use of vehicle and consumer data, with the consumer’s affirmative consent, will allow for lower costs to acquire and service the policyholder,” the filing reads. (via coverager)

Tesla Insurance using the real-time Safety Score is currently available in eight states. The program was most recently launched in Nevada last month, and based on similar filings it is expected to launch in Maryland and Florida soon.

Owners in California can also purchase Tesla Insurance, but without the real-time monitoring of driver behaviour. This is due to regulations in the Golden State which does not allow companies to use any actual usage information in pricing their insurance policies, with the exception of the number of miles driven.

While 80% of Tesla owners in the US are expected to be able to purchase Tesla Insurance before the end of the year, it will still be a while until Canadians can purchase it. In a recent interview, Elon Musk said Tesla Insurance would be coming to Canada “eventually.”
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