Filings reveal Tesla Insurance set to expand to Florida and Maryland

tesla insurance
Credit: Tesla

Tesla Insurance launched in California in 2019 and has since expanded to seven other US states including Arizona, Colorado, Illinois, Ohio, Oregon, Texas, and Virginia.

Based on recent filings, Florida and Maryland could be the next two states to join that list. According to a report by Coverager, a website that specializes in insurance products and data, Tesla recently filed with regulators to expand Tesla Insurance to both states.

In Maryland the filing reveals Tesla Insurance has a proposed effective date of June 16, 2022, meaning owners could be able to switch insurance carriers in a matter of days.

Floridians will have to wait a little longer as the filing with the Sunshine State has a proposed effective date of October 20, 2022.

Both filings also reveal that Tesla plans to operate the program under its subsidiary Meritplan Insurance Company.

Tesla has rapidly expanded the program this year, and plans to expand it further so that 80% of Tesla customers in the US could buy their auto insurance from the company.

What makes the program unique is that Tesla sets the insurance rate of its driver from a person’s real-time driving behaviour. This is slightly different from other insurance companies that use credit, driving records and other factors to set the rate.

To determine the premium, Tesla uses Safety Score, which tracks several driving metrics provides a score on a 0-100 scale and is available to the driver in real-time through the mobile app. Due to current regulations this real-time feature is available in all markets except California, but customers can still access their score for ‘education purposes’.

Tesla owner suing over false Forward Collision Warnings that impacts his Safety Score and insurance premiums

Source: Coverager via Reddit

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About Darryn John 6028 Articles
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