Tesla Insurance is currently only available in California, although recent filings have revealed plans to expand to several more states in the near future. It looks like another expansion could happen soon outside of North America, in a market that will see a large increase in Tesla sales over the next few years.
A company by the name of Tesla Insurance Limited, based in the tax haven country of Malta, has established a new branch in Germany. The company is also listed as having the same address as Giga Berlin.
That is according to the April 2021 journal from Germany’s Federal Financial Supervisory Authority (BaFin), which oversees private insurance undertakings in the country.
The journal indicates the products offered by Tesla Insurance in Germany will not be limited to just their cars. Other potential items covered by Tesla Insurance include the following (translated from German):
- No. 1 accident
- No. 3 Land vehicle comprehensive insurance (excluding rail vehicles)
- No. 7 Goods in transit
- No. 8 Fire and natural hazards
- No. 9 hail, frost and other property damage
- No. 10 Liability for land vehicles with own drive a) Motor vehicle liability b) Liability from land transport c) other
- No. 13 General Liability
- No. 16 Various financial losses
- No. 17 Legal Protection
- No. 18 Assistance services for the benefit of persons who are in trouble
Unfortunately the journal does not indicate when Tesla Insurance will be offered in Germany.
We reported earlier today that sales of Tesla vehicles in Germany have been strong this year, with the Model 3 claiming the #1 spot last month. Those numbers should only increase with the opening of Giga Berlin later this year. Tesla is targeting to have the factory operational in July, with the first Model Y’s rolling off the production line soon after.
You can read the journal report here (PDF), where Tesla Insurance Limited is mentioned on page 37.