After first launching in California in 2019, Tesla Insurance has expanded rapidly over the last 12 months and is now available in as many states across the US. While there are no sign of an expansion of the product into Canada, it looks like Tesla is preparing to launch their insurance product in Europe in the near future.
Tesla recently published a job posting seeking a Legal Counsel for Tesla Insurance Europe. According to the details of the job posting the position would be based in London and the successful applicant would help “build and lead the in-house legal function of the insurance company to guide through the legal and regulatory landscape of an insurer operating cross-border in Europe.” (via PostOnline)
The job posting does not provide any insight into when Tesla Insurance could launch in a European country. The posting was only published in late January, and going by statements made by Elon Musk regarding their expansion in the US, it could still be a while until we officially see Tesla Insurance launch in Europe.
Musk has said on several occasions that the requirements to launch insurance vary so much from state to state that he once called it a “regulatory labyrinth,” adding that there is a long waiting period even after you submit the required applications.
“It was, like, designed to be hard. There’s a zillion applications and you have to wait for a bunch of time. Then, the states also have different regulations, so you aren’t legally allowed to offer the same insurance in every state. So you’ve got to adjust the software to be different [in] every state. It’s basically very complicated,” Musk explained during the 2021 Annual Meeting of Shareholders.
However more statements from Musk indicate it could happen this year, but the CEO has often been optimistic with some of his timelines. During the Q4 2021 earnings call it was revealed that after focusing their efforts on expansion in the US, their next target will be Europe. It was suggested that the first European country to have Tesla Insurance could happen sometime in 2023.