Tesla seeks to increase Insurance rates in Virginia

Tesla Insurance has expanded significantly this year with the product now available in a dozen states across the US. One of the new states Tesla Insurance expanded to this year was Virginia, which saw Tesla Insurance launch in April.

Seven months later and Tesla has filed with state regulators to increase the rates they charge customers.

According to a filing through their subsidiary Tesla General Insurance, the company is requesting a 19.1% overall rate increase in Virginia.

Tesla says the reason for requesting an increase is due to “competitor rate activity and prospective net trends.” (via Coverager)

Like similar filings in Maryland and Oregon, this filing also reveals the number of Tesla Insurance policyholders in Virginia, which currently stands at 2,987, equating to written premiums with around $2 million.

This 19.1% increase is the lowest increase Tesla has requested in recent weeks. As we previously reported the company is seeking a 30% rate increase in Maryland and a 24.5% rate increase in Oregon.

Tesla also blamed competitor rates as the reason for the increase, but also said that inflationary pressures played a role.

The newest market for Tesla Insurance is Minnesota where it launched last week.

Several states are also now using the updated Safety Score algorithm, which adds a new metric to the Safety Score calculation. Tesla considers Night Driving during the hours of 10:00pm and 4:00am, and if you drive during those hours you will have a lower Safety Score because of the statistics which show driving during these hours leads to more crashes.

Tesla launches Safety Score version 1.2 – here’s what’s new [Update]

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