Tesla wants your car insurance business. It may not save you money
Tesla owners in California can purchase insurance straight from the car maker, which says their policies will be up to 20% cheaper — and sometimes 30% less — than those available from other carriers.Early reports from Tesla owners suggest some drivers are getting quotes that are higher than their existing policies.The electric auto manufacturer has waded into the insurance business with a program in California — its largest market — and plans to expand to other states in the future.
While the company says its rates could be as much as 20% cheaper than other insurers' prices — even 30% in some cases — early reports from Tesla owners suggest that some drivers are getting quotes that are higher than their current coverage elsewhere, experts say. "While it is entirely possible that Tesla can offer significant savings, it's not clear if current [owners] will be able to take advantage of them immediately," said Mark Fitzpatrick, an auto insurance analyst at personal finance website ValuePenguin. "I believe Tesla will continue to tweak its insurance program before rolling it out nationally.
Current Tesla owners can get a quote online through their existing account with the company. The policy management and claims process will be handled through Tesla Insurance, while State National Insurance is the underwriter — the entity taking on the financial risk of the Tesla policies.Tesla Insurance is also taking steps toward becoming a full-blown insurance carrier, which would mean also being able to underwrite its own policies.
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