Tesla Insurance Will Wreck Car Insurance Companies

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Tesla Insurance will dominate and disrupt the global car insurance industry. Elon Musk expects this business to be massive for Tesla. Combining insurance with Tesla's manufacturing, AI, and development expertise will help create a seamless experience for customers.
#Tesla #ElonMusk #TeslaInsurance

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[TMIOTesla]

Do you guys think that Insurance will be Tesla's next big business? How big do you think insurance could get?
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[randall.chamberlain]

TL;DR: Teslas have accurate data about users that will allow them to offer accurate plans and reduce costs by deep knowledge of the vehicle's status and history.
Now go and watch another video that doesn't stretch a 30 second explanation into 15 repetitive mins.

[BostonRules]

As someone that works for an insurance company that flat out refuses to cover Tesla’s I hope Tesla crushes the industry

[meesterboom]

Tesla: builds cars that do 0-60 in under 3 seconds

Also Tesla: "If we detect you're driving too fast we'll make you pay more insurance"

[stormblessedkiwi]

I drive for a living in a pretty busy city in my country. From 18-29. Zero crashes or traffic violations. But I paid massive premiums until I turned 26 just because statistically 18-25 year olds crash more. No regard to the massive driving hours I had. Can’t wait for Tesla to fix these problems

[UTUBESUCK]

Lowering TCO over say 5 years with substantially lower insurance rate will push more buyers to choose Tesla cars. Win-win.

[WillNGo]

I spoke with Tesla Insurance two months ago. I live in California and I'm getting a Model Y. California has some very strict insurance laws. I raised the question Supposed I'd like to try driving my Tesla at 115 mph one time. How would Tesla.... I was going to ask if they recommend private racetracks.... He cut me off. "We can't monitor your driving for insurance purposes, so you can drive at 115 mph all you want. We won't raise your insurance premium." "Until I have an accident or get a ticket." He chuckled, "That would be reported to your insurance company." The rate I was quoted by Tesla was about $200 a year higher than my insurance company of 15 years. I'm over 60 a retired teacher with no tickets or accidents. (Gee I sound kind of boring...maybe I should've ordered the red Model Y). My insurance company agent did say that they've finally begun taking into account the higher safety of Teslas- and Tesla drivers, and the lower incidence of accidents.
In California we have a history of battling the insurance industry, but Tesla monitoring my driving wouldn't bother me one bit (unless they had a problem with listening to audiobooks while driving. I'll bet people listening to 'stupid' music cause more accidents than audiobook listeners.)
And in most states car insurance rates are set to some degree by your credit rating, not your driving record. In some really dumb states because I have no credit rating (but Tesla stock, a Tesla on the way, but no car loan, no debts... figure that out), I would be charged a higher car insurance rate than a convicted drunk driver who caused an injury accident. Figure that out.

[rageraptor]

I don’t own a Tesla but Sentry mode sound like an automatic-turret will pop out the hood to defend the car.

[campelodemagalhaes]

If Tesla knows how I drive my Model 3 Performance... I should insure my car elsewhere ;)

[arkadybelsky]

Good. We need to curb greedy insurance companies. Medical too.

[biovmr]

This is a HUGE incentive for people like me to buy a Tesla. I've driven probably 600K miles without an accident (never had one), and yet I still pay a significant amount for car insurance. One month of data from my driving and Tesla will realize the only way I'm in an accident is if someone hits me in a no-win situation, so they'll basically just need to charge me for uninsured motorists, theft, and (since I garage my car daily) the extremely unlikely event where I'm caught in a tornado/hail storm.

[tombombadil]

Many years ago I read a report that stated 10% of drivers have 90% of the "accidents" and yet the incompetent drivers can still get insurance. I feel threatened whenever I am on the road but driving is a privilege.

[rodanderson]

Geico can offer low premiums because the company's policy is to make it VERY difficult/impossible to collect on a claim. Be sure to read the extra small print in ANY of their contracts. Regardless of what most people might say/think -- Warren Buffett did NOT make his HUGE fortune by actually being a nice guy. He plays up his kindly grandfather image to the maximum to put his victims off their guard.

I recently took delivery of a Tesla Model-Y and can hardly wait for Tesla to expand their auto insurance program into Texas. I'm sure that ALL the other auto insurance companies, like Geico, are doing everything possible to stop Tesla -- just like the Texas auto dealership organization has so far prevented Tesla from selling it's cars here.

[acemax]

Good I hope so insurance company have over charged for a long time giving minimal coverage.

[Solisium-Channel]

I’ve only paid for insurance but by the grace of God I’ve never needed it.

My mother on the other has been in 3 fender benders lol

A 25, 000 dollar Tesla with million mile batteries and cheap insurance? Sign me up when that happens.

[blackattack]

Seriously. We need more Elons in this world. He's like the only leader getting things done these days. Things that benefit everyone long-term.

[eugeniustheodidactus]

Tesla Insurance can "total" _( and replace )_ a damaged vehicle, and then _recycle it._ ....capturing the entire value chain.

[Jojohumf]

It's a good idea until every car manufacturer has this technology, and then the insurance companies will band together and state that you can't get insurance unless you hand over your driver stats and data

[awangg]

The problem is not the Own Damage claims, the one that "kills" Insurers' bottom line is the Bodily Injury Claims, which is in some countries, the tariff rated insurance policy covers unlimited protection to the 3rd Party, usually, the amount of compensation is manipulated by the lawyers. The investment returns are not enough to cover the losses. In many countries, the Motor Underwriting results are very bad where most of the insurers are having negative Underwriting results.

[retiredmanager]

It all depends on the state. Auto insurance also has liability. If you don’t have enough insurance and someone sue’s you in states like California. They can sue you for all of your current assets and a percentage of your income for up to 25yrs. If an uninsured or underinsured driver hits you and doesn’t have assets, you can be stuck absorbing your own medical bills and vehicle or property damage repairs. This is a complex issue. Just ask any personal injury lawyer.