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Tesla is about to launch its own insurance product for Tesla owners who, according to General Manager Elon Musk, will be "a lot more convincing than anything else."
A 2017 study suggests that Tesla owners are paying higher than average premiums due to above-average claims and repair costs. Tesla challenged the accuracy of the study. Musk still challenged insurers to offer more incentives to Tesla's owners. To this end, Tesla has launched its own customized insurance programs, underwritten by insurers in the United States, Canada, Australia and Hong Kong.
The new Tesla insurance product in the United States could be launched in a few weeks.
A problem of premium
The insurance industry was not particularly friendly with Tesla. Musk has already challenged the treatment of Tesla vehicles by the insurance industry, as the AAA insurer is raising rates on Tesla vehicles in some markets, citing high frequencies and claim costs. Owners have regularly complained about the high price of their high-priced electric vehicles. In an attempt to relieve its owners, Tesla has partnered with Liberty Mutual Insurance in 2017 for plans specifically designed for its electric cars.
Nevertheless, the rates have been criticized by the public.
"What is the point of securing my Tesla" with Liberty Mutual if their price is almost double that of their competitors? Asked a Twitter user to Musk.
"Looking at that," Musk replied. "I'll fix if yes."
Looking in this. Will repair if yes.
– Elon Musk (@elonmusk) July 2, 2018
Ten months later, it seems that Musk has prepared his solution with an incursion into the sale of Tesla's auto insurance product.
The Tesla Private Passenger Auto Program
A deposit with the California Department of Insurance indicates that the new Tesla offer will be presented to State National Insurance Company, Inc.
The Tesla Private Passenger Auto program will offer "… private insurance policies for vehicles equipped with Advanced Driver Assistance Systems (ADAS) in the State of California". "
The deposit was approved by the agency on April 9.
It's paying for the autopilot
The Tesla insurance plan is characterized in particular by the possibility of discounts for drivers using the autopilot. "Vehicles equipped with a standalone feature option will be eligible for credits based on the vehicle's level of autonomy", according to the filing.
So, the less human drives, the less they pay for insurance.
Tesla's California filing includes a document on a proposed "Autonomous Vehicle Protection Pack Premium" that provides coverage when the car is driven by autopilot rather than by driver. "The exposure for the level 0 autopilot is the basis of the strategy, which means there are no standalone features on the car," the document says. "It is assumed that the expected cost of claims will not increase, but that it will decrease by using stand-alone driver assistance security features, and that the cost of existing claims will be hedged." existing driver liability to the responsibility of the owner of the autonomous vehicle, so that "no exposure liability coverage of vehicle owners."
Other plans also gave discounts for the autopilot.
The largest UK car insurer, Direct Line, announced in December 2017 that it would offer British Tesla drivers a 5% discount on the use of the autopilot.
"At the moment, the pilot is in charge, so it's just a matter of securing the other cars, but it gives Direct Line a great opportunity to learn and prepare for the future," Dan said. Freedman, head of engine development at Direct Line, in a statement. Release.
A new insurance company based in the United States, called Root, announced a similar offer in 2017. An article on the company's blog said:
Why a discount for Tesla cars? It's simple: they plant less. According to a recent report by the National Highway Traffic Safety Administration, the accident rate for Tesla vehicles dropped by nearly 40% after Autosteer (Tesla's self-driving software) was made available.
A decrease of 40%. It is important. Root thinks that falling crash rates mean that the auto insurance industry should adjust rates accordingly.
Tesla's first-quarter 2019 vehicle safety report indicated that its vehicles were involved in an accident by 2.87 million autopilot-driven miles, compared to an accident every 1.76 million miles driven in the first quarter without this feature.
"In comparison, the most recent NHTSA data shows that in the United States, a road accident occurs every 436,000 km," the first quarter report says.
Tesla began publishing safety data in 2018 to give consumers a better overview of the performance of its automatic driving system.
And speaking of data, Tesla intends to use a charge to monitor drivers using his insurance product.
Crazy driver profiles
In its filing for Tesla, State National explains how the program leverages Tesla technology for the benefit of the customer.
"The goal of the product is to use Tesla's proprietary technology to reduce costs and improve the customer experience with integrated technology that supports the underwriting, pricing, claims, repair and manufacturing network. product, including direct data flows with the client's permission, if necessary, that eliminate the friction costs and inefficiencies inherent in traditional insurance processes, "the paper says.
This technology allows State National to pass on "savings directly to the customer while improving the customer service experience."
"The use of the data of the vehicle and the consumer, with the affirmative consent of the consumer, will reduce the acquisition and service costs of the policyholder," says the document. "In addition, the vehicle data, in standalone mode, will reduce the frequency and severity of collision claims for Tesla owners. This will allow State National to offer the consumer a cost-effective insurance product based on these reduced collision costs. "
Speaking of the insurance product at the recent Teslas results call, Musk acknowledged that Tesla had "a direct knowledge of the risk profile of car-based customers," creating an "arbitrage opportunity" based on the risk profile of the client.
Musk said that Tesla's customers insurers "must agree not to drive the car crazy", or "they can do it, but the insurance rate is higher".
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