Since Tesla launched its own insurance service in California nearly two years ago, the automaker has expanded the program across several U.S. states. Tesla recently expanded the insurance plan to its 12th U.S. state, and it says it eventually plans to expand to all 50 states.
Tesla’s insurance plans recently expanded into Minnesota, according to the automaker’s website and as noted in a report from Teslarati. The news comes after Maryland and Utah were added to the list of eligible states for Tesla’s insurance program in July. Most of the states offer insurance rates based on real-time driving behavior.
Tesla’s insurance program collects data as a person drives to determine their rates, which the company says can help save money for safe drivers. The program establishes safety scores based on certain driving behavior rated out of 100, offering lower monthly premiums to those with higher scores.
As listed on the company’s website, you can enroll in a Tesla insurance plan in the following states:
*In California, state privacy laws prohibit the use of telematics based on real-time driving behavior, so Tesla insurance doesn’t include rates based on these factors in the state. Although the company still offers a safety score feature in the state, Tesla has said California drivers have the feature for “educational purposes only.”
You don’t have to be a Tesla owner to enroll in the company’s insurance plans, nor do you have to install a device in your car when enrolling — unlike real-time driving plans from some other companies.
Tesla also plans to significantly expand its insurance business in the coming years as it becomes available in more and more states. CEO Elon Musk expects that Tesla’s insurance policies could make up as much as 30 or 40 percent of the company’s business down the road.
In Oregon and Maryland, Tesla is planning to raise insurance rates by 24.5 and 30 percent, respectively, according to Teslarati. A filing also confirmed that the company planned to raise rates in these states, citing “competitor rate activity” and continuing inflationary pressure as the reason for the increases. Currently, there are 937 Oregon customers enrolled in Tesla insurance that will be impacted by the rate increases, while a total of 1,058 Maryland customers are set to face higher premiums.
Courtesy of EVANNEX. By Peter McGuthrie.
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