Tesla has now extended the availability of its car insurance product with real-time data to car owners in Illinois.
It is now the third state to get Tesla Insurance and the second with the most recent product based on real-time driver data.
Tesla had already introduced its own insurance product in California, but it wasn’t using real-time driving data and its âsafety score,â which was its original focus.
Before expanding its insurance product to other markets, the company wanted to develop its safety scoring system, which uses driving data collected in real time from Tesla vehicles to determine if you are a “good driver.” Depending on things like how many “” Forward Collision Warnings “you get, the amount of hard braking you do, aggressive turns, dangerous following distance, and forced autopilot disengages.
In October, Tesla finally launched its new safety score-based insurance product in Texas.
The automaker says it expects drivers rated “average” by safety score to save 20-40% on their premium over their competitors, and those with the safest scores to be able to save between 30% and 60%.
In a review of some quotes compared to existing premiums for Tesla drivers, it was unclear whether it was cheaper or not, but it seemed to make a bigger difference for those who already had a high premium based on the age and gender, which Tesla insists it does not use in its own premium calculations, unlike other insurance companies.
Also, when first quoting and starting a policy, Tesla assumes a safety score of 90. The monthly premium price can drop quickly if you improve that score.
Tesla posted an example that shows how the premium can change from month to month based on your score:
Tesla Insurance Expands to Illinois
Last night, in an update to its website, Tesla confirmed that it has extended the availability of its insurance products to Illinois:
Tesla Insurance is a competitively priced insurance product providing comprehensive coverage and claims management for Tesla owners in California, Illinois and Texas and will expand to other US states as well. to come up.”
The automaker confirmed that Illinois drivers have access to the insurance product on the real-time database, like Texas:
âGet competitive rates in California, Illinois and Texas in under a minute. Insurance based on real-time driving behavior is now available in Illinois and Texas.
The insurance regulatory landscape is complex and varies from state to state.
Therefore, Tesla has a lot of work to do to launch into a new state, which is slowing the rollout of the new product.
In October, CEO Elon Musk said Tesla aimed to be âin most statesâ by the end of 2022.
FTC: We use automatic affiliate links which generate income. Following.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.