United States eletric car manufacturer Tesla has gotten approval from the Texas State Insurance Department for a Tesla Insurance Program for private passenger autos. Tesla currently offers its insurance product in the state of California and is expected to expand into additional states moving forward.
According to Tesla founder, Elon Musk, said they are relocating roduction and the electric car company will soon be offering its own brand of car insurance in the Lone Star State.
The state insurance department in late January approved a revised policy form submitted by Redpoint County Mutual Insurance Co. for a Tesla Insurance Program for private passenger autos.
Redpoint specializes in private passenger auto coverage written through independent managing general agencies. According to documents filed with the Texas Department of Insurance, Tesla’s insurance program, underwritten by Redpoint, will be distributed through the Tesla Insurance Services of Texas Inc. (Tesla), an MGA formerly known as Samson General Agency.
Tesla currently offers insurance coverage for Tesla vehicles in California and according to information on the Tesla Insurance website it expects to expand into additional states. Texas appears to be the first step in that expansion.
Tesla Insurance on its website says its product is competitively priced and “designed to provide Tesla vehicle owners with up to 20% lower rates, and in some cases, as much as 30%.”
Physical damage, bodily injury and liability are among the basic coverages offered by Tesla Insurance. The company says it also offers “additional financial protection against theft of the car, and damage to the car for events other than traffic collisions.”
In addition to basic and other enhanced coverage offerings, an “Autonomous Vehicle Protection Package” is available. “This package includes Autonomous Vehicle Owner Liability, Wall Charger Coverage, Electronic Key Replacement, and covers Cyber Identity Fraud Expenses,” the Tesla Insurance website states.
Redpoint has not replied to a request for comment as to when the Texas rollout of the Tesla Insurance Program would commence. Source; InsuranceJournal.com
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