Tesla expanding insurance through real-time driver behavior assessment
Tesla’s new insurance product based on real-time driving behavior has been officially launched but it is only being offered in the US state of Texas for now.
The electric vehicle manufacturer uses specific features within their cars to determine driver premiums based on actual driving. Car owners make monthly payments based on driving behavior instead of traditional factors like credit, age, gender, claim history and driving records which are customarily used by other insurance providers.
The insurance is being offered for Model S, Model 3, Model X and Model Y owners in Texas.
Tesla already has its own insurance product in California, but it doesn’t utilize real-time driving data to determine premiums. The driver behavior model, however, could expand beyond Texas depending on market reactions.
Besides manufecturing vehicles in California and Texas, Tesla USA has non-vehicle manufacturing facilities in Storey County Nevada, Buffalo New York, and Grand Rapids Michigan. Worldwide, it has vehicle manufacturing facilities in Shanghai China and Grunheide (Mark) Germany.