U.S automaker, Tesla Inc, launches its Insurance using ‘Real-Time Driving Behavior,’ starting in Texas.
This is currently available to all Model S, Model 3, Model X, and Model Y owners in Texas.
Tesla has now officially launched its insurance product using “real-time driving behavior.” The product is only available in Texas for now.
The automaker has already introduced its own insurance product in California, but it doesn’t utilize real-time driving data and its “safety score.”
At Tesla’s shareholders’ meeting last week, CEO Elon Musk announced that Tesla would expand its insurance product to Texas and add the real-time driving behavior aspect next week.
According to Electrek, the product is now live in Texas and Tesla owners can apply for quotes.
Unlike the product offered by Tesla in California, this new policy in Texas includes the real-time data:
“Tesla offers insurance using real-time driving behavior. This is currently available to all Model S, Model 3, Model X, and Model Y owners in Texas.”
The automaker wrote about the policy’s differentiating factor:
“Unlike other telematics or usage-based insurance products, Tesla does not require an additional device to be installed in your vehicle.
Tesla uses specific features within the vehicle to evaluate your premium based on your actual driving. You will make monthly payments based on your driving behavior instead of traditional factors like credit, age, gender, claim history, and driving records used by other insurance providers.”
In the fine print, Tesla insists that it will not use age or gender to calculate your insurance premium or whether or not you have had any car accidents.
The automaker says that the “safety score,” which was first introduced for Full Self-Driving Beta testers last month, will be the main factor.