Gary Zhou 
Tesla Insurance could extend to other states in the US later this year, according to Elon Musk. Tesla Insurance regulatory approval can take a long time, according to Musk.
“Hopefully, later this year for several more states. Insurance is different for almost every state in America & regulatory approvals take time,” Insurance is different for almost every state in America, and regulatory approvals take time.”
According to The Balance, insurance companies are governed by states, and most have an office that manages insurance issues. In Florida, for example, there is a Division of Insurance Agents and Agency Services.
In order to act as an insurance agent in Florida, Tesla will need to receive an agency license. It must appoint a licensed agent to each agency it establishes within the state once it receives an agency license.
Tesla Insurance promises to save car owners up to 20% or even 30% on their insurance premiums. Since Tesla has access to the data of each vehicle it sells, it can provide lower insurance rates. Actuaries usually base insurance premiums on a large amount of data.
Tesla Insurance can gather data that is specific to its fleet and customers, making it more accurate. Based on the direct data it collects from the fleet, Tesla Insurance can provide premiums with pinpoint accuracy.
Tesla Insurance currently provides extensive coverage to Tesla owners in California. For quite some time, Tesla has been outspoken about expanding its insurance business in the United States and other countries. In Germany, near its upcoming Gigafactory in Berlin, the company recently registered an insurance company.
Watch the video below for more information about Tesla Insurance!
