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Is Tesla’s New Car Insurance Program Really Worth it?

Tesla car insurance
Tesla car insurance, image: bloomberg.com

Tesla is a well known automotive and sustainable energy industry with its electric cars and solar panels dominating the electric vehicle market around the globe. Although the company has been around since 2003 it took them a decade to get media spotlight, by now Tesla sells the Model S, Model Y, Model X, and Model 3 with such massive success around 21.46 billion USD the company tried to start a new business and it didn’t take long for them to attract new customers.

On 28th August 2019, Tesla launched its first electric car insurance program with the news of announcement may get many electric car owners excited including yourself especially if you are an electric car enthusiast. While this might sound good, many people began to ask questions about the program especially the program itself is only available to people who live in the state of California and Tesla has its history regarding the price because in the early days Tesla’s car is more expensive to insure than other cars. If you haven’t sure if the new insurance program worth taking or not you probably want to have a look at what the company’s new insurance program has to offer.

Tesla 30% lower rate

The only thing that makes Tesla’s offer more unique compared to other car insurance companies is their 30% lower rate. When Tesla launched its car insurance program the company claimed it to be a 20% lower rate and in some cases 30% cheaper than the rest of the competition. The lower price might reflect that Tesla cars get into fewer accidents compared to other types of automobiles but it still uncertain if the premium discount is only to subsidize the price for marketing purposes, but with such a huge discount how can you get that 30% premium discount? In a blog post by Tesla, Tesla announced now customers who live in the state of California can now sign up to get the premium by visiting Tesla insurance and from there just click to get your quote.

Tesla’ Special comprehensive coverage

Although the premium discount could get your emotion wild, Like any other car insurance companies, Tesla also offers its customers a special comprehensive coverage and other companies might not have this kind of offer. The coverage could give some compensation to the customers in case they have an issue, here are the coverages you could get if you sign up for their new insurance program:

  • Autonomous vehicle owner liability

This coverage will cover any bodily injury or property damage that may caused by driving on auto-pilot (level 2 or higher).

  • Cyber identity fraud expense

It is the coverage if you don’t want someone to hack your digital identity or if you want to protect your data and you could get it by paying with the price up to $15.000 per occurrence and $30.000 per policy period.

  • Wall charger coverage

This coverage will cover for the damage or loss to the electrical power charger supplied by Tesla’s manufacturer and used to charge your car with the price only $3.000. You have to know the coverage won’t cover if the damage is caused by your negligence.

  • Electronic key replacement

This coverage will cover up to $500 for the loss of the electronic keys supplied along with your car (limited to two claims per policy period).

  • Roadside assistance

Almost all car insurance companies might have this policy, this coverage will help you out if you need towing service or roadside assistance for your vehicle 24/7 365 days a year until the end of the first four years of ownership.

Tesla’ Claim management

Maybe you have heard this before that tesla also offers a claim management service but do you know what this service is all about? In case if you don’t know what claim management is, it is a policy that allows you to report claim with a form and that claim is signed along with the proof of claim then the claim section will examine in accordance with the article in policy, after compliance the results will be submitted to the next section (which is payment).

Tesla’ Customer service

If you are uncertain of what you really need Tesla also offers you its customer service from there you can consulate your problem to the service center, and according to a survey more people buy Tesla car and at the same time customers report needing more service with 70% of customers described the service as “excellent” also you can cancel the policy anytime you want.

Now you know how much value the company has to offer and it might sound amazing to sign up as soon as possible but like every other car insurance, the rate will still be affected by your age, income, driving history, zip code, the car you drive, and what type of coverage you buy but don’t you worry none of your data taken from your vehicle will be added as a consideration. Although the new insurance program currently only available in the state of California, the automaker claims it will expand to more states in the future so it is only a matter of time before you could get your hands on the insurance.

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