No insurer has ever gone beyond behavior insurance. Tesla, which launched its own insurance company in 2019 for its vehicles, has just launched its first insurance based on the individual behavior of the driver. It is currently only available in Texas for its Model S, Model 3, Model X and Model Y.
Five notation criteria
Specifically, the premium paid by the insured may change each month, according to its “safety note”, based on five criteria: the number of triggering collision alerts (a warning that signals a danger when a collision is possible ). with an element facing the driver) per 1000 miles, sudden braking, “aggressive” turns (calculated in G, which is a unit of acceleration), respect for safety distances, and forced disengagement of the steering system autonomous (which occurs when the driver is not careful in semi-autonomous driving mode). This data is collected directly through the vehicle, without an installer and an additional case.
Tesla states that it will not apply any other criteria to calculate the premium, among those that are usually used by insurers (age, sex, history of claims …), apart from mileage and place of residence. It should be noted that in Europe, sex is no longer included in the pricing criteria. On average, the company states that the rates will be 20 to 40% lower for its competitors, or even 60% for those with the best security ratings.
Insurance could represent substantial income
Tesla Insurance is available in California, but in this state of pricing behavior using real-time data for vehicles that are not available. Only data compiled on the ensemble of its vehicles and anonymized are used.
In October 2020, at the presentation of its quarterly results, Tesla boss Elon Musk had indicated that insurance could account for 30 to 40% of the car’s revenue and become “major insurance company”.
An analysis by a comparator in the United States showed in September that Tesla insurance in California was less expensive than the average insurer for customers, but it was not the cheapest. . At the first annual average it will return to $ 3315. In contrast, its contracts distributed through insurance agents in Texas were cheaper than the competition.