Tesla launched its own insurance service in California nearly two years ago, the automaker has expanded the program across several U.S.
based on real-time driving behavior, so Tesla insurance doesn’t include rates based on these factors in the state. Although the company still offers a safety score feature in the state, Tesla has said California drivers have the feature for “educational purposes only.”
You don’t have to be a Tesla owner to enroll in the company’s insurance plans, nor do you have to install a device in your car when enrolling — unlike real-time driving plans from some other companies. Tesla also plans to significantly expand its insurance business in the coming years as it becomes available in more and more states. CEOexpects that Tesla’s insurance policies could make up as much as 30 or 40 percent of the company’s business down the road.
In Oregon and Maryland, Tesla is planning to raise insurance rates by 24.5 and 30 percent, respectively, according toA filing also confirmed that the company planned to raise rates in these states, citing “competitor rate activity” and continuing inflationary pressure as the reason for the increases. Currently, there are 937 Oregon customers enrolled in Tesla insurance that will be impacted by the rate increases, while a total of 1,058 Maryland customers are set to face higher premiums.
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