Tesla Announces Discounted Insurance in California
Tesla announced this week that they will be offering discounted insura
nce to California residence. This is designed to lower the rates for the largest Tesla market. The rates are rumored to drop rates as much as 30% to their drivers, according to an article by Reuters.
Tesla has claimed that its Model 3 has the lowest probability of injury of vehicles tested by the U.S. National Highway Traffic Safety Administration. The agency NHTSA has disputed this claim, per the LA Times, Including warning Tesla to stop making this claim.
However, last Thursday, the Insurance Institute of Highway Safety (IIHS) gave the Tesla Model 3 a “Top Safety Pick +” rating. The IIHS gave the Tesla Model 3 “good ratings across the board for crashworthiness” and noted a superior rating for its standard front crash prevention system. This comes as great news, two years after Tesla’s acceptable” rating given for their 2017 model.
Tesla cars rank among the highest cars to insure due to the cost to repair their vehicles. The sophisticated materials, numerous sensors and cost of parts has made the average repair to be costly.
California is only the start of the new Tesla insurance program. Tesla plans to expand to further markets in the United States in the near future.
This is all great news for Tesla and Tesla owners. Cost of repair and insurance has slowed the growth of certain segments of the companies growth strategy. As Tesla moves out of the luxury market and into the daily driver, it is important that the cost of insurance meets or exceeds competitive models. A discounted insurance will be a big help in making Tesla part of the mainstream market.
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