Labor Day Sale: 18% Off Code "LABOR" + Free Gift + Giveaways
Labor Day Sale: 18% Off Code "LABOR" + Free Gift + Giveaways
by EVBASEOperate 9月 13, 2023
A groundbreaking studyby MarketWatch reveals that Tesla's revolutionary use of advanced telematics to assess insurance risk has the potential to shake up the insurance industry just as profoundly as it has disrupted the global automotive market. While traditional insurance companies are hiking premiums for Tesla owners or outright denying coverage, Tesla is blazing a new trial by offering its own insurance in select U.S. states at significantly lower rates than the competition.
By leveraging its proprietary software to calculate a driver's Safety Score, based on factors such as following distance, aggressive turning, hard braking, seat belt usage, driving speed, and Autopilot disengagement, Tesla can accurately gauge risk levels and provide more affordable insurance to drivers deemed less risky. The higher the Safety Score, the lower the insurance rate, empowering responsible drivers with substantial savings.
Tesla ventured into the insurance market in response to customer feedback about exorbitant insurance costs for their Tesla. In fact, many Tesla owners, like ourselves, have experienced inexplicable annual premium increases from traditional insurers, even without any claims or infractions. Regrettably, Tesla insurance is not yet available in New York, leaving us at the mercy of these rising premiums.
Traditional insurers often justify inflated premiums for Tesla vehicles by citing higher repair costs. Admittedly, Tesla's use of aluminum and aluminum/steel alloys for lightweighting initially posed challenges for repair shops, resulting in delayed repairs and price gouging. However, the situation has improved significantly, with a surge in Tesla-authorized bodywork shops, including ones directly operated by Tesla. Recent data from Repair Palindicate that while the average annual repair and maintenance cost for a Tesla is slightly higher than that of an average car, this 28% difference does not justify the exorbitant premiums that can be more than double the cost of insuring other vehicles.
The MarketWatch study compared the average annual insurance cost of a Tesla Model S to that of other vehicles and found a staggering disparity. For a 35-year-old driver with good credit and a clean driving record, ensuring a Model S costs an average of $4,762 per year, while the national average is less than half that at $2,008. Even considering the higher price of the Model S compared to the average vehicle, this discrepancy remains significant. Moreover, when comparing Tesla's average insurance premium to that of the similarly priced Audi e-Tron Quattro Premium, Tesla's premium is still approximately 50% higher, despite the Audi costing around $3,200 to insure.
While some insurance companies like Progressive and State Farm rely on third-party telematics devices or mobile apps to assess risk, none can match the comprehensiveness of Tesla's integrated sensors and software. The report suggests that Tesla's success in the insurance market may compel other insurers to compete by lowering their rates and could even inspire other automakers to enter the insurance arena. These factors combined should exert downward pressure on insurance costs for Tesla and other electric vehicles, ultimately benefiting consumers.
Prepare for a seismic shift in the insurance landscape as Tesla's disruptive approach sets the stage for a fairer, more affordable future of insuring EVs.
If you are interested in this news, please leave your comments. For more news, please Subscribe to our newsletter. We will update the latest news in the field of electric vehicles every day. To check the newest Tesla accessories, please subscribe to evbase.com
Don’t hesitate to contact us with news tips. Just send a message to judie@evbase.com or evbase2022@gmail.com to give us a heads-up.
by Lars EVBASE 11月 02, 2023
by Lars EVBASE 11月 01, 2023 10 Comments
by Lars EVBASE 10月 27, 2023
Sign up to get the latest on sales, new releases and more …
Sign up to get the latest on sales, new releases and more …