Tesla Insurance Set for Europe Next, After Wider U.S. Rollout
Tesla announced on its Q4 2021 earnings call the next market for its Tesla Insurance product, which offers insurance based on real-time driving data collected by the company’s Safety Score metric, will be Europe.
Currently, Tesla Insurance is only available in Arizona, California, Illinois, Ohio and Texas.
Tesla says its insurance product “encourages safer driving,” while also noting its conversion rates have been “good” in Texas, based on its conversion rate of people signing up after seeing what rates are quoted.
Tesla is pushing hard for California to allow informatics, with Elon Musk saying “you’re as safe as your driving is measured,” noting the state should make changes to allow the analytics.
The automaker says its internal goal is to be in enough locations in the United States so that 80% of customers could sign up for it if they wanted to; the rollout may be tricky based on regulatory processes.
“As we make more progress rolling out in the USA, that’s when we’ll turn our attention to the Europe market,” said Tesla on its earnings call. “We might be able to do that by end of year,” said CFO Zachary Kirkhorn.