Tesla Insurance has officially gone live in Arizona and Ohio, becoming the fourth and fifth states to have access to the company’s in-house coverage program.
Tesla officially confirmed that its insurance program was officially active in Arizona and Ohio by adding the two states to the Insurance webpage on its website. Arizona and Ohio officially join California, Texas, and Illinois as the other states to offer the in-house program.
The electric automaker officially launched its insurance program in August of 2019 in California. Rates were able to be offered at between 20 and 30 percent lower than competitors initially, mostly due to Tesla’s understanding of its own vehicles. Tesla’s vertical integration may have contributed to these lower rates, especially as the company knows its vehicle best. “Because Tesla knows its vehicles best, Tesla Insurance is able to leverage the advanced technology, safety, and serviceability of our cars to provide insurance at a lower cost. This pricing reflects the benefits of Tesla’s active safety and advanced driver assistance features that come standard on all new Tesla vehicles,” the automaker said when it released the program.
Eventually, Tesla plans to expand its insurance program in all 50 states. Tesla Insurance is expected to launch in New York in the coming months, CEO Elon Musk said in September. Tesla Insurance could also launch internationally in Germany and Israel, according to previous reports.
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