Tesla Insurance seems ready to expand to New Jersey and Florida based on filings in both states.
In New Jersey, Tesla has three companies filed under the state’s list of licensed insurance carriers. In its list, the NJ Department of Bank and Insurance (DOBI) includes Tesla General Insurance, Inc., Tesla Insurance Company, and Tesla Property & Casualty, Inc. The names of Tesla’s insurance service in New Jersey match those it filed for in Maryland.
Tesla also filed for new auto insurance programs under Meritplan Insurance Company and Balboa Insurance Company with the Florida Office of Insurance Regulation. The Maryland Administration told Teslarati that the Balboa Insurance Company changed its name to Tesla Insurance earlier this year. Maryland also had filings for a Tesla Property & Casualty, Inc.
Tesla Insurance filings in Florida also share the same NAIC codes as those listed in New Jersey. Insurance companies are assigned NAIC codes by the National Association of Insurance Commissioners, an organization that oversees insurance practices in the United States.
New Jersey’s DOBI states that Tesla Insurance Company’s NAIC code is 24813, which matches the Balboa Insurance Company’s NAIC number in Florida. Tesla Property & Casualty, Inc and the Meritplan Insurance Company also have the same NAIC code in New Jersey and Florida. Based on NAIC codes, Tesla Insurance seems to be filing for licenses in Maryland, New Jersey, and Florida through Balboa Insurance Company and Meritplan Insurance Company.
The filings in Florida reveal that the Balboa Insurance Company covers commercial automobile liability, accident and health, miscellaneous casualty, private passenger auto liability, fire, burglary and theft, among others. In addition, FL filings showed that the Meritplan Insurance Company’s coverage includes commercial automobile liability, commercial auto physical damage, private passenger auto liability, and more.