Tesla Is Bringing Customized Insurance Program To The US And Canada

Posted: Oct 14 2017, 10:22am CDT | by , in News | Cars & Vehicles

Tesla is Bringing Customized Insurance Program to the US and Canada
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  • Tesla Bringing Customized Insurance Plan to U.S. and Canada

Tesla is offering customized insurance plan to Tesla customers in U.S. and Canada with Mutual Liberty

Tesla is one of the emerging giants in motor companies. The electric cars being designed by the company are one of the most innovative vehicles in the market. We cannot forego the fact however, that at the end of the day, it is a car. Cars are prone to accidents and damages and people are always going to need insurance for their vehicles.

That is perhaps the demand that has lead Tesla to announce insurance for Tesla vehicles in the U.S. and Canada. Tesla is already offering insurance in almost 20 countries and they will be hitting more markets around the world soon.

So, the emerging market in the U.S. and Canada are in need of insurance for their Tesla vehicles. There have been claims against damages and accidents in the area. Tesla is partnering with Mutual Liberty insurance company to offer Customized Insurance Plan to the Tesla customers in the U.S. and Canada.

Tesla has stated on its official website that Mutual Liberty will offer to replace damaged Teslas that are deemed a total loss within the first year. The Tesla spokesman in the U.S. confirmed the launch of the Tesla insurance, InsureMyTesla.

Elon Musk reportedly initiated the insurance when the issue arose that AAA raising rates to insure Tesla vehicles in some markets, citing high claim frequencies and costs. Musk analyzed the insurer’s analysis in their annual June meeting.

In a study conducted by the company, they found that the average cost of insuring a Model S or Model X was about 5 percent lower than for other premium vehicles.

Musk came to the conclusion that instead of paying for the expensive insurance, he would advise his customers to look for a better insurance provider.

He said that InsureMyTesla is especially customized insurance plan for Tesla vehicles. Jon McNeill, President of Sales and Services, said that they work with insurers to develop insurance products based on “Autopilot safety features and the maintenance costs of the cars.”

Some of the features that are being offered in the InsureMyTeslainclude, New Car ReplacementTM, rate guaranteed for a year, genuine Replacement Parts, Optional 24-Hour Roadside Assistance beyond the Tesla Warranty, Optional Rental Car Reimbursement to pay your rental costs for as long as it takes to fix your Tesla, and Claims Valet ServiceTM to drop off a rental car at the scene or schedule a swap at an agreed upon time and place.

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