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Wednesday, June 29, 2022

Tesla Partners With Liberty Mutual for Customized Insurance Plan

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Tesla Inc. is partnering with Liberty Mutual Insurance Co. to offer an auto-insurance plan designed specifically for its electric cars in the U.S

. The plan made available to U.S. customers starting Friday is similar to what Tesla owners have been offered in almost 20 countries.

If a Tesla driver’s insurance goes up, “there is a simple solution,” Musk said. “Change your insurance provider.”

Electrek reported on the insurance plan earlier Friday.

To contact the reporter on this story: Anne Riley Moffat in New York

The launch of InsureMyTesla in the U.S. comes after Chief Executive Officer Elon Musk took issue with reports earlier this year that insurer AAA was raising rates to insure Tesla vehicles in some markets, citing high claim frequencies and costs. Musk disputed the insurer’s analysis, saying during Tesla’s annual meeting in June that the automaker’s own internal study showed the average cost of insuring a Model S or Model X was about 5 percent lower than for other premium vehicles.

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