In its third-quarter earnings report, Tesla announced earlier this month it launched its telematics insurance product in its first state.
Texas will be the testing ground as Tesla Insurance has presented its brand-new Safety Score functionality program that'll be employed for its telematics-based service there.
“We actively monitor braking, turning, tailgating, forward collision warnings and forced autopilot disengagements in order to predict the probability of a collision,” the organization produced in its earnings report. “This system will continue to be fine-tuned once we receive more data.”
Tesla thinks everything will set its insurance in addition to the rest of the crowding telematics-based vehicle insurance field.
“We believe our insurance premiums will be able to better reflect chances of an accident than any other insurance on the market,” Tesla reported “Additionally, we'll proactively communicate towards the user what driving adjustments need to be made to decrease possibility of an accident.”
Tesla Insurance was initially offered in California only in September 2022. It began offering its coverage in Texas earlier this year, but thanks to the Safety Score feature that will only be used in the Lonestar State, the policy is a lot different than in California.
Premiums will fluctuate individually depending on driving habits.
But unlike other telematics or usage-based car insurance, Tesla Insurance doesn't require one more device to be installed. The company instead uses its features inside a driver's vehicle to judge the premium according to driving behavior.Age, gender, credit rating, claim history and driving records won't be an element of the premium evaluation.
Unhappy with California's Covid requirements, Tesla founder Elon Musk officially moved the company's headquarters from Palo Alto to Austin, the Texas capitol, earlier this month. Tesla's next production factory is still being constructed near Austin.
However, the organization continues to expand its operations in California, where Musk had personally resided for 2 decades before moving to Austin this past year.
Tesla Insurance's next move will be to Ny, Musk recently tweeted.
To find out more about telematics in the current automotive industry, be sure and check out Ryan McMahon's 90-minute presentation throughout the OEM Collision Repair Technology Summit on Nov. 4 during the 2022 SEMA Show in the Vegas Convention Center.
The Society of Collision Repair Specialists hosts the Summit.
The Vice President of Insurance and Government Affairs at Cambridge Mobile Telematics, McMahon's topic will be Vehicle Research and Trends: Telematics.
During McMahon's session, he'll discuss the visibility into driver behavior and loss analysis that telematics provides. He will review the many use cases different industries need to leverage telematics data collected.
Summit sessions could be selected individually or as part of the Full Series Pass. To register in order to find out more, click here.
On the financial front, Tesla also had some big news from the third quarter.
Despite the supply chain snags along with a big insufficient automotive parts all over the, Tesla made $1.62 billion, easily besting the prior record of $1.14 billion set in this year's second quarter.
The $1.62 billion is almost 5 times more than the $331 million Tesla produced in last year's third quarter.
According to FactSet, Tesla's $13.76 billion earnings July-September broke a company record, but fell lacking Wall Street's expectation of $14 billion-plus.
“A number of challenges, including semiconductor shortages, congestion at ports and rolling blackouts happen to be impacting our capability to keep factories running at full speed,” Tesla said in its questionnaire. “We believe our logistics, engineering and production teams have been dealing with these global challenges with ingenuity, agility and flexibility that is unparalleled within the automotive industry.”
