Tesla Issued Insurance

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MelindaV

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#1
info from the Q1 2019 call touched on their insurance product a few times. Notably, it was mentioned information will be released on it in the next month or two (ElonTime™). Obviously, the big advantage would be Tesla knows the safety of the cars, the impact of AP and repair costs... and maybe most intriguing, because they have data on each car, they could potentially base rates partly on driving style! So someone calmly driving at the speed limit may get a better deal than someone always 15 mph over and swerving thru traffic.
 

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So someone calmly driving at the speed limit may get a better deal than someone always 15 mph over and swerving thru traffic.
I always think this is inherently wrong. It's often the slow drivers putting along that are completely inattentive and the cause of many accidents.
 

GDN

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I thought of actually calling you out, but didn't want to tip anyone else off ;)
It’s simply called spirited driving and anyone that owns this car truly needs to enjoy all of its capabilities once in a while. This car deserves so much more than simply being relegated to being a robo taxi!
 

mswlogo

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I always think this is inherently wrong. It's often the slow drivers putting along that are completely inattentive and the cause of many accidents.
And that’s why young drivers have higher rates?

Me thinks your wrong.

I don’t think Tesla could set the rate based on your driving unless you gave them permission, just like any insurance company does today with optional gps tracking devices.
 

FRC

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It’s simply called spirited driving and anyone that owns this car truly needs to enjoy all of its capabilities once in a while. This car deserves so much more than simply being relegated to being a robo taxi!
Don't tell anyone, but I hit 125mph on a lonely Utah road yesterday. Could easily have done more but I was askeert!!
 

JWardell

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And that’s why young drivers have higher rates?

Me thinks your wrong.

I don’t think Tesla could set the rate based on your driving unless you gave them permission, just like any insurance company does today with optional gps tracking devices.
I said nothing about age. Age is also bull. You probably mean experience.
Experience and speed have nothing to do with each other.
Insurance should be based on experience and actual at-fault accident history, not values that come from an accelerometer.
 

GDN

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I said nothing about age. Age is also bull. You probably mean experience.
Experience and speed have nothing to do with each other.
Insurance should be based on experience and actual at-fault accident history, not values that come from an accelerometer.
Or from a database.
 

Greg Appelt

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I said nothing about age. Age is also bull. You probably mean experience.
Experience and speed have nothing to do with each other.
Insurance should be based on experience and actual at-fault accident history, not values that come from an accelerometer.
Experience is also a misnomer. There are some people who just aren't good drivers after 20+ years of driving. My 'opinion' is that there should be a base rate and additional costs come when the insurance company has incurred cost. If you don't have an accident then why would you have to pay more than anyone else with no accidents?
But on the other hand - I would love to see a discount if I use FSD for more than 75% of miles driven.
 

Dr. J

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IIHS says...

Speed has a major impact on the number of crashes and injury severity. 2 It influences the risk of crashes and crash injuries in three basic ways:

  • It increases the distance a vehicle travels from the time a driver detects an emergency to the time the driver reacts.
  • It increases the distance needed to stop a vehicle once the driver starts to brake.
  • It increases the crash energy exponentially. For example, when impact speed increases from 40 to 60 mph (a 50 percent increase), the energy that needs to be managed increases by 125 percent.
.....

Isn't speed variation — not high speed — the real problem?
No. Both variation and speed are important. Although research conducted in the 1960s on two-lane rural roads indicated that vehicles traveling much faster or much slower than average were more likely to be involved in crashes, involvement in severe crashes increased with speed. 11 While less speed variation is associated with fewer crashes because it cuts down on passing maneuvers and lane changes, 12, 13 the risk of death and severe injury is a direct exponential function of speed, not speed differences.
 

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I said nothing about age. Age is also bull. You probably mean experience.
Experience and speed have nothing to do with each other.
Insurance should be based on experience and actual at-fault accident history, not values that come from an accelerometer.
Younger drivers, on average, drive faster and that’s why they are penalized. Speed (acceleration) kills, period.
 

JasonF

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Will do, hoping the other issues (Autopilot on navigation + lane change assist being unavailable) are resolved
Isn't speed variation — not high speed — the real problem?
No. Both variation and speed are important. Although research conducted in the 1960s on two-lane rural roads indicated that vehicles traveling much faster or much slower than average were more likely to be involved in crashes, involvement in severe crashes increased with speed. 11 While less speed variation is associated with fewer crashes because it cuts down on passing maneuvers and lane changes, 12, 13 the risk of death and severe injury is a direct exponential function of speed, not speed differences.
That's kind of faulty data - because if you don't drive at all, or walk, or if your car is parked, there's also a much lower chance of a crash.
 

MJJ

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Insurance should be based on experience and actual at-fault accident history, not values that come from an accelerometer.
Let’s throw training into the mix. I’m a big fan of a tiered licensing system with increased speed limits for those who have taken advanced training courses. Or should I say, *decreased* limits for those who haven’t.

I guess you wouldn’t automatically get a reduced rate, or maybe you would, but you’d be a safer driver at the speeds you trained for.
 

TomT

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#16
What insurance companies are allowed to use for their ratings and rates is also regulated by the states...

One issue might be that, if I insured my car with Tesla, I would loose the multicar policy discounts that I have with my other car and home...
That could very well wipe out any potential savings.
 

Greg Appelt

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Younger drivers, on average, drive faster and that’s why they are penalized. Speed (acceleration) kills, period.
I just don't agree with penalizing someone before they've done something wrong. Everyone is an individual. A 16 yr old could be added to an insurance plan, but only drive 1-2 days a month with their parents, while another may drive 50 miles a day. Either could be involved in a claim. Why punish one for the action of another?
 

Greg Appelt

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What insurance companies are allowed to use for their ratings and rates is also regulated by the states...

One issue might be that, if I insured my car with Tesla, I would loose the multicar policy discounts that I have with my other car and home...
That could very well wipe out any potential savings.
Applicable for you, but I'm a single family with one vehicle... no multi-car cost savings to benefit from.
 

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I just don't agree with penalizing someone before they've done something wrong. Everyone is an individual. A 16 yr old could be added to an insurance plan, but only drive 1-2 days a month with their parents, while another may drive 50 miles a day. Either could be involved in a claim. Why punish one for the action of another?
I can understand folks not liking that, but they don't have anything to go by other than stats.
They probably would give a young driver a discount if they are willing to have a GPS Chip.
 

mswlogo

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What insurance companies are allowed to use for their ratings and rates is also regulated by the states...

One issue might be that, if I insured my car with Tesla, I would loose the multicar policy discounts that I have with my other car and home...
That could very well wipe out any potential savings.
That's a really good point. I also get a discount on blanket liability policy if I get my insurance through the same company and it's covered to a certain level.

Multiple Cars, Boat, Home (two) and Blanket Liability are all interweaved