Tesla plans to market its own motor insurance product as early as may 2019. The objective of this decision is to reduce the insurance premiums deemed too high by the brand's customers. The average premium for a Tesla model S is 1789.48 USD per year.
As a reminder, Tesla has been interested in insurance for several years. As from October 2017, it launched an insurance product called "InsureMyTesla", a product distributed via Liberty Mutual Insurance. Subsequently, the manufacturer developed a new insurance programme for the markets of Australia and Hong Kong. This programme is gradually expanding to other countries, including those in North America.
In 2018, Tesla hired Alex Tsetsenekos, former executive at Liberty Mutual Insurance, to run the project of a "customer centric insurance company".
Tesla's insurance marketing does not mean breaking up with other insurers. It is a way for the firm to reduce premiums in order to make its cars more accessible to customers.
In the first quarter of 2019, Tesla recorded 4.54 billion USD in turnover.
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