Energy
Wednesday, June 15th, 2022 8:55 pm EDT
Maryland and Florida could be next in line for Tesla Insurance, according to a few reports.
Teslarati has reported that the services are being expanded to Maryland and added that the Maryland Insurance Administration told them that the Balboa Insurance Company had changed its name to Tesla Insurance earlier this year. This was an early hint at the arrival of Tesla Insurance in the state.
The article also included a few documents from the Maryland Insurance Administration that shows Tesla filed for Tesla Property & Casualty, Inc., which was previously Meritplan Insurance Company. Documents for both of the companies show that Tesla’s main address is in Fremont, CA, and the website is also Tesla’s.
Tesla Insurance in Maryland will deal with all types of insurance: health, marine, wet marine, casualty, transportation, property, surety, and vehicle liability.
According to filings, Tesla is also expanding its insurance to Florida. Drive Tesla Canada has reported that filings show the service is expanding to Florida as well as Maryland. Citing a report by Coverager, which specializes in insurance products and data, the article noted that Tesla filed with regulators to expand the service in both states.
In Maryland, the proposed effective date for Tesla Insurance is tomorrow, June 16. In Florida, owners will have to wait until October 20, 2022, before they can switch over. According to the filings, Tesla plans to provide insurance under Meritplan Insurance Company.
Tesla rolled out its insurance to Virginia, Colorado, and Oregon earlier this year. With Maryland soon to get it, the total number of states with Tesla Insurance will be nine. State by state, Tesla is taking on the insurance industry. I think it’s important to remember that as Tesla continues to expand its products and services across all industries, its continued success will dominate the next few decades.
During Tesla’s Q3 2020 earnings call, Elon Musk pointed out that Tesla Insurance alone could be 30% to 40% of the value of the car business. It seems quite long ago since Tesla initially announced its insurance service, but eventually it will be in all 50 states, and as I’ve said before, Elon Musk and Tesla have put the insurance industry on notice.
Tesla will fundamentally change how customers interact with insurance providers. Whether or not the giants in the industry are ready for this doesn’t matter. At the risk of sounding like an end-times prophet, change is coming.
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