Liberty Mutual Insurance Tailors Policy for Tesla Electric Car Drivers in
October 16, 2017  Anne Riley Moffat

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. Among other benefits,
Liberty will offer to replace damaged Teslas that are deemed a total loss
within the first year, according to the automaker’s website.

A Tesla spokesman confirmed the U.S. launch and declined to comment further.

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.

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.
[© 2017 Bloomberg]
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