The revised target rate level is still well within competitor rate levels that have been on-leveled to their most recent indicated rate." Tesla addressed the reasons behind the increases, "Based on competitor rate activity and the inflationary environment that has persisted since our initial submission, we are proposing to target a higher rate level than originally submitted. Insurance premiums in those states have been on a steady rise. Tesla's insurance initially pegged rates at 30% less, meaning this move could remove the discount for safe drivers. According to Coverager, a go-to source for insurance information, Tesla General Insurance, the carmaker's subsidiary insurance carrier, is requesting a 30% rate increase in Maryland and a 24.5% rate increase in Oregon. Tesla needs to apply and receive approval in each state so it's a slow and long process, but Tesla has been making good progress since it first added California in 2019.Īlthough Tesla Insurance usually offers lower rates, two states are about to see a significant rate increase.
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