Tesla has filed to update its insurance program for Florida, marking a potential first expansion in over three years. The move comes after a failed attempt in 2022 and aims to bring the in-house coverage to the state. Currently available in 12 states, the program uses a Safety Score to adjust rates based on driving behavior.
Tesla Insurance, launched in late 2019, provides in-house coverage for vehicle owners without relying on third-party companies. It claims to offer rates 20-30% lower than competitors. The program is currently available in 12 states, including Arizona, California, Colorado, Illinois, Maryland, Minnesota, Nevada, Oregon, Texas, Utah, and Virginia. However, expansion has been limited; the last additions were Utah and Maryland over three years ago.
In California, regulatory rules prevent Tesla from offering real-time insurance or telematics-based adjustments. Elsewhere, rates are determined by the Safety Score Beta v2.2, which monitors factors such as hard braking, aggressive turning, unsafe following, excessive speeding, late-night driving, forced Autopilot engagement, and unbuckled driving.
Tesla first filed to enter the Florida market in 2022 but did not proceed to launch. Recently, the company submitted an update to its Private Passenger Auto program in Florida, according to insurance database CoverageR. This filing, if approved, would introduce Tesla Insurance to the state for the first time.
The program's appeal lies in Tesla's deep knowledge of its vehicles, including parts and repair processes, which has prompted some drivers to switch from traditional providers. Tesla continues to eye other markets, such as Georgia and New Jersey, and has explored European expansion, though no offerings have materialized there.