No more monthly insurance bills. No more unexpected repair costs.
According to Mashable, the new package is a sign that innovative safety features may decrease the price of maintenance and insurance. What this means for consumers is that pesky monthly automobile insurance bills could soon become a budget item of the past. Introducing the concept, Tesla President of Global Sales and Service, Jonathan McNeill, stated:
“It’s our vision in the future that we’ll be able to offer a single price for the car, maintenance, and insurance in a really compelling offering for the consumer. And we’re currently doing that today.”
In an earnings call, it was shared that the new process was implemented quietly. In Asia, for example, it’s becoming quite common to sell Tesla cars with an insurance product. McNeill explained:
“We’ve been doing it quietly, but in Asia in particular where we started this, now the majority of Tesla cars are sold with an insurance product that is customized to Tesla, that takes into account not only the Autopilot safety features but also the maintenance costs of the car.”
An added benefit of this new tactic is that consumers can see upfront how much a Tesla car will cost them, rather than be slammed by unforeseen repair costs or inflated insurance costs down the road (no pun intended).
CEO of the company, Elon Musk, also made it clear that Tesla is willing to offer the package if insurance companies aren’t on board yet. He stated that the company isn’t seeking to disrupt the insurance market but is confident in the newly developed method, therefore, is eager to move forward.
“If we need to we’ll insource it, but I think we’ll find that insurance partners do adjust rates proportionate to the risk of a Tesla,” stated Musk.
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