Electric car manufacturer Tesla has established an insurance company in Germany. The company Tesla Insurance Ltd. (Germany Branch) has already been entered in the commercial register and is thus capable of doing business. Thanks to the evaluation of telematics data, careful driving should result in low premiums.
Tesla Insurance Ltd. (Germany Branch): car insurance company starts operations
Last year, Tesla applied to the German Federal Financial Supervisory Authority (BaFin) for approval as an insurance company, which has now been granted. The head office of the new insurance company is based in Malta and must therefore be recognized in all other member states under EU law.
As the world now reports, Tesla Insurance Ltd. (Germany Branch) has been officially entered into the commercial register and is thus commencing operations. The insurer’s German headquarters are located at Tesla Straße 1 in Grünheide, where the Tesla Gigafactory is currently being built.
Interestingly, however, Tesla Insurance not only wants to offer motor vehicle insurance in the liability and comprehensive sectors, but also accident insurance and legal protection insurance. It is unclear whether the company also intends to focus solely on the motor vehicle sector here (passenger accident and traffic legal protection).
Telematics tariff: lower premiums for careful driving
Presumably, as with the launch of Tesla insurance in Texas last year, only a telematics tariff will be offered. This rates the amount of the insurance premiums according to the driving behavior of the policyholders.
Those who drive particularly carefully pay lower premiums, while speeders pay higher premiums. Almost all other insurance companies offer similar telematics rates, but only in combination with smartphones or other hardware.
Tesla, on the other hand, has installed the necessary sensors, including communications technology, directly in its electric cars. In the U.S., Tesla’s insurance premiums are already based on driving behavior, taking into account factors such as front collision warning, hard braking, turning too fast, and much more.
In the U.S., this should result in premium savings of between 20 and 40 percent for average drivers. Particularly safe drivers, on the other hand, save up to 60 percent compared to a normal car insurance policy.
It is currently unclear what savings will be possible in Germany. With German insurers, current telematics tariff models currently offer premium savings of between 10 percent and a maximum of 30 percent for a particularly safe driving style.
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