Tesla Plans to Wreck the Insurance Industry With Fair Rates for Everybody

Some may have heard that Tesla isn’t simply a car company. Those who know the company well understand that they do much more than produce automobiles. In fact, here is an article of some of the other industries the company participates in.

If there’s one industry that can be frustrating to be a consumer in, it’s the insurance industry. There are undoubtedly a lot of things that insurance companies can simply get away with and there isn’t much that customers can do about it. At the end of the day, most people probably never even have to use their insurance. However, that doesn’t stop them from being forced in the shelling out big time if they want to drive a vehicle on the public roads.

At the end of the day, whether or not somebody has an issue with insurance companies is something that we need to put aside for the moment.

Like them or not, the fact of the matter is that the industry certainly comes with its fair share of inefficiencies. In fact, we think that most people would be able to benefit, insurance companies included, if there were more accurate data out there. This lack of data simply forces companies into having to make guesses sometimes. This is why insurance companies left and right are trying to push their plug-in trackers. If they can see how you drive, they can more accurately figure out if you’re a liability or not.

While these companies are grabbing money hand over fist, it seems like they might have done themselves a disservice and essentially shot themselves in the foot. When Tesla made its way to the market, many insurance companies deemed that the vehicles would prove to be high risk. Because of that, insurance premiums weren’t exactly affordable. This was a big part of the list of factors that awoke a sleeping giant.

Below, we check in with TMIO Tesla who digs into the idea of Tesla jumping into the insurance game. It seems like they have a way of completely revolutionizing the whole way that we think about insurance. Some of the most interesting concepts of the bunch are making the most of security cameras that can help to identify threats and the fact. Furthermore, a potential benefit to Tesla offering lower insurance rates is the fact that its cars are linked to the grid which will make them easier to locate if stolen.

This is really just the beginning of it all, though, as Elon Musk seems to have some pretty innovative ideas to help drivers save on their insurance. In fact, one might even go so far as saying that Tesla could completely change the way that we see insurance. Needless to say, Tesla will also be able to make a bundle of money while saving consumers money if the concept is executed at a high level.