Tesla is expanding its activities in Germany. The US company can now also offer car insurance. The amount of the premium will obviously depend on the respective driving behavior.
Tesla will probably also become a car insurer in Germany in the future. The company had already received approval for the German market in March 2021 from the Federal Financial Supervisory Authority (Bafin). Only now the company Tesla Insurance Ltd. was formally formed. (Germany Branch) entered in the German commercial register, as reported by the news portal “Welt”.
Accordingly, the company is located at Tesla Straße 1 in Grünheide, where the Gigafactory is also based. The business purpose is “property and casualty insurance business in branch traffic”. The focus should be on the car insurance business, although not as the only area.
Entry into the German insurance market takes place via the main branch based in Malta. This not only allows the US automaker to set up shop within Europe, but apparently also tax advantages. Because Malta is considered a low-tax country for foreign companies. The Bafin practically only had to implement the registration last year.
Tesla car insurance premium dependent on driving behavior
Tesla CEO Elon Musk had already announced that he wanted to reward less risky drivers with cheap bonuses. Racers should therefore have to reckon with higher premiums. Tesla could check this using the large amount of available data. Because all data on driving behavior, such as acceleration values, braking behavior and abrupt lane changes can be learned from the Tesla vehicles.
The US carmaker has been offering car insurance in the USA since 2019. Here the company advertises with the special feature that the insurance premium is calculated from the “actual driving behavior” with the help of artificial intelligence.
In contrast to other insurance providers, no additional technical equipment has to be installed on Tesla cars. “They make monthly payments based on your driving behavior and not like other insurance providers based on factors such as creditworthiness, age, gender, claims history and driving log,” it says. Safe drivers can thus save 30 to 60 percent on premiums.
Elon Musk obviously senses a lucrative business in car insurance. In October 2020, he said that in the future, 30 to 40 percent of the total value from the car business could come from insurance. Car insurance could come onto the German market in Germany together with the market launch of the Model Y from the Berlin Gigafactory.
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Source: Stern
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