“”Electric vehicle insurance premiums, which are already 27% higher than those for gas-powered vehicles, will continue to spike””
If I were in the auto insurance business, I would be very careful about what target is about to appear on my back. Very soon the plethora of adjectives the left uses (greedy, capitalist, rich, wealthy, etc) will begin appearing in the Drive-By Media. HOW DARE they harm our march forward, to a bright, new electric future.
Kalifornia shut down a natural gas power plant and placed massive amounts of Tesla batteries inside the very same building used for the natural gas. There is no comment on just how the batteries are charged. Twice in the last 2 years the plant has been shut down due to battery fires. Sometimes they are shut down for months. No word on what the public does for energy.
“If I were in the auto insurance business, I would be very careful about what target is about to appear on my back.”
Good point, since the auto insurance industry profits greatly from government mandates...
Tesla is already building up its insurance business and will eventually be the primary insurer of anyone driving a Tesla. They collect such detailed driving metrics that they are able to do a substantially better job at risk assessment than classic insurers.
As Tesla expands their policyholder base and becomes better at aggregating the risk metrics of their book of business they will probably be able to significantly reduce the current delta between the cost of insuring a Tesla and a conventional vehicle.
Musk built such things in to the cake, so to speak. They guy really has a multi-dimensional intellect.
It will take Tesla some time to grow its insurance business because they have to organize in every state. That is one of the good things about the property and casualty insurance business and a great example of how sometimes things work better when the states regulate things. It’s one of the few things the Feds have not screwed up because it’s a complicate business and one the states would battle over.