Elon Musk’s Tesla Insurance play has faced cost questions and a class action
When Tesla announced it was venturing into auto insurance in 2019, it promised a better and cheaper insurance experience for electric vehicle (EV) drivers beset by high repair costs and premiums.
But nearly four years since it launched, Tesla Insurance has faced significant challenges and questions over its viability. A slew of consumer complaints drew lawsuits and regulatory scrutiny last year, and the brakes appear to have been put on Tesla Insurance’s launch in Europe, originally slated for 2023.
One analyst Insurance Business spoke to said the EV giant seems to have run into the same problems that other tech firms fall into while trying to enter insurance. At the same time,