The Texas State Insurance Department has approved a revised policy form submitted by Redpoint County Mutual Insurance Co. for a Tesla Insurance Program for private passenger autos.
Redpoint specializes in private passenger auto coverage written through independent managing general agencies. Documents filed with the Texas Department of Insurance indicate that Tesla's insurance program will be distributed through Tesla Insurance Services of Texas Inc. and underwritten by Redpoint.
The Tesla Insurance website claims that its product is competitively priced and designed to provide Tesla owners with an average of 20% and up to 30% lower rates.
Tesla Insurance provides physical damage, bodily injury and liability among other basic coverages. The company also says it offers "additional financial protection against the theft of the car, and damage to the car for events other than traffic collisions."
Elon Musk, co-founder, CEO and product architect of Tesla, has moved some of Tesla's manufacturing operations to Austin, Texas, and Musk himself is said to be relocating to the Lone Star State. Tesla currently offers insurance coverage for Tesla vehicles in California and expects to expand into additional states.