One of the greatest things about human life is that it always stands a sizeable chance of getting better. At times, the idea of that next level might seem a little incomprehensible, but sooner or later, we do find ourselves in a position where the said idea begins to crystallize itself. This ‘come to Jesus’ moment also has knack of happening in many shapes and forms. For instance, when different sectors across the world were stagnating heavily and the industrial output looked to be on a downwards trajectory, a step towards that next level appeared in the form of technology. Even though many people were doubtful about technology’s credentials to be the right answer in the given situation, the creation would soon prove worthy of all the investments, which were being made to accelerate its progression. Once the early by-products of a tech-centric era started pouring in, things really took off. Now, we don’t need to be told how fascinating this journey has been so far, but we often forget to glance between the lines and see what actually inspired its success. A shared pattern between all of technology’s successful integrations was the fact that it has tailored the world as per our needs, and we recently got to see another big example of it.
Automotive-giant, Tesla has officially revealed its plans to expand the company’s foray into the insurance market. Two years ago, Tesla launched an insurance bid in California, but its new stop, Texas, will be witnessing a very unique take. As per the reports, the company intends to enter Texas with a ‘safety score’ model, which will evaluate your driving behavior in real-time. The model already is a part of Tesla’s Full Self Driving fleet. It basically creates a flexible dynamic by eliminating fixed premiums altogether. Instead, the amount you end up paying every month will depend entirely on how many safety metrics you manage to comply with. For instance, the safety score model constitutes of metrics like how many forward collision warnings you collect, how aggressively you pull the brakes, and the nature of your turns etc.
“Unlike other telematics or usage-based insurance products, Tesla does not require an additional device to be installed in your vehicle. Tesla uses specific features within the vehicle to evaluate your premium based on your actual driving. You will make monthly payments based on your driving behavior instead of traditional factors like credit, age, gender, claim history,” the company stated.
Tesla has also gone on to claim that its customers will be availing insurances services at rates that are 20% to 60% cheaper than what is considered as the average price throughout the industry.