Tesla Auto Insurance, Claims, & Repair Costs
Former VP, Insurance at Tesla
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Tesla Auto Insurance, Claims, & Repair Costs(May 28, 2024)
Former VP, Insurance at Tesla
The executive spent 2 years running Tesla's internal insurance division focused on claims operations. Prior to Tesla, the executive ran the Tesla account at Crawford & Company.
Interview Transcript
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Okay, but the total repair cost is three times higher. You mentioned $10,000 for Tesla, and $3,000 for ICE. What about the frequency of claims? You mentioned that the claims in the first six months are 50% higher. What about over the following couple of years?
Over the following couple of years, it does go down. However, the frequency still remains high for Teslas for reasons I'm not sure of. It might be market-driven, as they are in large markets like California and Texas. But our frequency was higher than typical. It hovered around 15% to 20%.
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