Texas approves Redpoint / Tesla auto insurance policy form

Looks like Tesla bet on Texas. Not only is the electric car maker moving some manufacturing operations to Austin, but its founder, Elon Musk, would move there, and he will soon be offering his own brand of auto insurance in the Lone Star State.

The state insurance department approved in late January a revised policy form submitted by Redpoint County Mutual Insurance Co. for a Tesla insurance program for passenger cars.

Redpoint specializes in car coverage for private passengers purchased through independent general management agencies. According to documents filed with the Texas Department of Insurance, Tesla’s insurance program, underwritten by Redpoint, will be distributed through Tesla Insurance Services of Texas Inc. (Tesla), an MGA formerly known as Samson General Agency.

Tesla currently offers insurance coverage for Tesla vehicles in California and, according to information on the Tesla Insurance website, plans to expand to other states. Texas appears to be the first step in this expansion.

Tesla Insurance on its website states that its product is competitively priced and “designed to offer Tesla vehicle owners rates down to 20% and, in some cases, up to 30%.

Physical damage, bodily injury and third party liability are some of the basic coverages offered by Tesla Insurance. The company says it also offers “additional financial protection against car theft and damage to the car from events other than traffic collisions.”

In addition to the Basic Coverage offers and other enhanced coverages, an “Autonomous Vehicle Protection Package” is available. “This package includes self-driving vehicle owner’s liability, wall charger coverage, dongle replacement and covers expenses related to cyber identity fraud,” the Tesla Insurance website states.

An emailed request to Redpoint for comment on the Tesla Insurance Program rollout in Texas has not been returned at press time.

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Justin D. O'Neill