The Maryland Insurance Administration told Teslarati that Balboa Insurance Company changed its name to Tesla Insurance earlier this year, hinting at the service’s arrival in Maryland.
Maryland Insurance Administration documents reveal that Tesla Insurance’s primary address in MD is Fremont, CA 94538, and its primary website is the electric vehicle manufacturer’s home page. Tesla Insurance in Maryland deals with accident, health, marine, wet marine and transportation, property and marine, vehicle liability and warranty insurance.
Another document from the Maryland Insurance Administration shows that Tesla also filed for Tesla Property & Casualty, Inc, formerly Meritplan Insurance Company. The company’s principal address is also located in Fremont, CA 94538. It handles accident, health, property and marine liability, warranty and vehicle insurance.
At the time of this writing, Tesla Insurance is available in Arizona, California, Colorado, Illinois, Ohio, Oregon, Texas, and Virginia. Tesla Insurance added Virginia, Colorado and Oregon last quarter.
Tesla owners can purchase Tesla Insurance through the company’s mobile app. It is available to current and new Tesla owners. The company’s insurance also offers coverage for non-Tesla vehicles for Tesla owners. In California, non-Tesla owners can purchase Tesla Insurance.
On the first-quarter 2022 earnings call, Tesla Chief Financial Officer Zach Kirkhorn said Tesla Insurance was received positively by customers.
“So, we are very encouraged by [the positive reception of Tesla Insurance]. And we’re working as fast as possible to get 80% of customers with access to a Tesla Insurance product by the end of this year in the US, at which point we’ll turn our attention to expanding outside of the US. . ,” Kirkhorn said on Tesla’s latest earnings call.
“The other thing I will say about insurance is with these three new states [Virginia, Colorado and Oregon], the model is different because now we are the subscriber and now we also have the risk”, he added. “And so, with those states, we are a fully vertically integrated finance and systems insurance provider. Regarding the finances of the program, it is still very early. And so, as the show gets more scale, happy to share more about it.”
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