Monday, May 29, 2023

Automotive companies seek to allay fears of electric insurer Grupo Milenio

This time Insuring an electric vehicle is complicated and very expensive due to the type of components it uses; However, automotive companies try to demonstrate with data analysis that they should not be intimidated by this type of company.

According to analysis firm CFRA Research, electric vehicle manufacturers such as Tesla and General Motors aim to close the insurance gap Using the data recorded by the units.

“They will be test beds for systems that are being built for fully autonomous vehicles, and thus insurers have more accurate data on the risk that each driver represents, and they can use that to create tailored insurance and To control costs”, explained.

Vehicle manufacturer Tesla hasInsurance is available in Florida, Texas, Illinois, Ohio and CaliforniaUnited States, and it expects to have coverage available to 80 percent of its customers in that country by the end of the year, according to CFO Zach Kirkhorn, who said during the company’s earnings call last January that “regulations state insurers will be a factor.” Are .”

Tesla’s insurance is available in Florida, Texas, Illinois, Ohio and California.

,Given this scenario, Dan Ives, analyst at investment firm Wedbush, commented Tesla could insure 300,000 cars by 2025.

Automotive company General Motors is entering the insurance market based on its history of providing this type of service.

As of today, the automaker has a traditional insurance offering in 46 states of the United States of America, but it is working on a safe driving behavior algorithms, Co-developed with American Family Insurance with the projection that it may be added to insurance market offerings starting in Arizona, Illinois and Michigan.

He noted that Car-based systems will be more accurate Because the data will come from the car itself and you can track factors like seat belt usage.

Tesla may insure 300,000 cars by 2025 freepik

While Tesla explained that his In the short and medium term the insurance business will be “subsidiary”, Dan Ives detailed in addition to promoting the purchase of electric vehicles as an independent profit center.

He pointed out that its actual significance would depend on the pace at which truly autonomous cars develop, Offering more secure risk profiles that allow the company to provide coverage as part of a broader merger of hardware and software.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news


Please enter your comment!
Please enter your name here