Elon Musk Says Tesla Is Launching an Insurance Company

[WMSG]

Criticize, laugh, make fun of, all you want. Just don't underestimate this guy. He might do it. He might not. He might fail. But, he also might not fail. LOL.

 

[Markthebroker]

Criticize, laugh, make fun of, all you want. Just don't underestimate this guy. He might do it. He might not. He might fail. But, he also might not fail. LOL.

Yeah, I'd be nervous about betting on him, but I'd be very nervous about betting against him.

 

[WMSG]

Yeah, I'd be nervous about betting on him, but I'd be very nervous about betting against him.

Very well said.

 

[Life Hawk]

Yeah, I'd be nervous about betting on him, but I'd be very nervous about betting against him.

I'm pretty sure he's on an up hill climb on that one. Not saying he can't, but if the political land scape changes, along with all the red tape and an upside-down market... it will be fad insurance.

Long haul or no haul.

IMHO... bur what do I know, I don't build trucks that "everyone" wants.

 

[Allen Trent]

There is tons of room in the insurance industry for technology to change it and I welcome it.

He has been bragging about setting up an insurance company for years. Unfortunately I think setting up an Auto Insurer that insures Electric (Potentially) Self Driving Autos - could be a huge issue, some day.

Exactly who is responsible for an accident if the software code is not updated correctly on one of his vehicles? There is lots and lots to be worked out here.

In addition, as we all know the regulatory environment in the world of insurance is high, for good reason.

other issue is that most states have laws on redlining & insuring all eligible vehicles/drivers. I would be shocked if a carrier would be allowed to only insure the newest technology vehicles, leaving the poor & others to not be eligible for the carrier by vehicle type. maybe they could, but I would be surprised

 

[fed up]

other issue is that most states have laws on redlining & insuring all eligible vehicles/drivers. I would be shocked if a carrier would be allowed to only insure the newest technology vehicles, leaving the poor & others to not be eligible for the carrier by vehicle type. maybe they could, but I would be surprised

Doesn't Erie do something similar with only insuring great credit scores? He has deep pockets and will bump up against Bezos and Buffett. Might force some of the old companies to re-imagine themselves or get out altogether

 

[marindependent]

I would be shocked if a carrier would be allowed to only insure the newest technology vehicles, leaving the poor & others to not be eligible

- Totally Agree.

My guess is that people sitting in these rooms have little idea of the complexities of being an admitted insurer in 1 state, let alone 50 - plus various territories. My understanding is that all admitted auto insurers in California have to participate in the CA Low Cost Automobile program. These are for vehicles worth less than " $25,000" and for families that make a low enough income to qualify. [Its a complicated calculation that the website can show you.] I doubt highly they are considering wrinkles such as these in their business computations.

 

[Allen Trent]

Doesn't Erie do something similar with only insuring great credit scores? He has deep pockets and will bump up against Bezos and Buffett. Might force some of the old companies to re-imagine themselves or get out altogether

not sure about Erie, but I am certain they have to have filed rates for all credit scores, but maybe the rates are so atrocious on the bad scores that they dont have any of those clients. Most states wouldnt permit that