Tesla is shaking up the traditional insurance industry with its innovative approach to vehicle insurance while forcing the industry to provide better rates for Teslas. The company's insurance arm also provides valuable information that Tesla is using to improve its products.
Tesla Insurance reported an annual premium run rate of $300 million as of the end of last year and growth of 20 percent a quarter. It's quickly becoming a significant player in the market. Tesla Insurance is now available in 12 states, with an average of 17% of customers using a Tesla Insurance product, which continues to rise. But there are several ripple effects Tesla creates as it disrupts another industry.
How Tesla Insurance is Different
As a refresher, Tesla insurance uses the driver's safety score to provide the premium. So basically, drive aggressively with that Model S Plaid and pay a higher premium. This is a significant improvement from the old fashion way the industry charges premiums, a formula that takes the driver's age and sex and the car's make, model and year to spit out a magic number to pay.
Tesla Forced the Competition to Respond
While Tesla has a fairer approach to the system, it's also shown other benefits. The motivation behind starting the Tesla Insurance business was to reduce the total cost of ownership for Tesla vehicles, which saw high premiums from third-party insurance companies. The company's priority remains to keep costs low and make insurance affordable for customers while maintaining a healthy bottom line. As the company continues to grow its insurance business, it is challenging the established insurance providers and forcing them to re-evaluate their pricing and offerings.
During the fourth quarter earnings call, Elon Musk said, "So it has a bigger effect than you think because it improves total cost, or insurance costs, even when they don't use Tesla Insurance, because now the other guys of the world have to compete with Tesla and cannot charge outrageous insurance for Teslas. So, it's great."
Helps Tesla Reduce Repair Costs
Tesla uses data collected from its insurance company to minimize the cost of repairing a Tesla after a collision. This collection of data and feedback has allowed Tesla to adjust the design of the car and the software to minimize repair costs while still maintaining its advanced safety features. Tesla is also working to improve its spare parts logistics, which can significantly impact repair times and costs.
The improvements made through this feedback loop are not limited to new cars but also apply to older vehicles, helping to reduce the total cost of ownership for all Tesla owners. In this way, Tesla is providing its customers with insurance options that better meet their needs and revolutionizing the entire automotive insurance industry.
Tesla's innovative approach to insurance has not only created a new standard in the industry but also has had a positive impact on its car designs. In addition, Tesla's use of insurance information is a prime example of how technology and data can be leveraged to enhance the product and customer experience.
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In last year’s holiday update, Tesla introduced the much-needed Dashcam Viewer in the Tesla app. The feature allows owners to view Dashcam and Sentry Mode footage directly from the Tesla app, eliminating the need to review videos in your vehicle. Unfortunately, the feature was limited to iPhone users, but Tesla is now changing that.
With Tesla app update 4.43.5, Tesla is officially launching the Dashcam Viewer on Android devices.
Dashcam Viewer
The Dashcam Viewer makes it easy to access and manage your car’s Dashcam and Sentry Mode videos. Accessing videos on your phone is faster and more convenient, but it does come with a few requirements.
The Dashcam Viewer in the Tesla app allows you to view, delete, or save video clips right from your device. This should result in higher quality content being shared online and fewer videos of owners recording their Tesla’s screens with their phones.
How It Works
Dashcam footage remains stored locally on your vehicle’s connected USB drive, so Tesla isn’t streaming videos to your phone from the cloud. Instead, the videos are streamed directly from your vehicle to your phone—similar to how Actually Smart Summon delivers a live feed to your phone.
Because of this, your vehicle must be connected to cellular data or Wi-Fi for the Dashcam Viewer to work. Unfortunately, this may limit access for owners who park in underground or large parking garages where connectivity is poor.
How to Access the Dashcam Viewer
To view Dashcam and Sentry Mode footage in the Tesla app:
Navigate to Security & Drivers > Dashcam Viewer.
Wait a few moments for your phone to connect to the vehicle.
From there, you’ll be able to view, save, or delete clips right from your device.
Requirements
To use Tesla’s Dashcam Viewer, you’ll need a vehicle with MCU 2 (Intel) or higher. All models are supported except for the legacy Model S and Model X (2020 and older). However, we expect support to be added in the near future.
The legacy Model S and Model X are expected to receive support for Actually Smart Summon, which requires the ability for those vehicles to stream video to the Tesla app — the same capability the Dashcam Viewer needs. Once Actually Smart Summon is added to the legacy Model S/X, we expect those vehicles to also receive the Dashcam Viewer at the same time or shortly afterward.
Tesla has imposed some viewing limits to prevent high data usage. The viewing limits apply to streaming video from the Dashcam Viewer or viewing live video from the vehicle’s cameras. Tesla will limit video streaming from the vehicle to 15 minutes or 1 hour, depending on your region.
Android Support
Tesla typically releases support for newer features to iPhone users since they make up the majority of users. Recently, Tesla has added more features to Android. In January, Tesla added support for ultra-wideband to Android, which added support for the improved phone key and the hands-free trunk and frunk feature.
Did you know the Cybertruck’s air suspension automatically levels the truck, even while it’s asleep? This is a great feature, especially for camping or off-road adventures. However, it can be an issue when lifting a wheel to change a tire.
Fortunately, there’s a solution: Jack Mode.
Jack Mode
Jack Mode is made for jacking up the truck and prevents the Cybertruck from self-leveling.
To enable Jack Mode, you’ll first need to set the Ride Height to Medium from Controls > Dynamics > Ride Height. You can also set it from the Tesla app by navigating to the Controls section and sliding up until you see Ride Height. This will give you enough clearance for most jacks to get under the truck and lift it.
You can also activate Jack Mode in Low or High, but Tesla recommends a Medium ride height for best control of the vehicle and sufficient tire clearance to safely remove and reinstall the tire. However, once the vehicle is in Jack Mode, the Ride Height cannot be changed.
Next up, go to Controls > Service > Jack Mode to enable Jack Mode. The vehicle will warn you that Jack Mode is enabled and can either be disabled by pressing the button again or by putting the vehicle into drive.
For the duration that Jack Mode is active, it is safe to lift your Cybertruck, even on one side only. It will not self-level for the duration that Jack Mode is enabled.
Automatic Jack Mode
Jack Mode can also activate automatically to protect the suspension from potential damage. For example, if the vehicle’s bumper is resting on a curb, Jack Mode may engage on its own.
Once the obstacle is cleared, or if you shift into Drive or Reverse, Jack Mode will automatically be disabled.
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