Tesla Inc recently announced low insurance prices, but a senior company executive on Wednesday, said that it will make use of customer data to help price its newly announced insurance product will be using customer data like footages from the vehicle’s cameras and GPS, but all of it depends upon the consent from drivers and law that are enforced in individual U.S. states.
Matthew Edmonds, Tesla’s Head of Insurance, at an auto insurance conference in Chicago said that with the presence of cameras in and all around the car, any sort of data is all available there.
It all depends upon the law in a particular case and amount of data that can be utilized, but that would have to be different for different states, Edmonds said.
Tesla, earlier this month, announced that in California, which is the company’s biggest market, it will provide the drivers with lower insurance rates by launching a cheaper insurance service because its electric cars are equipped with advanced safety features.
Though the company did not disclose the name of insurance company i9t would be partnering with, but website of the California Department of Insurance shows Tesla as a broker of the State National Insurance Company Inc which is a unit of Markel Corp.
Tesla’s Chief Executive Elon Musk is one of the biggest supporters of the idea that car insurance rate should be reduced as now the car makers have adopted the standards of using driver assistance and self-driving technologies in their vehicles.
On the other side, insurance companies in the United States say that in order to confirm the authenticity of promises of safety features that auto Industry has been making out of using automated driving systems in their vehicles, they are in requirement of sufficient data which the car makers are reluctant to provide to.