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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The latest Tesla Model 3, the fastest yet, is poised to make a significant impact on Tesla's lineup. Speculation suggests the updated Performance Model 3, potentially named "Ludicrous," could be unveiled soon—possibly on April 20. This would, of course, be on 420, aligning with Elon Musk's fondness for the date, which falls 69 days before his birthday—nice.
Revamped Performance and Engineering
"Welcome to the Most Powerful Model 3 Ever," announces the Great Britain Model 3 configurator source code teaser, setting the stage for an electric sedan that surpasses its predecessors in every metric. The heart of the new Model 3 Performance lies in its all-new high-performance drive units, rumored to deliver a combined output of over 500 horsepower. This power upgrade is not just about higher numbers but also about how it translates to the asphalt.
TONS of new Model 3 Performance details were revealed in the Great Britain Model 3 configurator source code. “Welcome to the Most Powerful Model 3 Ever”
All-New Adaptive Suspension Adaptive damping powered by in-house software gives you enhanced body control, without sacrificing… pic.twitter.com/cem4TDV80w
Tesla has reengineered the vehicle with an all-new adaptive suspension system. This system, powered by bespoke in-house software, ensures enhanced body control, maintaining comfort without sacrificing performance. The result is a vehicle that can handle daily commuting as smoothly as it navigates tight corners on a race track.
Advanced Design and Aerodynamics
The Model 3 Performance features redesigned front and rear fascias and a rear diffuser that enhances visual appeal and improves high-speed stability. A carbon fiber spoiler adds to the aerodynamic efficiency while asserting the car’s sporty aesthetics.
One of the standout features of the new model is the Forged Performance wheels. These lightweight, staggered wheels are not just about style; they enhance the vehicle’s turn-in response, improve predictability, and increase traction out of corners, all while optimizing aerodynamics.
Where Comfort Meets Performance
Inside, the Tesla Model 3 Performance introduces a completely revamped interior. The all-new seat design includes enhanced side and cushion bolsters to hold occupants securely in place, which is crucial during high-speed maneuvers. Ventilation is built into the seats to keep the driver and passengers cool and comfortable, reflecting a thoughtful balance between performance and luxury. The cabin's aesthetic is elevated with lightweight carbon fiber décor and a refined weave pattern unique to the Model 3 Performance.
Performance Interior (New Model 3 Performance)
All-new seat design with enhanced side and cushion bolsters hold you in place, while ventilation keeps you cool. The lightweight carbon fibre décor and refined weave pattern is unique to Model 3 Performance. pic.twitter.com/1R0UhERmHB
A significant highlight is the Track Mode V3, an innovative feature that allows drivers to tailor the handling balance, stability controls, and regenerative braking to their preferences. This mode integrates a performance-optimized powertrain with adaptive suspension controls, creating a driving experience that is not only responsive but also enjoyable.
The unveiling of the Model 3 Performance is imminent, as indicated by its addition to the configurator source code. There is speculation about a media embargo lifting on the 23rd, possibly coinciding with Tesla’s earnings day, which could provide further details or even see the official launch. My money is on 4/20, which will give a weekend for all influencers who got an early look to ramp up the views and bring that stock (down 40% year to date) some time to rebound before the earnings call.
Tesla's latest V12 user interface will change the look and feel of some of the vehicle’s operations. This new interface, announced on X, is already partially available on the Cybertruck but will now be rolled out to the Model 3 and Model Y, equipped with AMD Ryzen processors according to Tesla. However, the new Model S and Model X will likely receive it as well, although possibly not at the same time. It integrates several new features and aesthetics that set new standards in vehicle interface design.
The new interface will become available in Tesla update 2024.14, which started rolling out to employees yesterday.
New Parked Vehicle Visualization
A standout feature of the v12 UI update, not to be confused with FSD v12, is the centralized vehicle visualization, which dominates the display while parked (video below). This design choice enhances visual appeal and improves functionality by placing critical vehicle performance metrics, and status updates front and center. Similar to the layout in the Cybertruck, this feature provides drivers with a clear and immediate view of their vehicle's status and shows off the gorgeous 3D model.
V12 Ansicht (Frühlingsupdate) 👉Kein Autopilot, EAP, FSD aktiv. 👉Bremslichter werden angezeigt. 👉Blinken wird angezeigt. 👉Geile Darstellung ❤️Danke liebes Tesla Team pic.twitter.com/lmzTjKIq1x
There’s a new media player that’s larger and easier to use. By increasing the size of the media player, Tesla is now able to fit additional options that were hidden before, such as EQ and audio settings, the search icon and shuffle and repeat options.
The new media player appears while the vehicle is parked, driving or while the visualizations are in full-screen mode.
The media player is available on the Model 3 and Model Y and according to Tesla it’ll be limited to vehicles with the Ryzen-based infotainment center.
Tesla adds a new media player in update 2024.14
Improved Navigation
The navigation system will see several improvements. You’ll now see a little trip progress bar that lets you visually see how far along you are on your route.
If your vehicle has a rear screen, as in the new Model 3, the redesigned Model S or Model X, then trip information such as ETA will also be displayed on the rear screen.
Tesla already has the ability to update your route if a faster route becomes available. You can change some of these settings under Controls > Navigate. However, now the vehicle will show you if a faster route becomes available and gives you a chance to cancel the updated route if needed.
Expanded Autopilot Visualizations
Tesla is now bringing its full-screen visualizations outside of North America. However, there will be some improvements as well. In addition to being able to have the visualizations go full screen, there will now be a small map displayed in the corner as well.
That’s one of the issues with the full-screen FSD visualizations right now. If you make them full-screen, you lose your navigation map completely and only have the next turn available.
This will be the first time full-screen visualizations are available outside North America. It’s not clear whether all the FSD visualizations will be available such as traffic lights, curbs and more will be displayed, but Tesla has slowly been adding additional visualizations for non-FSD users, so there’s a chance that this feature will finally display all FSD visualizations to users outside of North America.
It’s not immediately clear whether this feature will require Enhanced Autopilot (EAP) or FSD.
Update: The full-screen visualizations do not require FSD or EAP, but unfortunately the visualizations displayed are still the same ones as in previous updates, so it won’t display the surrounding environment and curbs.
Full-Screen Browser Support
With this update, Tesla will finally let you manually make the browser full-screen. While this will make Tesla’s Theater apps a little redundant since they just loaded the website of the selected streaming service, you’ll now be able to stream any video service full screen, as long as the service supports Tesla’s browser.
As expected, the full-screen button will only be available while the vehicle is parked.
Checking Compatibility
Owners can verify their vehicle’s compatibility with the new full-screen visualizations while parked and driving by navigating to Controls > Software > Additional Vehicle Info on their Tesla’s touchscreen. This update is tailored for Tesla vehicles equipped with the AMD Ryzen processor.
TeslaFi logs your drives and charging sessions, letting you keep a log of your vehice's activity. We highly recommend checking them out if you use your car for business trips and would like to keep track of reimbursements, if you like to see how much you spend on charging or if you just love statistics. Visit their site and see everything they have to offer!
Tesla Android Project enables you to run Android apps in your Tesla. The platform is Open Source and you can deploy it on your own Raspberry Pi 4. Consider supporting the initiative by donating or purchasing the Compute Module 4 Bundle that delivers the best experience. Get $20 off by using the code: NotATeslaApp
The official Tesla app only notifies you if your car is broken into. By installing Sentry Pro on your phone, you will be notified for all Sentry Mode events. Stay connected and avoid potential surprises by receiving notifications. Stop constantly checking the cameras to ensure safety. Check only when necessary, save battery and get peace of mind. Get a 7 day free trial here!
Stay organized, connected, and stylish with Cyberbackpack — the #1 backpack, luggage & travel accessories for Tesla owners. We highly recommend checking them out if you commute or travel and would like a backpack or luggage that is sleek, secure and durable. View their products page and see everything they have to offer!
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