#Premiums

Late Wednesday, Tesla seemingly gave Tesla owners and intenders what they’ve been looking for: an opportunity to lower their insurance premiums. For a number of reasons, mainly high claim frequencies and the cost thereof, Tesla owners often find themselves saddled with sky-high coverage costs.

What if Tesla provided that insurance?

Owners will soon find out the pros and cons of such a setup, as Tesla has now rolled out its promised Tesla Insurance — a product the automaker claims will benefit owners by offering “up to 20% lower rates, and in some cases as much as 30%.”

Why didn’t I think of this? An Alberta man with a spotty driving record and a burning lust for the Chevrolet Cruze discovered you can save piles of cash if the government thinks you’re a woman. Or at least an individual who identifies as one.

Speaking anonymously to CBC, the man said his transition to a female (on paper) began after he approached insurance companies in search of coverage for his new — and quite sensible — compact sedan. Well, we assume it was the sedan.

What followed was a journey through genders, all to save 91 bucks a month.

Rising insurance premiums are a plump grape in the cornucopia of adult annoyances, but they grow into a ripe apple when forces outside of your control cause them to skyrocket.

Now, imagine that there’s only one insurance provider, and you already pay taxes towards it. That’s the reality in several provinces north of the border, but one jurisdiction just crashed head-on into an unforeseen problem: new money, and the skyrocketing increase in six-figure vehicle ownership that came with it.

To save the owners of Malibus and Journeys from a major jump in premiums caused by ultra-pricey supercar repairs, one Canadian province has taken drastic steps.

To quote Nobel Prize winner Bob Dylan, “You don’t need a weatherman to know which way the wind blows.”

You certainly don’t need TTAC to tell you auto insurance premiums are on the rise. You already know rates are trending up, well in excess of inflation. Nonetheless, let’s unpack some of the factors that have the average American now spending more than $100 per month on auto insurance.