Tesla files for a rate increase in Virginia
After requesting rate increases in Maryland and Oregon, Tesla’s insurance subsidiary, Tesla General Insurance, has filed for an overall rate increase of 19.1% in the state of Virginia.
The company is proposing this rate change based on an analysis of “competitor rate activity and prospective net trends.”
Tesla started offering insurance in the state in April. According to the filing, 2,987 policyholders will be impacted by this rate increase request. Written premium for the current program is ~$2M.