Tesla has released its 2024 financial results for its three licensed insurance carrier subsidiaries, which provide coverage for Tesla vehicles in multiple states.
Tesla Property & Casualty, operating in Colorado, Maryland, Minnesota, Texas, and Utah, reported a near doubling of premiums compared to the previous year, accompanied by improved underwriting performance.
Tesla General Insurance, offering coverage in Nevada, Oregon, and Virginia, saw a 78% year-over-year increase in premiums and also demonstrated improved underwriting performance.
Tesla Insurance Company, which began underwriting in California in the third quarter of 2024, generated $106 million in written premiums and approximately $45 million in earned premiums. The carrier reported a net underwriting loss of $33 million. Tesla has been encouraging State National policyholders in California to transition to its newly launched program.
The Tesla insurance program through State National generated $654 million in premiums, representing a 69% increase. This program operates in California, Illinois, Arizona, and Ohio.
Tesla also operates a program in Texas through Redpoint County Mutual, which generated $21 million in premiums in 2023.
Based on these results, and assuming the Redpoint program remains active, Tesla’s overall insurance program is projected to surpass $1 billion in premiums.
