Tesla owners will benefit from a revolutionary new car insurance policy which will charge motorists for each mile they drive rather than policyholders needing to pay a flat fee.
Tesla motorists could save hundreds of pounds with the new scheme which is said to benefit owners who clock up low mileage. The new By Miles insurance will also offer fully comprehensive cover for Tesla owners including guaranteed repairs from official dealerships for five years.
Data is taken directly from Tesla vehicles without the need for any extra hardware to be installed in the vehicle.
The new scheme is the first to take information directly from the car without a black box telemetry system present and could see owners make massive savings.
By Miles claims motorists who travel under 7,000 miles could save hundreds of pounds on their existing insurance prices with the scheme.
The group claims car insurance providers have left electric car owners behind as quotes often surpass £2,000 for a simple agreement.
A quote delivered from MoneySuperMarket for a new Tesla Model 3 revealed almost £600 could be saved by using the By Miles technology.
Total car insurance costs were found to be £679.53 with the By Miles insurance compared to over £1,000 for other mainstream insurance providers.
James Blackham, co-founder of By Miles said: Electric and connected cars are the future. The insurance industry needs to catch up and launch policies as smart as the cars themselves.
“Our policy is the first connected car insurance policy in the world, and the first to offer pay-by-mile cover without the need for any external technology like a black box or smartphone. We’re going totally trackerless.
“Tesla drivers have been getting a raw deal on car insurance, mostly because the old fashioned big insurers don’t understand their cars. But we think Tesla owners should be rewarded for making an eco-friendly choice.”
The company’s over the top data collection does not take into account how a car is driven and motorists are only judged on their overall mileage.
Motorists can access information about their mileage through the By Miles app and can pay for monthly mileage to avoid charges spiralling.
The group confirm fully compressive cover is offered including many extra items such as damage or theft to charging cables and electric car batteries.
James Blackham added: “Electric and connected cars are the future. The insurance industry needs to catch up and launch policies as smart as the cars themselves.
“Our policy is the first connected car insurance policy in the world, and the first to offer pay-by-mile cover without the need for any external technology like a black box or smartphone.”
Tesla’s over the air wireless connected cars system helps provide updates and features to models on the move.