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Tesla strikes another deal that shows it's about to turn the car insurance world upside down (TSLA)

Tesla and Liberty Mutual are create a customized insurance package and it shows Tesla's intent to disrupt the insurance industry.

  • Tesla has created a customized insurance package, InsureMyTesla, that is cheaper than traditional plans because it factors in the vehicles' Autopilot safety features and maintenance costs.
  • InsureMyTesla has been available in 20 countries, but Tesla just recently partnered with Liberty Mutual to make the plan available in the US.
  • InsureMyTesla shows how the insurance industry is bound for disruption as cars get safer with self-driving tech.

Tesla struck a deal with Liberty Mutual to create a customized insurance package — and the move shows how the electric automaker is intent on disrupting the insurance industry.

The new plan is called InsureMyTesla and was designed specifically for Tesla vehicles. Its benefits include replacing Teslas damaged beyond repair within one year. Tesla launched the package on October 13 in the US in all 50 states, but it already exists in 20 other countries, a company representative confirmed.

Electrek first reported on the news.

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Tesla started quietly rolling out the InsureMyTesla program in February in Hong Kong and Australia. The electric car maker partners with different insurance companies across the globe to offer InsureMyTesla, which lowers overall insurance costs by factoring in the vehicles' Autopilot safety features and maintenance costs.

Tesla CEO Elon Musk has said that insurance agencies should adjust their prices for Tesla vehicles because the cars come with Autopilot, the company's advanced driver-assistance feature.

"If we find that the insurance providers are not matching the insurance proportionate to the risk of the car then if we need to we will in-source it," Tesla CEO Elon Musk said in February.

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