Teslas driver safety scoring system could be a game-changer for car insurance

Date:
Mon, 11 Oct 2021 13:08:31 +0000

Description:
Tesla CEO Elon Musk has hinted at a future in which his companys driver
safety scoring system could be used to determine crash probability.

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Tesla CEO Elon Musk has claimed that the automakers driver safety testing system will be refined continuously until it is an extremely good predictor
of crash probability which could be a game-changer for the car insurance industry.

At present, the system awards Tesla drivers a score between 0-100 that reflects how safely they operate their car over a given period, a figure
which is then used to determine whether a driver qualifies for certain software updates.

For instance, a recent major software update to Teslas Full Self-Driving Mode (FSD) a system which allows a vehicle to maneuver around other objects and onto highway ramps without the need for driver intervention was only distributed to around 1,000 Tesla owners with perfect 100/100 safety scores. FSD Beta 10.2 rolls out Friday midnight to ~1000 owners with perfect 100/100 safety scores. Rollouts will hold for several days after that to see how it goes. If that looks good, beta will gradually begin rolling out to 99 scores
& below. October 7, 2021 See more Another Tesla using autopilot crashes into emergency vehicle Tesla's Cyberquad name is not what you think it is Everything we know about the Mercedes EQS

Musk also suggested that further refinements were definitely coming to the companys safety scoring system which is still in early beta stage in response to a tweet asking whether this would be the same [...] system used for Tesla insurance.

In its current state, the system uses five metrics, called Safety Factors, to calculate the likelihood that a Tesla owner's driving could result in a
future collision.Most drivers are expected to have a Safety Score of 80 or above, according to the company. Definitely further refinements coming to (early beta) safety test score. It will be refined continuously until it is
an extremely good predictor of crash probability. Exciting actuarial problem! October 7, 2021 See more

Tesla currently only offers insurance packages to vehicle owners in California, though it plans to expand the service to Texas in October and
then aspirationally to most of the US by the end of 2021.

Right now, the automaker claims that its rates are up to 30% cheaper than the competition, though Musks comments suggest its fledgling safety scoring
system could play a major part in determining what premiums its customers can expect to pay when the service does roll out en masse presumably, the better a drivers safety score, the cheaper their insurance. A fairer system?

Of course, this isnt an entirely new system. For years, insurance companies have fitted so-called black box systems to vehicles as a means of monitoring driver behaviour a method often used to promote the safety of younger drivers.

But Musk seems to be suggesting that his companys in-built safety scoring system which, as mentioned, is currently being used as a measure of update eligibility might double as a black box system as Teslas insurance division grows.

If so, the move might encourage the implementation of similar systems in vehicles produced by rival automakers in an effort to eliminate the need for insurance companies entirely.

If the manufacturer of a car can offer its customers accurate insurance premiums based on the safety of their driving behaviour or crash
probability, as Musk puts it why would those customers shop elsewhere for
the same cover?

This is, of course, all merely speculative at this point but Musks comments nonetheless allude to a simpler, hassle-free and fairer future of car insurance. Teslas new in-car gaming system is basically a mini PS5



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Link to news story: https://www.techradar.com/news/teslas-driver-safety-scoring-system-could-be-a- game-changer-for-car-insurance/


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