Elon Musk is hopeful that Tesla Insurance could expand to other states in the US later this year. Musk noted that regulatory approval for Tesla Insurance often takes time.
“Hopefully, later this year for several more states. Insurance is different for almost every state in America & regulatory approvals take time,” Musk tweeted, answering a question about when Tesla Insurance would come to Florida.
The Balance explains that Insurance companies are regulated by the states and usually have an office that oversees insurance matters. For instance, Florida has a Division of Insurance agent and Agency Services.
Is there any updated timeline on Tesla insurance coming to Florida?
— Jason LRRWD Y (@jgrano305) April 29, 2021
In the Sunshine State, Tesla would need to obtain an agency license before it can operate as an insurance agency. Once it receives an agency license, it must designate a licensed agent to each agency it established within the state.