Bitcoin falls 4% to $99,237
June 22 (Reuters) - Bitcoin, the world's largest cryptocurrency by market value, was down by 4.13% at $99,237 at 10:52 a.m. ET (1452 GMT) on Sunday.
Ether, the second-largest cryptocurrency, was down by around 8.52% at $2,199.
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Tesla Insurance 2024 Losses, Combined Ratio & Safety Score Data-Driven Risks
Customer complaints mount as payouts lag In May 2025, Tesla's insurance arm posted a combined ratio of 121% — meaning for every dollar in premiums, it paid out $1.21 in claims and expenses. For context, most insurers break out into a profuse, 'I am going to lose my job' sweat if that number nudges above 95%. Elon Musk pitched Tesla Insurance, a subsidiary of Tesla Inc. as the 'missing piece' in the Tesla ecosystem. He argued Tesla owners now crave more than torque — they want their insurance bill to shrink as fast as their 0–60 mph time. 0:07 / 0:09 2025 Audi S3: 4 reasons to love it, 2 reasons to think twice Watch More Tesla Insurance Loss & Combined Ratios versus Industry Average, 2023–2024. In this chart, you can see just how far off the mark Tesla is compared to the industry average. The loss ratio shows what portion of premiums is paid out in claims, while the combined ratio adds all expenses. Above 100%? You're losing money on every single policy you sell, even before you count the cost of keeping the lights on. For Tesla, that means underwriting losses — $42 million in the first nine months of 2024 alone. It might not look like a lot, but by insurance industry standards, year over year 2023-2024 Tesla are still bleeding profusely. These are very serious 'in the red' numbers for an insurance company. The chart highlights that Tesla Insurance's loss and combined ratios were much higher than the industry averages in both 2023 and 2024. Even as Tesla improved in 2024, it still paid out far more in claims and expenses than it collected in premiums — underscoring ongoing profitability challenges compared to traditional auto insurers. The Third-Person Cinematic Scene The Tesla Insurance sold by Musk offered a 'disruptor' view of car insurance, no doubt spurred on by asking himself what in the data they already collect from owners' cars could they captialize on. Picture a Model Y idling in a suburban driveway, the morning sun glinting off its glass roof. The owner sips coffee, scrolling through the Tesla app — not for a new FSD beta, but to check how must she will have to pay this month in car insurance. The number flickers, driven by last week's hard braking and that one questionable left turn. A push notification: 'Safety Score: 92. Your rate may decrease.' But as the birds chirp and the caffeine kicks in, a question lingers: Is Tesla's insurance experiment a revolution in risk or just another Silicon Valley mirage? Let's also not forget a Tesla Y is meant to also be able to go off-road. What happens to this month's premium if our owner decides to take the family for a spin to a favorite camp site? What about when you decide to go hands-free? The premium will surely spike. The Disruptor's Dilemma: When Data Meets Damage Claims Tesla Insurance launched with a promise: harness real-time driving data, reward safe behavior, and undercut legacy insurers. The pitch? 'We know our cars best, so we can price risk better.' For a while, it worked—sort of. By 2024, Tesla Insurance had reached a $300 million annual premium run rate and was available in 16 states (Tesla Q1 2025 Earnings). But then came the numbers: a combined ratio of 145% in 2023, easing to 'only' 121% by Q3 2024. Progress, sure, but still deep in the red. Any other insurer would be firing people hand over fist. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Safety Score: The Algorithmic Tightrope Tesla's secret sauce is the Safety Score — a real-time, black-box rating that turns every commute into a behavioral audit. Hard brake at a yellow light? That's a ding. Take a corner with a little too much verve? Another. Go off-road? God only knows. In theory, this should incentivize safer driving and lower claims. In practice, owners complain about 'phantom dings', lifestyle choices they didn't have to make before, and inscrutable penalties. Again, Tesla's monitoring feels both opaque and invasive. And then there's the repair bill. Teslas remain expensive to fix, with parts and labor often pricier than their ICE counterparts. And mostly VIN-locked. Even with all that data, Tesla Insurance can't escape the gravitational pull of high repair costs — especially as increased vandalism and accident rates tick up in urban markets. The Investor's Paradox: Growth vs. Gravity For investors, Tesla Insurance is both a carrot and a stick. The business is growing — fast — but the losses are stubborn. As Tesla expands coverage and refines its algorithms, the combined ratio is falling, but not fast enough. The industry gold standard is a combined ratio below 95 percent. Tesla's 121 percent is still a very long way from liquid. Tesla Insurance has kept being able to pay claims despite earning less than the costs by cash infusions from Tesla Inc, their parent company. Tesla Insurance lost $30 million in 2023, and $42 million for the first 9 months of 2024; so it will be well over $50 million for the full 2024 so expect the line for 2024 in the chart to rise. The stakes are real, of course. If Tesla cracks the code, using its data edge to drive down claims and costs, and its owners feel it adds to their life, it could rewrite the rules of auto insurance. It needs to do this without alienating the insured with premium increases on every hard brake. If they can't do these things, the business becomes a costly distraction, a cautionary tale for tech giants who think they can outsmart old-school actuaries. Real-World Rituals: The Human Cost of Disruption For owners, the promise of lower premiums is offset by frustration with claims processing and the opaque Safety Score, which nudges their premiums up and down seemingly at random. The ritual of checking your rate has become a new form of range anxiety. Will this month's premium spike because of a single swerve? Meanwhile, Tesla forums buzz with tales of denied claims and customer service black holes. So, is Tesla Insurance the promised disruptor? Is it a revolution in the making or a slow-motion fender-bender? The numbers say 'not yet' — but the experiment is far from over but shrouded in corporate blood lost. At 70 mph, with the Safety Score whispering in your ear, you have to wonder: is this the future of insurance, or just another beta test by a known conjurer? In the end, all we really want is a policy that's as smart — and as fair — as the car it covers. About the Author Brian Iselin View Profile
