Insurers In India Race To Tie Up With Tesla Amid EV Boom

NDTV

16-07-2025

New Delhi:
Elon Musk's electric vehicle (EV) giant has come to India, but a bigger question that people are asking is who will be the insurance provider for the American auto maker?
Acko has been named as Tesla's preferred insurer in India, sources said.
Bajaj Allianz and ICICI Lombard, however, are also hot in the race to get into tie-ups with Tesla for insurance for their India vehicles, people with direct knowledge of the matter said.
The talks are in early stages and no terms have been finalised yet, they said, adding the insurers are pitching for non-exclusive tie-ups with Tesla.
The decision will depend on Tesla's insurance department working out of the company's Hong Kong or Singapore offices, sources in the EV maker said.
Tesla will need to get a motor insurance service provider licence from the Insurance Regulatory and Development Authority of India (IRDAI), which will take some months, sources said.
It is only after Tesla gets the licence that it will be able to sign proper tie-ups with insurance firms, they said.
Comments from Bajaj Allianz and ICICI Lombard are awaited.
Tesla made its much-awaited entry into India on Tuesday with the launch of its Model Y at a starting price of Rs 59.89 lakh. The company's first experience centre is in Mumbai.
The Model Y will be imported to India as completely built units (CBU) from its manufacturing facility in China's Shanghai.
The mid-sized electric SUV Model Y will be offered in India in two variants -- rear wheel drive with base price at Rs 59.89 lakh, and long-range rear wheel drive at a base price of Rs 67.89 lakh.
The deliveries are likely to begin in the third and fourth quarter of 2025, respectively, for the two variants.
Initially, registration and delivery will start in Delhi, Mumbai, and Gurugram, the company said, adding that through its Tesla Design Studio, customers will be able to customise their Model Y exterior, interior, and even its features.