Of more than 120 crashed Model Ys that were totaled and then put up for auction in December and early January, the vast majority had fewer than 10,000 miles on the odometer, according to online data from auction houses Copart and IAA.
Insurers typically total a car—that is, scrap it and reimburse the owner—when the estimated cost of repair is higher than the actual cash value of the vehicle. The retail prices of the aforementioned rides, which were all 2022 or 2023 models, ranged from roughly $60,000 to more than $80,000. Some estimated repair costs sat just under that, according to Reuters.
“It’s remarkable how small changes in the design of the bumper providing spare parts needed for collision repair have an enormous effect on the repair cost,” Musk explained. “Most accidents are actually small—a broken fender or scratched side of the car.” The CEO added that premiums from third-party insurance companies “in some cases were unreasonably high.” He said the company was trying to counter that by offering lower rates to Tesla owners. To recap, Tesla launched its own insurance arm in August 2019, promising rates up to 30 percent lower than competitors.
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