Tesla introduces Tesla Insurance, promises premiums up to 30% lower
Tesla owners in California can now insure their car through Tesla Insurance, with up to 20% and in some cases up to 30% lower rates, reports the carmaker.
In a later stage, the new service will be expanded to other US states.
Tesla states it can offer lower rates as it knows its vehicles best and it is able to leverage the technology, safety and serviceability of its cars to provide insurance at a lower cost.
The cost of each policy will be based on each individual’s driving record and other factors, but it says it won’t use or record vehicle data. However, the company has said it will use anonymised data taken from Tesla’s global fleet to help determine rates.
Customers can cancel or change their Tesla Insurance policy at any time.