Tesla Plans to Offer Its Own Insurance

Tesla has recently announced its plans to offer its very own auto insurance to the market. According to Tesla chief executive officer Elon Musk, this new plan that is going to be released to the public will save vehicle owners a large sum of money.

PCMag reports that this offering will only be made available to individuals who are looking to purchase their very own Tesla self-driving vehicle. The news site states that the said company will be releasing their own insurance plans around sometime this May, with their range of offerings being “more compelling” compared to other products in the market.

Going into Details

Despite Elon Musk not going into details about his company’s “more compelling” offers, Entrepreneur notes that the developments and technology Tesla has today will greatly shed light on how consumers drive their respective vehicles.

With Tesla’s car models equipped with state-of-the-art safety features, including the famous autopilot design, the company is confident that it can provide consumers with a more competitive offering. In addition, the relevant information collected from its driving public will let the said company gauge just how each car is treated and driven.

While the automotive company has previously launched InsureMyTesla a few years back, working with third-party providers to offer customers lower pay rates, it has now moved towards releasing its own program. According to PCMag, Elon Musk plans to bring lower premiums to drivers who are careful with how they treat their cars.

A caveat, if one can call it that, is that individuals availing insurance from Tesla would have to agree not to do anything crazy with their vehicles, else a higher premium will be imposed, notes Tech Crunch.

Tech Crunch further reports that his company has already started working with other insurers about his autopilot technology, thus helping reduce the overall rates.