Tesla to Sell Insurance for Its Own Cars in California
The automaker will not require customers to purchase the insurance, however.
REUTERS
Elon Musk’s electric car company Tesla announced Wednesday that it would begin selling insurance for its own cars in California. The carmaker will not require customers to purchase Tesla Insurance, though.
“Because Tesla knows its vehicles best, Tesla Insurance is able to leverage the advanced technology, safety, and serviceability of our cars to provide insurance at a lower cost,” the company wrote in an announcement. Though the company claimed to offer lower rates, but it provided no specifics and disclaimed on a Frequently Asked Questions page that rates would vary by individual. Tesla plans to expand its offerings from California to more states in the future.
The setup mirrors Apple’s AppleCare program, which offers services for its iPhones and other devices, though car insurance is a more established industry than phone insurance.
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