Electric car maker Tesla is branching into auto insurance.
The company said Wednesday that it’s offering comprehensive coverage and claims management to Tesla owners with 20% to 30% lower rates. Policies initially will be offered to customers in California and expand to other states in the future.
Tesla said it can offer lower prices because it’s most familiar with active safety and driver assistance features that come standard on all Tesla vehicles.
“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 said in a blog post.
Tesla owners can buy a policy in as little as one minute on the company’s website. And new vehicle owners can request a quote prior to delivery, the company said.
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