State Farm. Allstate. Farmer's. If you have insurance on your car, you probably know those names.
Now you can add Tesla to that list.
Tesla said Wednesday it is now getting into the insurance game, and it's offering auto insurance policies for Tesla owners in California. In a statement, the electric car company said current owners of its Model 3, Model S, Model X and Roadster cars can purchase coverage for their vehicles, while new car buyers can request a quote after a vehicle identification number has been assigned to their car.
Tesla said all insurance quotes can be obtained "in as little as one minute" after signing in to Tesla's insurance site. Tesla's insurance offering comes after CEO Elon Musk suggested in April that the electric carmaker would begin selling policies for its vehicles.
The company is touting that it can insure its cars at rates less than traditional insurance companies, and that it will charge "up to 20% lower rates, and in some cases as much as 30%" less than what drivers can expect to pay elsewhere. Tesla said it is able to offer lower insurance rates because it "uniquely understands its vehicles, technology, safety and repair costs, and?eliminates?fees?taken by traditional insurance carriers."
Insurance premiums will be based upon factors such as a person's driving record, and drivers could see more discounts if they insure more than one vehicle.
Tesla said its auto insurance will initially be offered only in California, but it expects to expand the offering to other states in the near future.
