Tesla To Launch Its Insurance Product Soon

So you’ve purchased a Tesla, now what? Perhaps you want to buy insurance and Tesla wants to be the one to hook you up with that as well. The company’s CEO Elon Musk has confirmed that Tesla is building an insurance product which is going to be launched in about a month.

Musk confirmed this in a quarterly earnings call with analysts yesterday. “It will be much more compelling than anything else out there,” he said about the insurance product. No further details have been revealed at this point in time.

One can imagine that the insurance product may place significant value on Tesla’s Autopilot system. Musk did say during the call that Tesla does share information about Autopilot with insurance companies as it helps to reduce insurance rates. “As we launch our own insurance product next month, we will certainly incorporate that information into the insurance rates,” he confirmed.

The information that Tesla has gives it a unique opportunity to serve its customers’ insurance needs. For example, it can look at a customer’s driving data and form a good idea of the driver and car’s risk profile. It can then quote rates accordingly, with drivers who drive the car “in a crazy way” paying higher insurance rates than someone who drives by the book, so to speak.

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