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Tesla Launches Own Insurance Service In California

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Tesla Inc. (TSLA) has launched its own insurance service in California that would be as much as 30% less than other insurance plans, the company said. But it did not provide full details about the offering.

It will expand the service to additional U.S. states in the future, the company said in a blog post.

The company describes the insurance as a "competitively priced insurance offering designed to provide Tesla owners with up to 20 percent lower rates, and in some cases as much as 30 percent."

Tesla customers in California can purchase a policy in as little as one minute through its website, and those who have already ordered vehicles can request a quote with their vehicle identification number.

Tesla Insurance offers a monthly payment with no hidden fees or charges. Customers may cancel or change their policy at any time, the company said.

TSLA closed Wednesday's regular trading at $215.59, up $1.51 or 0.71 percent.

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