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Tesla Car Insurance At A Discount For California Customers

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Tesla Inc. has launched a car insurance offering, which the company claims will offer owners of its electric vehicles up to 30 percent lower rates in some cases. CEO Elon Musk had announced in April the company's plans to launch an insurance product.

The new program, called Tesla Insurance, will initially be available only to customers in California, but will be expanded to additional U.S. states in future.

In a blog post on Wednesday, Tesla said that its "competitively priced" insurance offering is designed to provide Tesla owners with up to 20 percent lower rates, and in some cases as much as 30 percent.

According to the company, Tesla Insurance offers a convenient monthly payment with no hidden fees or charges. Customers will be able to cancel or change their insurance policy any time.

"This pricing reflects the benefits of Tesla's active safety and advanced driver assistance features that come standard on all new Tesla vehicles," Tesla said.

The cost of policy will be based on an individual's driving record, while it will not use or record vehicle data such as GPS or vehicle camera footage when pricing insurance.

Existing Tesla owners in California can purchase a policy in "as little as one minute" through a dedicated web page. Customers ordering new vehicles can request a quote prior to delivery once a VIN has been assigned to their Tesla Account.

It may be recalled that in May, Wedbush Securities analyst Daniel Ives slashed his price target on Tesla's stock, citing "major concerns" around the trajectory of luxury electric car maker's growth prospects.

"With a code red situation at Tesla, Musk & Co. are expanding into insurance, robotaxis, and other sci-fi projects/endeavors when the company instead should be laser-focused on shoring up core demand for Model 3 and simplifying its business model and expense structure," Ives wrote then.

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