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8/28, 9:40 PM (Source: TeleTrader)
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Tesla launches its own insurance, promises best pricing

Tesla Inc. announced on Wednesday it is launching Tesla Insurance, claiming that it would reduce the premium rates for the drivers of its electric vehicles by up to 30%. The United States-based electric carmaker added that, as of today, it would offer comprehensive coverage and claims management to its customers in California and that the program will expand to the other US states in the future. The service will be available through a monthly payment and can be canceled at any time, the press release claimed.

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

Tesla's CEO Elon Musk said last April that the company would launch its insurance product next month, adding that the policies would be based on the individual drivers' risk profile.

Breaking the News / MA