Tesla claims its new offering will provide customers with 20% to 30% lower insurance rates.
Automaker Tesla announced the launch of its own insurance service on Wednesday, according to a blog post on the company's site.
"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," the company said in the post. Tesla Insurance does not cover vehicles when used for ride-share services. Additionally, Tesla Insurance is not mandatory for Tesla customers, the company states.
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