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Tesla To Offer Insurance Product Very Soon

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According to Tesla’s CEO, Elon Musk, the company is mere weeks from providing insurance on its cars. Musk relayed this to analysts and investors recently via a conference call, in a move that aims to assist lease holders to save money when it comes to high premiums.

According to Yahoo Finance, Musk stated that an insurance product was in its planning stages from Tesla, which should launch in about a month from now. This was reported after the CEO shared the company’s first-quarter share loss, which was worse than anticipated.

The CEO also explained that the insurance product would be more “compelling” then anything else that is out there right now; providing no more information after that.

While environmentally-friendly vehicles, Tesla model are the most expensive to insure, and quotes among these cars vary. Its website offers a simple explanation around this stating that Tesla vehicles that cost more, can also cost more around insurance. This is in reference to models’ rep around safety and quality. The website also goes on to note, that in logic, if a car is more expensive, this means the insurer will have to pay more if you need to replace your vehicle, thus the high insurance price.

Still, the outline of the insurance product Tesla would be offering, and the cost, is not clear; however, in theory, this plan could help owners of these models save in the long run.

In related news, Volvo too recently relayed that it would be providing its client base with a subscription plan that offered insurance within an all-inclusive monthly price tag of $750 bucks. Much like mobile plans, customers that “subscribe” to a Volvo vehicle on a two-year plan on fixed monthly payments would be offered insurance under this deal.

Sounds like an interesting concept, and the idea continues to see the auto industry evolving into new areas.

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