Tesla “taking steps” to become a full-fledged insurer

For now it acts as a broker in new offering

Tesla “taking steps” to become a full-fledged insurer

Motor & Fleet

By Terry Gangcuangco

Famed innovator Elon Musk – the man who dreams of colonising Mars – is not one to shy away from the challenge to break barriers, and it looks like he’s just as keen when it comes to providing insurance coverage for Tesla owners.

Anyone closely watching this space will know that Tesla Insurance has already been earmarked as offering premiums as much as 30% lower compared to what’s currently available on the market. While the newly launched proposition is initially available only in California, what’s interesting to note is Tesla’s long-term plans.

According to the Financial Times, for now the automaker is acting in a broker capacity, with Tesla Insurance policies backed by specialist provider Markel. It won’t stop there though as it is “taking steps,” Tesla told the publication, to eventually underwrite coverage as a full-fledged insurer.

No further details have been provided.

Meanwhile Tesla owners are not covered exclusively by the company’s insurance plans.

“While we believe Tesla Insurance provides a compelling offer for new and existing owners, customers can select any third-party insurance product they prefer,” stated the car manufacturer on its website.

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