that promises savings to Tesla owners of up to 30%. If such a discount sounds attractive and you’re driving a Chevy, by California law Tesla still has to let you apply–but doing so isn’t easy.Wednesday, the Palo Alto, California, electric carmaker announced “a competitively priced insurance offering designed to provide Tesla owners with up to 20% lower rates, and in some cases as much as 30%.
Offering auto coverage fits the character of a company that prides itself on being highly vertically integrated, both for production and services, in a way that’s unusual in the auto industry. Tesla already handles vehicle sales, deliveries, repairs and even fueling via in-house units.
“Tesla is not an insurance company. It doesn’t own an insurance company. They are not the ones behind this product,” the California agency tells“We worked with the California Department of Insurance to ensure our product was fully compliant prior to yesterday's launch, and we will continue to do so,” the company said Thursday, noting that its not required to advertise"other insurance carrier's products we distribute.
"While we’re currently working with experienced companies in the insurance industry, which is disclosed in public filings, we are taking steps towards becoming an insurance carrier and taking on these responsibilities in the future,” Tesla said. Though its product “was created with our own vehicles in mind, our insurance agency is able to service those who do not own a Tesla," it said.
For now, those enticing 20% to 30% rate reductions Tesla touts may please loyal customers, but non-owners will need to keep looking.
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