Tesla to offer Auto Insurance – Elon Musk
Tesla is creating an insurance program and hopes to offer it in about a month, Chief Executive Elon Musk said in a conference call with analysts after Silicon Valley car maker’s first-quarter results. The product would be “much more compelling than everything else out there,” Musk said. Musk was responding to a question about an insurance program that would “simplify ownership” and to take into account Autopilot, Tesla’s suite of advanced Driver-assistance systems. Tesla earlier Wednesday reported a wider-than-expected quarterly loss and revenue also missed Wall Street expectations
Why? This is an interesting move, but one that makes sense given the wildly varying costs for vehicle owners to insure their Teslas. It’s also an effective way for Tesla to put its money where its mouth is when it comes to its claims of vehicle safety and Autopilot effectiveness.
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