After its official release last Thursday, August 28th, Tesla’s stock value grew around 3% in the market. For now, it is only available in California.
Tesla cars will finally get insurance service from the company itself. Elon Musk’s carmaker will offer the insurance for a better price than what is found on the market. Usually, the prices for the EVs are very high.
Starting in California, the plan is to expand to other US states soon after.
Since the repairing of Tesla vehicles is usually not that friendly to the customers, the company made an essential move on offering a price 20% (with chances of even 30%) of the price usually paid.
Here is what the carmaker claimed to justify the low prices:
“Because Tesla knows its vehicles best, Tesla Insurance can leverage the advanced technology, safety, and serviceability of our cars to provide insurance at a lower cost. This pricing reflects the benefits of Tesla’s active safety and advanced driver assistance features that come standard on all new Tesla vehicles. Tesla Insurance offers a convenient monthly payment with no hidden fees or charges. Customers may cancel or change their Insurance policy at any time.”
As a result of launching the insurance program, the company’s stock (TSLA) was rising during the time this article was written. It was also receiving positive feedback in the European market.
In a work with tables and graphs, the website Value Penguin gathered data to estimate how much of a discount your vehicle will get:
Here also are the prices of the insurance for each Tesla Model (Model 3, Model X, and Model S).