Tesla Inc. on Aug. 28 unveiled an insurance policy for its car owners called Tesla Insurance.
The policy provides comprehensive coverage and claims management with rates up to 20% to 30% lower than traditional rates due to the vehicles' advanced technologies and safety features, according to the release.
The program will initially be available to customers in California and will later be expanded to more U.S. states, the electric-vehicle maker said.
Existing customers in California can purchase the policy through the Tesla Insurance website. Customers with new vehicle orders can request a quote ahead of delivery once a vehicle identification number has been assigned to their Tesla account.
Tesla CEO Elon Musk announced his plan to launch an insurance product during an earnings call in April.
