Tesla Rolls Out Insurance In California

Tesla Inc (TSLA.O) said on Wednesday it was launching an insurance service designed to give drivers in California, its biggest market, lower rates because of safety features on its electric vehicles.

Chief Executive Elon Musk has been one of the strongest proponents of the idea that car insurance rates should plummet as driver-assist and self-driving technology become standard.

Tesla said rates of its new plan were as much as 20% lower than those of rivals but did not provide comparisons.

The company did not name an insurance partner, but the California Department of Insurance website showed Tesla was licensed as a broker to conduct business on behalf of the State National Insurance Company Inc, a unit of Markel Corp (MKL.N).