Tesla Insurance – the auto insurance offshoot of Tesla Inc. – could become one of the largest auto insurers in America, if the unit’s valuation by chief executive Elon Musk is to be believed.

In a recent quarterly earnings call, Musk dropped hints that he sees Tesla Insurance taking up a good portion of the company’s car business.

“Obviously, insurance is substantial. So, insurance could very well be, I don’t know, 30%, 40% of the value of the car business, frankly,” he said.

Thirty per cent (30%) may not sound like much, but a report from CleanTechnica puts the figure into perspective. As of July, Tesla’s value exceeded almost every company in the S&P 500, the clean technology news portal noted, with the company’s market cap currently sitting at $391.95 billion.

If Tesla Insurance was 30% of the company’s current market cap, it would easily take the top insurer spot from State Farm, which has a market cap of $42 billion.