Elon Musk says Tesla is launching an insurance company

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Tesla is about to get into the auto insurance game, CEO Elon Musk announced Wednesday.

On a call with investors, Musk said that Tesla is in the process of “building” what he called a “major insurance company,” Business Insider reports. By the end of the year, he hopes to have launched in a handful of U.S. states, generating premiums and rates for drivers based on data collected by their cars’ internal sensors.

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