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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Tesla offers insurance to car buyers in California, with eye toward driverless future

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SAN FRANCISCO (AP) — Tesla owners in California can now buy insurance from the electric car company in what may be the first step toward the unconventional automaker providing coverage for a fleet of driverless taxis.

The expansion announced Wednesday comes four months after Tesla CEO Elon Musk told analysts the company would branch into insuring its own cars for people who buy or lease them.

Musk believes Tesla has learned so much about its cars that it will be able to offer rates 20% to 30% below those offered by traditional insurers. That will likely to appeal to Tesla owners who have been complaining about being charged too much for coverage.

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