The electric vehicle mammoth launched the product yesterday in California

Electric vehicle pioneer Tesla has launched its insurance product, called Tesla Insurance.

Launched in California, the product is designed to provide a competitive price for Tesla owners, with the company stating that it will be able to offer drivers with up to 20% or maybe even 30% lower rates.

Technological advantage

Tesla says that because it know its vehicles best, its insurance product “is able to leverage the advanced technology, safety, and serviceability” of its cars to provide insurance at a lower cost.

Tesla also said: “This pricing reflects the benefits of Tesla’s active safety and advanced driver assistance features that come standard on all new Tesla vehicles.

Staggered launch

The product is currently available to customers in California only, but it is understood the product will have a staggered launch to other territories where Teslas are sold, including the UK.