Car manufacturer believes that because it has all the information at fingertips via data, it can offer the best product to drivers 

Billionaire tycoon Elon Musk says Telsa is ready to offer a ‘much more compelling’ insurance package to its drivers than currently on offer with insurers.

According to reports, the new product will be managed completely in-house.

Musk did not delve into details about the product, but he hinted that it would be led by the data Telsa collects from drivers.

Drivers who agree to the coverage will be expected ‘not to drive the car in a crazy way’.

Previously Telsa had been working with insurers via the InsureMyTesla program launched a few years ago. The goal was to bring premiums down.

This new product is expected to break free completely from insurers.

The new product is expected to be ready next month, although no official details have yet been revealed despite the widespread reports. 

However, insurers believe there are dangers to driverless cars and the way they are marketed - with more awareness needed by the public.