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Tesla Inc (NASDAQ:TSLA) is planning on offering car insurance, "based on actual driving history," in Texas next month, as per the company’s CEO Elon Musk.
What Happened: The electric vehicle manufacturer, which already offers insurance in California, is hoping to jump into the insurance fray in Texas next month and anticipates approval in New York next year, Musk said.
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The entrepreneur noted that the regulatory process for approval to offer insurance is “extremely slow & complex” and varies considerably by state.
See Also: How To Buy Tesla (TSLA) Shares
Notably, Musk’s comments came in response to a Tesla user who said on Twitter he was quoted $500 per month for a Model Y car.
The regulatory process for approval to offer insurance is extremely slow & complex, varying considerably by state.
— Elon Musk (@elonmusk) September 22, 2021
Tesla is hoping to offer real-time (based on actual driving history) insurance in Texas next month.
Probably next year before we get approval in New York.
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Separately, Musk also said on Twitter that Tesla would hopefully roll out the product worldwide in the long term.
Hopefully worldwide long-term, but insurance is a regulatory labyrinth/escape room!
— Elon Musk (@elonmusk) September 22, 2021
Why It Matters: Tesla Insurance was rolled out in California in August 2019. At the time, it was reported that the company’s coverage was up to 30% less expensive in some instances.
See Also: Tesla Expanding Insurance On Its Cars To Illinois
At the time, industry analysts said that the Tesla insurance product wasn’t likely to massively disrupt the insurance sector.
An app data leak, reported in June, found code that indicated rates for insurance would be adjusted based on time spent using autopilot, speed, miles driven per day, and other statistics.
Price Action: On Tuesday, Tesla shares closed nearly 1.3% higher at $739.38 in the regular session and fell 0.32% in the after-hours trading.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.