Elon Musk-led automotive and energy company Tesla has officially announced the launch of its insurance product designed to cut auto policy costs for owners of its electric vehicles.
Hours after unveiling the product however, Tesla has pulled the insurance signup page from its website entirely and replaced it with an “algorithm update in progress” message.
The company has stated that it is “making some updates to Tesla Insurance and will be back online shortly.”
It was revealed back in April that Elon Musk-led automotive and energy company Tesla was working on plans to develop its own insurance product after Chief Executive Musk said it would be “much more compelling than anything else out there.”
According to its official statement Tesla says the move will reduce rates by up to 20% for vehicle owners, and in some cases as much as 30%.
The firm has also confirmed speculation that its offering will leverage the advanced technology and safety features embedded into its vehicles.
Though not yet confirmed by Tesla, a more than 4,000-page filing with the California Department of Insurance seen by Reinsurance News in April indicated that the offering was due to be fronted by Markel Corporation subsidiary State National Insurance Company, Inc.
The Tesla Private Passenger Auto program will see State National managing a program offering private insurance policies for “autos with Advanced Driver Assistance Systems (ADAS) in the State of California” the filings showed.
The filings stated that, “Vehicles equipped with an autonomous feature option will be eligible for credits based on the level of autonomy of the vehicle.”
Tesla says its vehicle owners in California can purchase a policy in as little as one minute and that, for new vehicle orders, customers can request a quote prior to delivery once a vehicle identification number has been assigned to their account.
