Tesla will unveil new vehicle insurance coverage in the coming weeks, the company said on Wednesday, a move that could help its electric car makers battle competition from the likes of General Motors and Fiat Chrysler.
Tesla said it would launch its “Insurance for the Future” insurance product in 2019 and that it would “offer comprehensive coverage, including comprehensive coverage of auto accidents and damage”.
Tesla will begin offering its insurance product through its website in 2019, the automaker said.
The announcement follows similar announcements in recent months from Mercedes and BMW.
Tesla will also launch a separate insurance policy for its fleet of electric vehicles.
“Our customers know that our cars are safe, and our vehicles are reliable, and we know that this is why our cars sell so well,” said CEO Elon Musk.
Tesla announced the policy in July, and in October it launched a similar insurance product for its Model X SUV. “
The new Tesla insurance policy will help our customers take advantage of the tremendous benefits of electric vehicle technology and will help us deliver more value for our customers.”
Tesla announced the policy in July, and in October it launched a similar insurance product for its Model X SUV.
Tesla’s announcement came after its rivals on Tuesday said they would add their own policies to cover up to $1.8bn worth of losses to the company’s vehicle portfolio if it goes under.
Earlier this month, Tesla announced that it was cutting ties with the insurance giant.