Elon Musk says Tesla will begin offering its own insurance to customers next month

elon muskJames Glover / Reuters

Tesla CEO Elon Musk said on Wednesday that the electric-car maker will begin offering a new insurance product to its customers in around a month.

"We are creating a Tesla insurance product and we hope to launch that in about a month," he said. "And it will be much more compelling than anything else out there."

Musk did not offer further details, and the company did not immediately respond to a request for comment.

Read more: Tesla posts huge loss, says deliveries are still on track despite 'aggressive schedule'

In October 2017, Tesla began offering an insurance product for customers through Liberty Mutual Insurance Company called InsureMyTesla. The program allowed customers to receive a new car if their car could not be fixed, among other benefits. It is unclear if InsureMyTesla is still available, as the former web link to the program was not active as of Wednesday afternoon.

Tesla owners have dealt with high insurance costs due in part to the relative difficulty of finding replacement parts and qualified body shops. AAA raised insurance rates for Tesla vehicles in 2017, though Tesla argued that AAA's decision was "severely flawed" because it compared Tesla's Model S sedan and Model X SUV against dissimilar competitors.

Tesla reported its first-quarter earnings on Wednesday. The company posted a loss of $2.90 per share (analysts surveyed by Bloomberg predicted a loss of $1.30 per share) on revenue of $4.54 billion (the analysts polled by Bloomberg predicted $4.84 billion in revenue).

Have you worked for Tesla? Do you have a story to share? Contact this reporter at mmatousek@businessinsider.com.

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