Tesla to use Autopilot data for insurance product

Tesla to use Autopilot data for insurance product

Electric car maker Tesla is planning to roll out its own insurance product within weeks, using data from its vehicles' Autopilot system to set rates, says founder Elon Musk.

In an analyst call following the release of Tesla's first quarter results, Musk said that the firm has an "information arbitrage opportunity" because it can use its Autopilot driver assistance system to track how its cars are driven.

Tesla already shares some information with insurance companies and thinks that it can use its knowledge to offer safe drivers an attractive rate. The new product is set for launch "next month".

However, Musk did note that customers who decide to opt for Tesla insurance might need to "not drive in a crazy way," if they want a good deal. They can drive "crazy" but they will pay for it.

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