Autos

Why Tesla and GM want to be big in the car insurance business

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A Tesla dealership in Colma, California, on Wednesday, Jan. 26, 2022.

David Paul Morris | Bloomberg | Getty Images

For consumers who have found that costlier insurance is just one of the expenses that make electric cars trickier to love, this is the year when relief may be coming.

Tesla says its company-backed insurance, now on the market in just five states, may reach 45 by the end of the year. GM, which revived its old GMAC insurance unit as OnStar Insurance in 2020, says it hopes to hit $6 billion in yearly insurance revenue by decade’s end.

Auto insurance is unlikely to ever be the largest business at either company, or even close. But insurance is shaping up as a way that the finance…



Source cnbc.com

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