ELON MUSK PERSONALLY INSURERS BOARD MEMBERS DUE TO HIGH QUOTES FROM COMMERCIAL INSURERS – BUSINESS INSIDER.

Tesla is not a stranger to high insurance costs for its vehicles,and last year launched an insurance product for its owners in California. The CEO is personally insuring directors of the company, citing high premium quotes from commercial insurers. The billionaire pledged 54% of his stake in Tesla to make the offering up from 40% in 2018. Musk’s reticence to use traditional insurance options might be new to the company’s board practices but it is not usual from the entrepreneur. in 2019, the company launched a Tesla branded insurance offering for owners in California after many death with high insurance costs due in part to the relative difficulty of finding replacement parts and qualified body shops.

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