Tesla (TSLA) - Get Report  announced the launch its own insurance business called Tesla Insurance with a promise that it can provide Tesla owners with rates up to 30% lower than other insurance companies. 

The electric vehicle maker said the pricing reflects Tesla's intimate knowledge of its own vehicles as well as the vehicle's active safety and advanced driver assistance features that come standard with all new vehicles. 

Tesla also says customers can purchase a policy in as little as one minute. 

The insurance being offered by Tesla has been in the works for some time and earlier this month, analysts at Credit Suisse said that "Tesla is more likely to partner with multiple insurance companies rather than seek to become a formidable competitor." CEO Elon Musk first revealed in the company's first-quarter earnings call in April that Tesla was developing an insurance product,  claiming it would be "much more compelling than anything else out there."

Tesla Insurance is being fronted by State National Insurance Co., according to an April filing with the California Department of Insurance. 

Tesla shares were up 0.54% to $215.24 on Wednesday afternoon. 

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