TeslaCEO Elon-Musk said on Wednesday that the company planned to launch its car insurance service in Texas in October, expected to be allowed to launch in New York next year and would expand globally in the future, but complained that the regulatory approval process in the US was too slow.

Musk is responding to a Twitter.The fan said this when he asked a question, who complained that his Model Y premium was as high as $500 a month.

"Tesla, Inc. hopes to provide real-time (based on actual driving history) insurance in Texas next month, which may not be approved by New York until next year," Musk wrote. "

"the regulatory process for approving the provision of insurance is extremely slow and complex, and varies widely from state to state," he said. "

Musk also said: "I hope to promote it around the world in the long run, but the insurance industry is a regulatory maze / chamber of secrets to escape!"

Tesla, Inc. launched a car insurance service in California in August 2019. It was reported at the time that, in some cases, the company's insurance premiums could be as low as 30 per cent.