Tesla Motors, Inc. (TSLA Quick QuoteTSLA - Free Report) is entering the vehicle insurance business in Australia and Hong Kong, per Electrek. The company has tied up with large insurance companies – QBE Insurance in Australia and AXA General Insurance in Hong Kong – for the program, which will be called InsureMyTesla.

As part of this program, Tesla will offer custom insurance plans with benefits like new vehicle replacement for cars that are less than three years old, as well as coverage for the wall connector, windscreen, window glass, and head and tail lamps. The plan will also cover lost, damaged or destroyed locks and keys for a maximum of $2,500 in one policy period. Further, the insurance policy covers towing and legal costs, and allows the vehicle owner to choose any authorized Tesla repairer.

Reportedly, Tesla has started offering insurance plans starting from $1,200 AUD per annum (about $900 USD) in Australia. However, it is not clear whether the company intends to launch vehicle insurance services in North America and other markets.

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Currently, Tesla carries a Zacks Rank #3 (Hold). Some better-ranked automobile stocks include The Goodyear Tire & Rubber Company (GT Quick QuoteGT - Free Report) , Magna International Inc. (MGA Quick QuoteMGA - Free Report) and Fox Factory Holding Corp (FOXF Quick QuoteFOXF - Free Report) , each carrying a Zacks Rank #2 (Buy).

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