Tesla announced Wednesday the launch of its new insurance product, which would promise owners of its electric vehicles lower rates of 20 percent to 30 percent compared to other insurance providers. Currently, Tesla Insurance is only offered to owners in California, though the new product is expected to expand to additional U.S. states in the future, according to Tesla.

Tesla CEO Elon Musk initially announced back in April during the company’s first-quarter earnings call that it would be launching an insurance product “in about a month.” At that time, he said it will be “much more compelling than anything else out there.”

According to the electric car maker, its in-house insurance service will offer owners of its Model S, Model X, and Model 3 the chance to take advantage of notably lower rates. Tesla noted that in some cases, its in-house service could go up to 30% lower than competitors.

Tesla Insurance will provide insurance at a lower cost by leveraging the “advanced technology, safety, and serviceability of our cars,” the company said. By knowing the deep insight and familiarity with its own vehicles, Tesla believes it will give them a better understanding of the technology and repair costs, eliminating fees which are taken by traditional insurance carriers.

The cost of each policy will be based off the owner’s driving record and “other factors that can typically impact a person’s insurance rates.” Tesla will not collect or use vehicle data, including GPS or vehicle camera footage, when pricing insurance, though it will use anonymized data taken from Tesla’s global fleet to help determine rates.

Tesla Insurance currently offers a monthly payment plan, in which owners are able to cancel or make changes to their vehicles’ policy at any time. Those with new vehicle orders can request a quote before the delivery of their vehicle with the VIN that has been assigned to a Tesla Account, while interested Model 3, Model S, and Model X owners could sign up for the service here.