According to Morgan Stanley’s Adam Jonas anyway.

Seeing as Tesla insurance is only available in California and Tesla is merely acting as a broker of State National Insurance Corporation that is a massive valuation. 

"So back to Jonas’s Tesla Insurance valuation. Take Tesla’s shares outstanding -- 990,015,158 -- and multiply those by $30, and what do you get? $29.7bn."

Jamie Powell Financial Times Aug 24th 2021

The bullish forecasts on embedded insurance and Elon Musk's long-term vision of autonomous vehicles, auto design, repair networks, and underwriting/insurance served by the best data and algorithms in the business, a global vehicle parc of Tesla owned/leased vehicles one day being upgraded to robotaxi fleets the valuation may not unwarranted.

What do you think?

Link to full FT article below. 

Further Reading

Innovation- Scenarios Management applied to auto insurance

Car manufacturers are challenging traditional auto insurers: Who will win the tech race?