Joins Tesla as EV makers offering captive insurance
Will cover on and off-road, bonus for using driver aids
Electric pickup and SUV maker Rivian is planning to get into the insurance game when it launches its first vehicles later this year. The product will be available in 40 states to start and is expected to grow to the rest of the country shortly, setting it apart from the brand’s expected biggest rival.
The insurance product is set to be integrated into the ordering process for a Rivian vehicle, letting buyers of an R1S crossover or R1T pickup get a quote in minutes online. The coverage, Rivian says on its site, is tailored to the capabilities offered by the EVs. That means “data-driven coverage” and Rivian says that it will offer discounts it calls Driver+ that rewards drivers for using systems like Active Driving Assistance.
Rivian says online diagnosis will lead to faster claims processing and lower prices, while there will be a network of Rivian collision and service centres to help complete the work in what Rivian says will be a “transparent and less stressful” experience.
The coverage will apply to Rivian vehicles used on and off-road. It will also cover Rivian accessories like the camp kitchen and rooftop tent, items not always covered by traditional car insurance. Rivian says coverage will also be available for other vehicles, home, boat, and campers, all through its insurance partners who underwrite the policies.
This move helps Rivian better compete with Telsa, who offer a similar captive insurance product. Though Tesla insurance is still only available in California.