Rivian is partnering with Nationwide for its insurance program. Though there could be more companies partnering with them.
Rivian’s plans to sell insurance for its electric vehicles are now taking shape, with new details released about data-driven coverage and a partnership…
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Rivian’s plans to sell insurance for its electric vehicles are now taking shape, with new details released about data-driven coverage and a partnership with established underwriter Nationwide.
Rivian already is at the forefront of electrification and autonomous driving. Now it appears to be on the leading edge of another trend—carmakers that sell insurance, too. And that carries special meaning in Bloomington-Normal, where State Farm is based and where Rivian will make its EVs.
Rivian recently announced plans to sell insurance products as part of its digital ordering process. The company says by linking insurance to the vehicle itself, it will be able to diagnose issues more quickly and comprehensively, and even remotely. And those who use Rivian’s mid-level autonomous driving tool can get discounts on their insurance rates. Customers also will be able to insure their home, recreational equipment, and other vehicles.
Rivian Insurance will be available to customers in 40 states initially; insurance is generally regulated state-by-state. The policies will be underwritten by third-party carriers. Rivian has not disclosed who they will be, but Columbus, Ohio-based Nationwide confirmed to WGLT that it’s a partner. It’s unclear if there are others.
“When customers purchase their Rivian vehicle, the company will offer customers auto insurance products underwritten by Nationwide,” a Nationwide spokesperson said in a statement. “The partnership will lead to improvements in product development and customer service experience for both companies. Rivian is a great example of a company that develops products with the best interest of the customer in mind. They are revolutionizing the electric vehicle and connected car industry, and Nationwide is proud to provide our best-in-class products and digital infrastructure to help them meet their customers’ needs.”