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Discussion Starter #1
Pumped for our E-SUV! Has anyone had a chance to look into insurance costs for these new vehicles? I know Teslas are crazy expensive to insure....I also know people on this forum are MUCH more knowledgeable than myself on these types of matters...

Any thoughts? Carriers you know are looking into this?
 

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more autopilot features like what Tesla has can make a big difference
i don't know how Level 3 autonomous driving does for insurance but its what we're getting.
 

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I don't think the insurance companies know either. Based on this article insurance companies are apparently having difficulty adjusting to all the new types of safety features in cars.

https://www.autonews.com/regulation-safety/new-auto-safety-technology-leaves-insurers-dark?utm_source=dlvr.it&utm_medium=twitter

According to Swiss Re, the world's largest auto reinsurer, and mapping company HERE, ADAS has the potential to reduce motor accident frequencies by up to 25 percent, cutting global insurance premiums for fully ADAS-equipped cars by $20 billion by 2020.

But U.S. insurers said they currently do not have sufficient data to validate auto industry promises of safety benefits from automated driving systems.

They cite car manufacturers' reluctance to provide detailed information on models sold with those features, a lack of consistent standards, drivers' unpredictable use of the systems and higher repair costs.

"We're not going to go against the data and create any type of false discounts for the purposes of marketing at this point. We just want to make sure the rate is reflective of the risk that it brings," said Steve Armstrong, a vice president of Allstate Corp.'s pricing department, one of America's largest insurers.

Shantelle Thomas, also a vice president at Allstate's pricing department, said insurance rates will reflect benefits and costs of modern auto technology in the next five years, but will not necessarily be presented as discounts.
The sentiment was echoed by other insurance providers.

"We're stuck in a murky in-between," said Jennifer St. John, national auto claims leader at Westfield Insurance. "ADAS have shown to provide real world benefits, but there really isn't a great deal of commonality in terms of what's out there."

Insurers pointed to higher repair costs as a risk. Sensors and cameras central to automatic driving systems are mostly installed in a car's bumper or windshield. Research by AAA has shown repair costs for even minor collisions can double if such sensors are damaged.

"There's no such thing as a $300 bumper anymore. It's closer to $1,500 in repair costs nowadays," said Richard Lavey, executive vice president at The Hanover Insurance Group.

State Farm in a statement said it did not offer discounts specific to advanced driver assistance systems and that future rates would be shaped by a variety of factors, including safety, regulation, underwriting, liability and repair costs.
 

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Discussion Starter #5
I'm going to carve out some time and maybe call Rivian myself and see if they have any kind of insurance programs, I know Tesla was thinking about implementing insurance for their vehicles.

It's probably one of the biggest hurdles for regular people owning electric vehicles.

Thanks for everyone's responses!
 

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Rivian, State Farm, and AutonomouStuff, have joined the Illinois Autonomous Vehicles Association (ILAVA) and it looks like State Farm is trying to get ahead of the competition for insurance.

https://www.wglt.org/post/group-brings-together-state-farm-rivian-and-illinois-other-autonomous-vehicle-leaders#stream/0

Insurance Business

The Interstate 74 corridor already has several major players, including State Farm and Rivian.

As the country’s largest auto insurer, it’s no surprise State Farm is trying to play a leadership role in how automated mobility will change the insurance business. A State Farm executive told WGLT last fall that the company’s mindset around autonomous vehicles had shifted—initially seeing it as a threat but now sensing an opportunity.

First, there are questions.

“Who's gonna be covered? Is it the vehicle? Is it the rider? Is it the company? Is it the system? All those things need to be figured out,” Quandt said. “They want to understand that. But they also know that as we connect the vehicles to infrastructure, there’s gonna be a lot more information about the structure of the infrastructure.”

Insurers want to better understand the different coverage realities that will occur with automated mobility. They’ll be more dynamic, Quandt said. Instead of just using your age and driving history to set the price of an insurance product, how does that change if an insurance company knows the conditions of the sensor-covered roads you drive on, or your day-to-day driving behavior?

“That’s the sort of level of detail we’re going to get to. And that’s where insurance companies are looking, is how do we start to create new coverage scenarios that optimized coverage and limit our risk? It’s a whole brave new world, and that’s where looking not just at the vehicle but all the factors that are going to be involved is really a much richer territory and the long tail they’re looking at.”
 

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Heard from a friend that smaller insurance companies can be very competitive. State Farm and the typical major players are easy choices but not always the best. Has anyone shopped around?
 

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While we wait for a reply from @Rivian_Livian about contacting Rivian ...
In case you happened to not see one of the plethora of articles posted today on Tesla offering car insurance ...

Tesla announced today they are "promising owners of its electric vehicles to deliver rates 20% and even as high as 30% lower than other insurance providers." (use above link to read more)

With insurance companies trying to figure out how to "fairly" calculate premiums for owners of EVs (other than err on the high side), can't help but wonder if 1) what kind of premiums insurance companies will offer for owning a Rivian, and 2) if Rivian will make a similar move to offer car insurance, maybe not right away but down the road some.
 

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Ideally, Rivian will want to rival what Tesla is doing. Competition always drives prices in favor of the consumer. The opposite, less favorable.

I just won't expect Rivian to offer a plan right away or maybe they'll collaborate with an existing provider?
 

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Ideally, Rivian will want to rival what Tesla is doing. Competition always drives prices in favor of the consumer. The opposite, less favorable.

I just won't expect Rivian to offer a plan right away or maybe they'll collaborate with an existing provider?
Based on the articles @R99 has shared, it's quite possible Rivian partners with an existing provider.
 

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Discussion Starter #14
Hey guys, SUPER sorry for this late response. I don't have notifications on for this post... I've heard back from RIVIAN and they basically said they don't have any information on the insurance situation yet.

They need to get some info out at some point because the insurance costs will somewhat determine whether we're going to move forward.

Again, super sorry for the late response.
 

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No worries. It's not like we're going to be driving one anytime soon. ;) Thanks for the update though.

I'm not surprised by their response. FWIW, another angle to this is that one of the purchasing options Rivian will be offering is a subscription model. Most subscription models out there today include insurance, however, I don't know the depth of that coverage, i.e, deductible, limits, etc. It will be interesting to see how Rivian (via Cox Automotive?) will structure these subscription models assuming they will be offering multiple flavors of them.
 

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Pumped for our E-SUV! Has anyone had a chance to look into insurance costs for these new vehicles? I know Teslas are crazy expensive to insure....I also know people on this forum are MUCH more knowledgeable than myself on these types of matters...

Any thoughts? Carriers you know are looking into this?
Tesla cars are not crazy expensive to insure - you may be unlucky and get stuck with a bad initial rate, if you are unwilling to shop around. That may have been the case when the Model S came out and the Al body was a big question mark. Today, Tesla Model S, X and 3 are equal or even sometimes cheaper to insure than comparable BMW or import vehicles.
YMMV but here is a data point from some random web aggregator - keep in mind the X is the most expensive average of their lineup https://www.finder.com/car-insurance/tesla-model-x-insurance-rates
 

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There are reports that Rivian could offer their own insurance like Tesla does.

Rivian has two job postings one is for a data manager for the "Rivian Insurance Agency" with a job requirement being to "set up and lead Rivian's P&C Insurance agency." The person will also have to train and manage "Rivian-employed licensed sales agents and the customer care team."

The second job position is for a program manager for "Rivian's Global Collision Repair Program."

Here's the link to the job postings.


 

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There are reports that Rivian could offer their own insurance like Tesla does.

Rivian has two job postings one is for a data manager for the "Rivian Insurance Agency" with a job requirement being to "set up and lead Rivian's P&C Insurance agency." The person will also have to train and manage "Rivian-employed licensed sales agents and the customer care team."

The second job position is for a program manager for "Rivian's Global Collision Repair Program."

Here's the link to the job postings.


There's some interesting discussion about the postings in this video (at about 5:45) that talks about whether this is going to be a side project for Rivian or a full move into insurance.

 

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There's some interesting discussion about the postings in this video (at about 5:45) that talks about whether this is going to be a side project for Rivian or a full move into insurance.

He has a good point but its too early to say if it will/won't be like Tesla's full move. All we have to go off of is a job posting. Even if not like Tesla's, then finding an insurance provider is one less concern. With new cars it can be an issue.
 

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He has a good point but its too early to say if it will/won't be like Tesla's full move. All we have to go off of is a job posting. Even if not like Tesla's, then finding an insurance provider is one less concern. With new cars it can be an issue.
Yeah if it's not Rivian's own insurance program, hopefully that job posting is someone that can get insurance companies to partner with Rivian to offer policies for customers.
 
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