Rivian is announcing today the launch of its own insurance arm: Rivian Insurance.
It’s the latest in a series of moves that are extremely similar to initiatives previously launched by Tesla.
Ahead of the start of deliveries of its R1T electric pickup, Rivian has been announcing several programs to support its upcoming customer fleet.
Last month, Rivian announced its plan for charging, which included three separate networks and products that are extremely similar to Tesla’s own charging offering.
We noted that it wasn’t really surprising since Rivian hired several key Tesla managers in charge of the automaker’s charging networks.
A few weeks later, Rivian also announced its plan for service, which again was really similar to Tesla with in-house service centers and mobile service.
Today, Rivian is announcing its latest new product to complement its electric vehicle offering: Rivian Insurance.
Of course, Tesla has famously launched its own insurance business.
The automaker saw an opportunity to offer a better insurance product to its customers by taking advantage of the extensive amount of data that it gets from its fully connected vehicles and driver assist features.
Rivian saw a similar opportunity with its own connectivity features, but it added a twist with off-roading insurance:
“Designed using our connected vehicle platform and suite of safety features, Rivian Insurance covers your vehicle and accessories even when you go off-road.”
Like Tesla, with the connectivity features and its own service centers, Rivian came to the conclusion that it is in a better position than any third party to provide insurances to its customers.
The company wrote in a press release today:
“We understand our vehicle, our technology and our repair costs better than anyone. This allows us to quickly and comprehensively diagnose issues — many times even remotely — as well as identify solutions faster. This efficiency not only helps get your vehicle back to you more quickly, it helps us offer lower premiums.”
Rivian says that it will offer its insurance right from its vehicle configurator and customers can get a quote in minutes.
The use of its Driver+ will also result in discounts on yout Rivian assurance.
The company also understands that people often bundle their insurance together, and they are going to do the same with your home insurance, and insurance for other vehicles like boat, camper, and dirt bikes will be available.
Insurance for Rivian accessories like Camp Kitchen and Rooftop Tent will be available.
Another smart move by Rivian.
I know that a lot of Tesla fans are saying that Rivian is just a copycat, but Tesla is making some smart moves, so it makes sense that others follow the automaker in those moves.
Also, it’s not like Tesla is doing it perfectly. There’s room for improvements, and Rivian is showing it with this initiative here.
Tesla launched its own insurance program in California two years ago, and it has yet to expand it to another state.
Rivian says that it will be available in 40 states from the start, and the automaker says that it will expand to all markets where its vehicles are available.
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