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Rivian Follows In Tesla's Footsteps To Roll Out In-House Insurance Service

Rivian Follows In Tesla's Footsteps To Roll Out In-House Insurance Service Inc (NASDAQ: AMZN)- and Ford Motor Co (NYSE: F)-backed electric vehicle startup Rivian on Thursday announced its own in-house insurance program for customers as it speeds closer to the launch of its first electric SUV and a pickup truck this summer.

What Happened: The electric vehicle maker has been making numerous moves ahead of its product launch this summer.

Rivian's insurance venture is preceded by a similar offering from a more-established rival Tesla Inc (NASDAQ: TSLA). 

Launched in 2019, Tesla first offered its own vehicle insurance policy for customers in California. It is now expanding into Illinois and Texas. 

Last month, Rivian revealed plans to install more than 13,500 chargers by the end of 2023 across the United States and Canada, including 10,000 that would be open for the public.

In contrast, Tesla, which has a network of over 20,000 superchargers, offers the service primarily to the owners of its own brand such as Model 3, Model S, Model X or Model Y.

Besides the vehicle, Rivian’s insurance will cover accessories including customers’ other vehicles, home, boat, camper and dirt bikes, the company said in a statement. 

Rivian said it will be able to offer lower premiums as its technology allows for lower repair costs, many of which can be done remotely.

See Also: Tesla Rival Rivian Forges EV Battery Partnership With Samsung SDI

Price Action: Shares of Tesla closed 0.9% higher at $738.85 on Thursday.

Photo: Courtesy of Rivian


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