Let's talk about insurance...

[LoneStar]

Anybody have a legit quote yet? Planning to contact my insurer GEICO, expecting to hear something like, "what's a Rivian? never heard of it. it's not in our system."

Honestly wondering how the insurance equation will get solved in time to influence a buying decision. I mean for some folks, like me, the roughly $1 Thousand dollar monthly loan payment will take a good bite of the budget. Definitely matters if the monthly rate for full-coverage is under $100 versus well over $200. Yeah, I know that age, location, history etc. make a big difference. Just looking to see if anybody has any insight on the insurance industry's take on Rivian electric "adventure vehicles." The off-road oriented nature could mean higher initial rates until an actual cost-to-fix database arises.

Figured this thread can collect opinions, and eventually, hopefully soon, some actual quoted rates. If you do get it please identify the Insurer by name.

Sponsored

 

[Moonjock]

I received a quote from State Farm back in January. I think it was $520 for 6 months. I don't remember the exact number.

 

[NashvilleR1S]

I received a quote from State Farm back in January. I think it was $520 for 6 months. I don't remember the exact number.

If that's true that's not bad. I pay $425 for my wife's '16 honda pilot!

 

[electruck]

Age, zip code, miles driven per year, driving record, credit score, other drivers and vehicles on the policy, multi-policy discounts, etc can all play a huge factor in insurance rates which is going to make it really difficult to compare rates.

 

[SANZC02]

Anybody have a legit quote yet? Planning to contact my insurer GEICO, expecting to hear something like, "what's a Rivian? never heard of it. it's not in our system."

Honestly wondering how the insurance equation will get solved in time to influence a buying decision. I mean for some folks, like me, the roughly $1 Thousand dollar monthly loan payment will take a good bite of the budget. Definitely matters if the monthly rate for full-coverage is under $100 versus well over $200. Yeah, I know that age, location, history etc. make a big difference. Just looking to see if anybody has any insight on the insurance industry's take on Rivian electric "adventure vehicles." The off-road oriented nature could mean higher initial rates until an actual cost-to-fix database arises.

Figured this thread can collect opinions, and eventually, hopefully soon, some actual quoted rates. If you do get it please identify the Insurer by name.

From my experience, insurance will be all over the board for the first several years. I purchased a Tesla back in 2016, they initially provided a decent rate similar to other 4 door sedans but over time all of the insurance companies started raising the rates on them. Initially it was around the same price as my 4wd Jeep GC, now it is about 52% more.

What I have been told is the high cost of repairs due to batteries, aluminum body panels, parts availability, and limited repair shops, have put them in a different rate category.

You can talk to your insurance company but I am replacing my Jeep GC with an R1S and I figure the insurance will probably double.

 

[protamine]

In addition, I've lived in multiple states with the same cars and same driving profile so I have pretty good comparison idea. KY is a no fault state, and insurance is much higher than the surrounding at fault states. Has to do with PIP (personal injury stuff)

 

[LoneStar]

Age, zip code, miles driven per year, driving record, credit score, other drivers and vehicles on the policy, multi-policy discounts, etc can all play a huge factor in insurance rates which is going to make it really difficult to compare rates.

All very true. Purpose of this thread is more about sharing experiences GETTING ANY INSURANCE quote or coverage for a new Rivian vehicle. Not so much how much it costs. Knowing about which auto insurance providers will even offer coverage and a quote is helpful during this infant stage.

 

[skyote]

We know Rivian plans to offer "their own" insurance. Tesla & others use 3rd party regional partners that are already authorized in states where they want to sell "their own" insurance offering.

No harm in calling or chatting Rivian CS to see if they can provide a recommendation. They must have a plan at this stage, as Rivian Finance/Chase will require it for anyone that finances.

 

[CommodoreAmiga]

We know Rivian plans to offer "their own" insurance. Tesla & others use 3rd party regional partners that are already authorized in states where they want to sell "their own" insurance offering.

Have they confirmed that? I know they opened their own insurance department, but it was unclear if that was to actually become an insurance company, licensed agent reselling other companies policies, or just as an interface to work with insurance companies to help educate and establish actuarial tables.

No harm in calling or chatting Rivian CS to see if they can provide a recommendation. They must have a plan at this stage, as Rivian Finance/Chase will require it for anyone that finances.

We know how that'll go: "Soon".

 

[skyote]

There's a thread about it here:
https://www.rivianforums.com/forum/...ency-and-global-collision-repair-program.556/

And an article with some quotes from Rivian here:
https://www.wglt.org/post/rivian-staffing-insurance-team-powered-data#stream/0

 

[Rivian-WI]

The Safety rating of the vehicle comes into play too.
I went from a Dodge Dart to a Volvo XC60 and my insurance went down! I was real surprised considering the vehicle cost way more. I asked the rep and she said it was so much lower because of the high safety rating on the Volvo.

 

[Gshenderson]

The Safety rating of the vehicle comes into play too.
I went from a Dodge Dart to a Volvo XC60 and my insurance went down! I was real surprised considering the vehicle cost way more. I asked the rep and she said it was so much lower because of the high safety rating on the Volvo.

I had a similar experience with my Tesla in 2015. It replaced an Audi Q7 that was 4 years old, and my insurance went down a couple hundred bucks a year.

 

[CommodoreAmiga]

The Safety rating of the vehicle comes into play too.
I went from a Dodge Dart to a Volvo XC60 and my insurance went down! I was real surprised considering the vehicle cost way more. I asked the rep and she said it was so much lower because of the high safety rating on the Volvo.

Not only is the XC60 safer (reducing expected medical costs) but also Volvo drivers get in fewer accidents and the accidents they do get in are less severe — largely because Volvo drivers tend to be more conservative/safer drivers.

The problem Rivian faces (as does any new brand) is that they haven’t established a history, yet, so insurance companies will have to try to estimate where the buyers will be coming from, and then bake in some extra margin to account for the uncertainty.

 

[SANZC02]

I had a similar experience with my Tesla in 2015. It replaced an Audi Q7 that was 4 years old, and my insurance went down a couple hundred bucks a year.

Did your insurance stay down? Mine started off great in 2016 because of the safety gear in the model S then went up every 6 months until 2019 when it started coming back down. Still significantly higher than the original rate in 2016 But getting better.

I think now the insurance companies have the Tesla data to use for initial calculations and expect the Rivian to be higher than some similar ICE models. When Tesla came out they did not really have anything close to use for a baseline.

 

[opnwide]

I’d be willing to bet Rivian insurance will cost just about the same if not more than a $120k Hummer EV..insurers will be much more comfortable with the availability/cost/comfort of GM (no matter how bad) parts. I’d err high rather than low budgeting.

Sponsored