How Much Does Rivian Insurance Cost? How Does It Work?
Electric car manufacturer Rivian offers its own auto insurance to owners of the company's vehicles. Underwritten by Nationwide and Cincinnati Insurance, Rivian insurance is currently available in 48 states.
Users of Rivian's automatic driving assistance program will receive a discount based on their driving habits. The more a vehicle owner uses Rivian's driving assistance software, the greater the discounts they'll receive.
What does Rivian car insurance cost?
Rivian insurance rates are heavily affected by driving behaviors — however, Nationwide and Cincinnati, the companies that underwrite Rivian's policies, tend to be more expensive than average.
Coverage from Rivian insurance may be more expensive than from other auto insurance companies, based on an analysis of rates from Nationwide and Cincinnati — the underwriters of Rivian's policies. However, the premium a policyholder pays for insurance from Rivian upon renewal depends on how much the driver uses their vehicle's Driver+ features. Driver+ automatically steers, and can change speed and lanes, at the driver’s direction.
The cost of Rivian car insurance also depends on the base rate applied to Rivian's models. Since a Rivian is more expensive than a conventional automobile, the cost to insure one — even without comprehensive and collision coverages, is higher than the national average cost of coverage.
How does Rivian insurance work?
Rivian insurance promises to reward drivers who use the company's assisted driver technology with lower rates.
Rivian insurance is an example of usage-based car insurance. Rates are set in response to a driver’s individual behaviors. In most cases, insurers monitor how well a driver operates their car. Generally speaking, drivers who brake too quickly or who are reckless see higher rates, while the reverse is true for more cautious drivers.
Rivian insurance, on the other hand, adjusts its rates according to how often drivers use the Driver+ safety technology, specifically its cruise automatic driving assistance features. According to Rivian, the more a driver engages with Driver+, the better their rates. Drivers who frequently use the following safety features will see the largest drop in the cost of car insurance with Rivian:
- Automatic steering, braking and acceleration
- Adaptive cruise control
- Lane centering and change assist
- Trailer maneuvering assistance
Rivian insurance works with its in-house service and parts department to retain more control over repairs after an accident. This arrangement also creates lower premiums for Rivian insurance policyholders who experience a crash and make a claim, according to the provider.
Rivian car insurance is available in 48 states, with more coming in the future. This availability sets Rivian car insurance apart from Tesla insurance, another usage-based car insurance program for specialty vehicles that encourages drivers to use their vehicles' self-driving capabilities in exchange for lower rates. Tesla insurance is only available in a few states.
Special insurance coverages from Rivian
Rivian car insurance covers more than just the company's own vehicles. The insurer offers coverage to recreational vehicles, such as boats, ATVs and snowmobiles, too. Rivian insurance also offers home and auto insurance, enticing consumers with a 20% bundling discount.
In addition to covering all of Rivian's electric models, the insurer extends coverage to their vehicles' accessories, including the stove and rooftop tent that can come with Rivian's models. Given the company's recreational background, Rivian insurance also covers damage that may occur during off-road driving.
Rivian insurance customer service
Rivian allows customers to contact insurance advisors with their needs. Policyholders can call or chat with an advisor, or contact a customer service representative with general questions. However, because Nationwide and Cincinnati underwrite Rivian's insurance policies, claims and communication are serviced by the company that underwrites your policy, not Rivian.
The good news for policyholders is that Nationwide and Cincinnati both receive fewer complaints relative to other providers in the market, according to the National Association of Insurance Commissioners (NAIC). The insurers also received superior financial strength ratings from AM Best, meaning there's little chance of them being unable to pay claims.
However, Nationwide received a below-average score in J.D. Power's auto claims satisfaction study. The study did not include Cincinnati.
Metric | Nationwide | Cincinnati |
|---|---|---|
| NAIC Complaint Index | 0.61 | 0.36 |
| J.D. Power claims satisfaction | 12th of 19 insurers | N/A |
| A.M. Best credit rating | A+ | A+ |
Methodology
ValuePenguin collected car insurance quotes for drivers across the country. In addition to Nationwide and Cincinnati, which underwrite Rivian insurance policies, we also got quotes from State Farm, American Family, Progressive, Geico, Farmers and Allstate. Our sample profile is a 30-year-old male with no previous insurance claims. Quotes from Cincinnati were based on a driver living in Illinois. The quotes gathered were not specific to Rivian insurance, but the companies which underwrite it, so your own quotes will differ.
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only.