TL:DR: Poor scale and awareness due to being a niche brand, overly large aluminum body panels requiring either massive replacements or complicated welding, small shops guessing that it must be even more exotic and expensive than the CEO claims, and insurers shrugging and moving on because the volumes aren’t hitting their financials hard enough for them to care.
Fair enough, I may have inferred a bit too much, so here is what the CEO said:
And so third parties, the reason you saw some of these really high numbers, is we’re like, ‘A Rivian? And what’s a Rivian?’ So they they don’t know the car, and they quote an enormously high number, the insurance company agrees to it, and then that happens.”
TL:DR: Poor scale and awareness due to being a niche brand, overly large aluminum body panels requiring either massive replacements or complicated welding, small shops guessing that it must be even more exotic and expensive than the CEO claims, and insurers shrugging and moving on because the volumes aren’t hitting their financials hard enough for them to care.
No insurance company works like that.
The cost to insurance comes out of premiums. Rivians and Teslas cost a fortune to insure.
Fair enough, I may have inferred a bit too much, so here is what the CEO said: