Autonomy, the nation’s largest electric vehicle subscription company, introduced a completely digital, month-to-month auto insurance product into the Autonomy subscription bundle, in partnership with Liberty Mutual Insurance, the sixth-largest global property and casualty insurer.
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Auto insurance coverage is now available as part of Autonomy’s car subscription bundle which already includes tax, title, registration, routine maintenance, and roadside assistance. Qualified subscribers will now receive Autonomy’s subscription with its fully integrated insurance offering.
Unlike most insurance policies that are offered on a semiannual or annual basis, Autonomy’s integrated insurance product is offered to subscribers on a flexible month-to-month basis.
“For the first time, consumers can pay for car insurance on a month-to-month basis through an Autonomy subscription all on their smartphone,” said Scott Painter, Founder and CEO of Autonomy. “Car subscriptions represent ease and flexibility, and insurance was the missing piece of our all-in-one offering. Liberty Mutual has been a great partner in helping us bring to market our new insurance product. Integrating auto insurance into our month-to-month subscription bundle solves yet another consumer pain point in the mobility experience and reinforces our core consumer value propositions.”
Here’s how it works:
- Consumers download the Autonomy app (Apple App Store or Google Play Store)
- Consumers go through a 10- to 15-minute qualification process to determine vehicle and insurance eligibility.
- Once consumers are qualified, they are presented with Autonomy’s integrated insurance offering.
- When the subscription is activated, the subscriber now pays a single month-to-month payment that is inclusive of insurance, tax, title, registration, routine maintenance, and roadside assistance.
- After a 3-month minimum subscription period, the subscriber is on a simple month-to-month plan and can cancel the subscription at any time on 28 days’ notice.
“Liberty Mutual is at the forefront of the evolution of subscription-based auto insurance, offering innovative programs to meet the needs of our partners’ business models. We are excited to partner with Autonomy to create easy, seamless access to electric vehicles,” said Liberty Mutual Senior Director, Strategic Partnerships, Gita Gupta.
The launch of Autonomy’s insurance offering follows the announcement of Autonomy’s partnership with DigiSure to deliver first-of-its-kind embedded insurance for car subscriptions. The platform partnership with DigiSure provides Autonomy with the ability to digitally onboard, evaluate, and qualify a subscriber for month-to-month auto coverage.
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Autonomy is expanding geographically and adding new electric vehicle brands and models to its subscription product lineup. Last week Autonomy ordered 23,000 electric vehicles from 17 different global automakers, with the order totaling more than $1.2 billion. Autonomy will leverage its recently announced national partnership with AutoNation, Inc. (NYSE: AN), the largest retailer in the U.S. for the acquisition and intake of the majority of these vehicles. AutoNation will provide vehicle preparation, delivery services, and subscriber activation, as well as maintenance, repair, and reconditioning services for Autonomy’s growing subscription fleet of electric vehicles.
Today, Autonomy offers the Tesla Model 3 and Tesla Model Y and will soon add the full Tesla lineup. Autonomy’s subscription model offers the cheapest, fastest, and easiest way to get an electric vehicle, and it does not require the long-term debt or commitment that comes with buying or leasing. Autonomy subscribers can pay their subscription entirely on their credit card or through their bank account. They have the flexibility to subscribe month-to-month after a three-month minimum hold period. Consumers can subscribe to an electric vehicle entirely in app (Google Play Store or Apple App Store) and customize their monthly payment to meet their budget. Additionally, Autonomy vehicles are available for delivery or pickup within weeks, compared with the six- to nine-month wait for a loan or lease.
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