Autonomy Launches Month-to-Month Auto Insurance as Part of Subscription Bundle in Partnership With Liberty Mutual Insurance

Rhea-AI Summary

Autonomy, the largest electric vehicle subscription company in the U.S., has launched a month-to-month auto insurance product integrated into its subscription service, in partnership with Liberty Mutual Insurance. This product allows consumers to pay for auto insurance on a flexible basis through the Autonomy app, solving key consumer pain points. Subscribers can access a subscription bundle that includes tax, title, registration, routine maintenance, and roadside assistance. Following its recent order of 23,000 electric vehicles, Autonomy seeks to enhance access to EVs through this innovative offering.

Positive

• Launch of month-to-month auto insurance enhancing flexibility for consumers.
• Partnership with Liberty Mutual strengthens integrated service offering.
• Autonomy ordered 23,000 electric vehicles worth over $1.2 billion, expanding its fleet.

Negative

• None.

SANTA MONICA, Calif.--(BUSINESS WIRE)-- Autonomy™, the nation’s largest electric vehicle subscription company, today 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.

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. (Photo: Business Wire)

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.

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.

About Autonomy

Autonomy is a technology company on a mission to make access to mobility easy and affordable through car subscriptions. The company was founded by auto retail, auto finance, and auto insurance disruptors Scott Painter and Georg Bauer, who founded Fair, the first-ever used-vehicle subscription offering, pioneering the Car-as-a-Service (CaaS) category. Building upon that experience, Autonomy has created a turnkey vehicle subscription platform for consumers and the automotive industry that enables vehicle subscriptions to scale profitably and become a mainstream alternative to traditional car buying. Autonomy is innovating through technology, finance, and insurance to power car subscriptions for the battery, electric vehicle, and zero-emissions vehicle sectors. Autonomy relies on partnerships with automakers and brick-and-mortar car dealerships to provide benefits to both consumers and the industry. Autonomy represents freedom from long-term debt, freedom from long-term commitments, and even freedom from fossil fuels. It means new choices and more control over your financial well-being. Autonomy is based in Santa Monica, California.

Follow Autonomy on LinkedIn, Twitter, Instagram, Facebook, YouTube, and TikTok.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220817005562/en/

Autonomy PR Contacts:

Shadee Malekafzali

Head of Investor Relations and Corporate Communications

shadee@autonomy.com

Matt Swope

Corporate Communications Manager

matts@autonomy.com

Source: Autonomy

FAQ

What is the new product offered by Autonomy and when was it launched?

Autonomy has launched a month-to-month auto insurance product integrated into its subscription service, announced recently.

What are the benefits of Autonomy's new auto insurance product?

The new auto insurance product offers flexibility, allowing consumers to pay month-to-month within the Autonomy subscription bundle.

Who is partnering with Autonomy for the new insurance product?

Autonomy has partnered with Liberty Mutual Insurance to provide the new auto insurance offering.

How many electric vehicles has Autonomy ordered recently?

Autonomy has ordered 23,000 electric vehicles from 17 different global automakers.

What does the Autonomy subscription bundle include?

The subscription bundle includes tax, title, registration, routine maintenance, roadside assistance, and now auto insurance.

What is the ticker symbol for AutoNation?

The ticker symbol for AutoNation, which is involved in Autonomy's services, is AN.