Root and Carvana surpass 200,000 policies

Root Insurance and online car retailer Carvana announced that their “exclusive embedded partnership,” Carvana Insurance Built with Root, has surpassed 200,000 policies sold.

The companies began their partnership in August 2021, when Carvana invested $126 million in Root. The embedded insurance offering, which is available in 36 states, officially launched at the end of Q1 2022.

“This milestone is a strong reflection of the success and momentum of our collaboration with Carvana. Our product has brought immense value to customers through an insurance solution that’s presented at the exact moment it’s needed. We see tremendous opportunity ahead as we scale this partnership and continue building superior customer experiences.” – Alex Timm, Founder and CEO of Root.

“Reaching 200,000 policies is a testament to what’s possible when you build for the customer with a like-minded partner. With Root’s technology- and experience-forward insurance offering integrated seamlessly into Carvana’s retail platform, we have unlocked a simpler car buying and vehicle ownership journey.” – Ernie Garcia, Founder and CEO of Carvana.

Bottom Line: The timing raises questions.