Root Insurance Expands to Minnesota, Offering Personalized, Driver-Based Rates

Rhea-AI Summary

Root Insurance (NASDAQ: ROOT) has expanded its operations to Minnesota, making its technology-driven auto insurance services available to over 4 million registered drivers in the state. This expansion marks Root's presence in 35 states, covering more than 77% of the U.S. population.

The company's innovative approach uses smartphone technology to measure driving behaviors, making these the primary factor in determining insurance rates rather than traditional demographics. Through the Root mobile app, Minnesota drivers can sign up in under a minute and complete a test drive period where the app evaluates habits like focused driving, smooth braking, and gentle turning.

Root offers multiple access points for its services, partnering with tech-forward companies and independent insurance agents to serve Minnesota customers.

Positive

• Expansion to 35th state, reaching 77% of U.S. population coverage
• Market expansion adding potential customer base of 4+ million Minnesota drivers

Negative

• None.

Fast, fair, affordable auto insurance now available to more than 4 million Minnesotans

COLUMBUS, Ohio, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Root, Inc. (NASDAQ: ROOT), a leading technology company powering insurance solutions and the parent company of Root Property & Casualty Insurance Company, has announced the availability of Root Insurance in Minnesota. The insurer now serves drivers in 35 states, extending its innovative approach to auto insurance to over 4 million registered drivers in Minnesota and covering more than 77% of the U.S. population.

Root was founded on the idea that car insurance rates should be based primarily on driving behaviors, not demographics. By leveraging advanced, mobile-first technology and data science, Root delivers a personalized, seamless, and fair insurance experience to drivers. Root uses smartphone technology to measure safe driving habits, placing driving behavior at the forefront of its pricing models. By making driving performance the top factor in determining rates, Root empowers safe drivers to save more.

“We’re excited to bring an easy, technology-driven, car insurance option to Minnesota, offering drivers a new option for fair, affordable prices that reflect their individual driving habits,” said Alex Timm, Co-Founder and CEO of Root. “Minnesotans now have access to a smarter, more convenient insurance experience based on how they drive.”

Minnesotans can now access Root’s innovative, customer-focused insurance through the Root mobile app or at joinroot.com, with the ability to sign up in under a minute. Drivers then complete a test drive over a few weeks, during which the app measures habits like focused driving, smooth braking, and gentle turning. Safe drivers could see significant savings with the flexibility to choose coverage levels and manage claims, all through the app.

Root partners with tech-forward companies as well as independent insurance agents, offering Minnesotans multiple convenient ways to access its services.

About Root, Inc.
Founded in 2015 and based in Columbus, Ohio, Root, Inc. (NASDAQ: ROOT) is the parent company of Root Property & Casualty Insurance Company and Root Insurance Company. Root is revolutionizing insurance through data science and technology to provide consumers a personalized, easy, and fair experience. The Root app has more than 14 million app downloads and has collected more than 29 billion miles of driving data to inform their insurance offerings.

For more information about Root, visit root.com. Download the Root app today from the Apple App Store or Google Play. To see where Root is available, explore our state-by-state guide on the website.

Root is headquartered in Columbus, Ohio, and offers auto insurance to drivers in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Mexico, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, and Wisconsin. Root Insurance also offers renters insurance in Arkansas, Georgia, Kentucky, Missouri, Nevada, New Mexico, Ohio, Tennessee, and Utah. Minnesota auto insurance is underwritten by Root Property & Casualty Insurance Company.

Contacts:

Media:
press@root.com

Investor Relations:
ir@root.com

FAQ

What states does Root Insurance (ROOT) now operate in after Minnesota expansion?

Root Insurance now operates in 35 states, covering more than 77% of the U.S. population after expanding to Minnesota.

How does Root Insurance determine car insurance rates in Minnesota?

Root Insurance primarily determines rates based on driving behaviors measured through smartphone technology, evaluating factors like focused driving, smooth braking, and gentle turning, rather than traditional demographics.

How long is the Root Insurance test drive period in Minnesota?

The Root Insurance test drive period in Minnesota takes a few weeks, during which the app measures driving habits to determine personalized rates.

How can Minnesota residents sign up for Root Insurance (ROOT)?

Minnesota residents can sign up for Root Insurance through the Root mobile app or at joinroot.com, with a signup process taking under a minute, followed by a test drive period.

What is the potential market size for Root Insurance in Minnesota?

Root Insurance's expansion into Minnesota gives it access to more than 4 million registered drivers in the state.