Root and Carvana extend embedded insurance partnership to 2028

Root, Inc. (NASDAQ: ROOT) and Carvana (NYSE: CVNA) have extended their exclusive embedded insurance partnership through at least August 2028, according to a press release from Root.

The two companies launched their joint product, Carvana Insurance Built with Root, in 2022. The arrangement integrates car insurance purchasing into Carvana's vehicle-buying process. Root states the partnership has sold more than 200,000 policies in less than four years.

The product allows customers to purchase insurance in three clicks at the point of sale. Root is based in Columbus, Ohio, and operates in 37 states for auto insurance.

Alex Timm, Founder and CEO of Root Insurance, commented on the renewal: "The program results, paired with this renewal, demonstrate the power of giving customers exactly what they want: easy, simple insurance—something this program uniquely delivers."

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