VOOM, the leading Insurtech company for new mobility, announced today that it has launched its first per-mile insurance offering for motorcycles in select states, as permitted by law, in collaboration with member companies of Markel, insurance carriers dedicated to providing customized insurance solutions for a variety of insurance products.
With over 90 years of experience in niche insurance markets and over 45 years in motorcycle insurance, Markel features motorcycle-specific coverage tailored to help meet the needs of motorcyclists and how they ride. VOOM will distribute the per-mile product both directly to riders and via select partners and Markel will provide underwriting expertise and prompt claims handling.
Motorcycle riding is often seasonal, irregular, and spontaneous, which means that many riders end up paying high insurance costs when their motorcycles sit in the garage for weeks and even months at a time.
According to recent research conducted by VOOM based on reported insurance claims, the risk associated with low-mileage riding can be more than 80% lower than that of high-mileage motorcycling, but traditional insurance policies are annual across the board. Riders who want to avoid insuring idle bikes have to either request lay-ups, which are limited and forbid riding, or cancel their policies entirely.
With this new offering, riders can pay a low monthly base rate determined by certain factors, such as the type of motorcycle they ride. The offering does not require a physical device or mobile app to track mileage or behavior. Instead, riders simply submit a photo of their odometers every month.
Coverage is accompanied by online policy management, and varied other coverage options available to qualified riders, including liability, comprehensive, medical payments, collision, uninsured motorists, and accessory coverage.
Per-mile coverage is especially ideal for motorcyclists who travel short distances or ride only on occasion, and enables them to customize their insurance all year round and pay for the time they ride instead of predetermined rates.
“We are excited to be providing motorcyclists with flexibility through this per-mile motorcycle insurance product,” said Tomer Kashi, CEO and Co-Founder of VOOM. “Enabling cost-effective insurance options for riders and drivers is our top priority. We look forward to spurring further growth across mobility, particularly in otherwise overlooked parts of the industry.”
“Markel is thrilled to collaborate with VOOM to help introduce per-mile insurance to motorcycle riders,” said Jeff May, Executive Underwriting Officer, Markel. “We’ve been providing specialized motorcycle coverage for years, and due to the seasonality of the motorcycle riding season, this is a natural progression in the evolution of motorcycle insurance. VOOM’s innovative technology and customer centric approach, combined with Markel’s specialized motorcycle coverage, make this a product that we hope will bring motorcycle insurance to the next level for riders.”
*Insurance and coverage are subject to availability and qualifications and are currently available in Arizona, Illinois, Indiana, and Ohio. Insurance is underwritten by Markel American Insurance Company.
Source: PR Newswire