InsurTech company VOOM 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, the company announced Tuesday.
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Markel features motorcycle-specific coverage tailored to help meet the needs of motorcyclists. 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.
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.
With this new offering, riders can pay a low monthly base rate determined by certain factors, such as the type of motorcycle they ride, based on submitting a photo of their odometers every month.
"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."
