TurboCoverage, a web-based auto insurance service exclusively for auto dealerships, has launched an insurance platform that enables uninsured car-buyers to instantly secure coverage in the dealer showroom and drive away with their vehicle.
Approximately 3 million insurance transactions, or 20 percent of the car-buyers at the nation’s 22,000 franchised auto dealers, purchase insurance at a dealership each year. At TurboCoverage dealerships, consumers can secure coverage in about 10 minutes. Using the TurboCoverage-installed workstation, consumers fill in a brief online form to obtain quotes and purchase coverage from participating carriers. Consumers can use self-help tools and information to evaluate their insurance needs in a real-time, pressure-free environment, or they can talk to a live insurance agent in a TurboCoverage service center if they have questions.
TurboCoverage insurance companies currently offering products include Infinity Insurance Co., Workmen’s Auto Insurance, and Interstate Insurance Company, all of which specialize in providing insurance products to the non-standard insurance market. TurboCoverage is initially focused on the non-standard, or uninsured market, which represents about $19 billion annually in premium. Each year, about $500 million in non-standard premium is written in U.S. auto dealerships.
Later in 2001, TurboCoverage plans to focus on the standard market, which represents more than $100 billion in premium and 24 million transactions annually. TurboCoverage believes that the purchase of the vehicle is a key trigger event for insurance consumers because they are typically required to review their coverage needs at that time.
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