Mobility insurtech VOOM and specialty insurer Markel have teamed up to launch a per-mile insurance offering for motorcycles in select states.
VOOM will distribute the per-mile product both directly to riders and through select partners while Markel will provide underwriting and claims handling.
VOOM maintains that many motorcycle riders end up paying high seasonal insurance costs when their motorcycles sit in the garage for weeks and even months at a time. According to VOOM’s own research, 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.
VOOM says per-mile coverage is ideal for motorcyclists who travel short distances or ride only on occasion. 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.
The offering is accompanied by online policy management and other coverage options including liability, comprehensive, medical payments, collision, uninsured motorists and accessory coverage are available.
The insurance is currently available in Arizona, Illinois, Indiana and Ohio. Insurance is underwritten by Markel American Insurance Co.
VOOM specializes in data-driven, usage-based insurance products for various high-risk, episodic-use mobility verticals including drones, e-scooters, e-bikes, motorcycles, and light planes.
Source: VOOM
Was this article valuable?
Here are more articles you may enjoy.
China Construction Bank Sued in US Over Reinsurance Fraud Losses 
Three Insurers Reject Chevron’s $57 Million Claim for Iran Oil Seizure 
Liberty Mutual Posts $1.5B Net Income for Q1, Reversing Loss 
The Top 15 U.S. Metros with High Exposure to Wildfire Risk 
