Due to the seasonal need and usage of motorcycle rides, the demand for yearly insurance isn’t high. Dedicated to changing the offering of what insurance companies make available and knowing mobility risks continue to veer and shift makes this ideal for motorcyclists who travel short distances or ride only on occasion. Per-mile coverage enables them to customize their insurance and avoid paying high insurance costs.
Based on research by Voom that looked at 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.”
Tomer Kashi, CEO and co-founder of Voom shared: “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.”
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. The per-mile insurance will be priced by miles and also factors such as type of motorcycle.
Mileage for policyholders will not be tracked with a physical device, instead the motorcyclist will need to submit an odometer photo every month to determine their insurance cost. 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.
“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,” said Jeff May, executive underwriting officer, of Markel. “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.”
