Voom, an Israeli insurance tech platform for new mobility, announced on Tuesday that it has launched its first per-mile insurance offering for motorcycles in select states across the US.
Insurance and coverage, subject to availability and qualifications, are currently available in Arizona, Illinois, Indiana, and Ohio.
The insurance is in collaboration with Markel Insurance Company and its member companies. With over 45 years in motorcycle insurance, Markel features motorcycle-specific coverage tailored to help meet the needs of motorcyclists. Voom will distribute the per-mile product both directly and via select partners, a statement from the company said. Markel will provide underwriting expertise and prompt claims handling.
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 of behavior. Riders 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, Voom said. It enables them to customize their insurance all year round and pay for the time they ride instead of predetermined rates.
Founded in 2016, Voom offers an on-demand, telematics-based insurance technology platform for specialized mobility products designed to protect users for anything they ride, fly, or sail. The platform’s data-driven, usage-based insurance products include multiple high-risk, episodic-usage mobility verticals, including eScooters, eBikes, powersports, motorboats, and small planes.
“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 at 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.”