With this new offering, that expands VOOM's
innovative motorcycle insurance offering, e-bike and other bicycle
owners will pay get a flexible and comprehensive insurance
coverage
PALO
ALTO, Calif., Oct. 14,
2024 /PRNewswire/ -- VOOM Insurance, the leading
InsurTech company for the future of mobility, announced today that
it has launched its insurance offering for Electric Bikes. The
product is underwritten by Markel Group.
This new product builds on VOOM's successful track record
in usage-based insurance for motorcycles and rideshare drivers,
extending their innovative approach to the rapidly growing e-bike
market.
The bicycle insurance product is designed to offer flexible and
affordable coverage, extending protection beyond what's typically
available under traditional homeowners or renters insurance
policies. It covers a wide range of bicycles, including electric
bikes, mountain bikes, hybrid/cruisers, racing bikes, road/track
bicycles, and more. Key features of the new e-bike insurance
include Liability protection, Physical damage coverage, Medical
payments and Theft protection.
"Since inception, VOOM's mission is to provide the best of breed
insurance products for the future of mobility, we are excited to
expand our suite of products to include coverage for e-bikes," said
Tomer Kashi, CEO and
Co-Founder of VOOM. "Our recent expansion into e-bike insurance was
driven by feedback from hundreds of our motorcycle customers who
expressed interest in this product, and we are thrilled to extend
our innovative insurance solutions to this segment as well."
Biking continues to grow as a popular and eco-friendly mode of
transportation and recreation in the U.S., with 54.7 million
Americans riding bicycles in 2022, an increase from 51.4 million
the previous year1. This growth in the
cycling community is mirrored by the explosive rise of the e-bike
segment. In 2022 alone, 1.1 million e-bikes were sold in the
U.S2., nearly quadruple the sales from 2019.
This surge underscores the expanding appeal of e-bikes, both for
commuting and leisure, as they offer a versatile and sustainable
alternative to traditional vehicles.
"Markel is pleased to support VOOM in distributing this
innovative bicycle insurance product," said Jeff May, Executive Underwriting Officer at
Markel. "As a leader in bicycle insurance in the U.S., we recognize
the increasing need for specialized coverage that adapts to the
evolving usage of bicycles, particularly with the rapid growth of
the e-bike segment."
About VOOM
VOOM is an InsurTech pioneer, crafting
cutting-edge, usage-based insurance solutions for the future of
mobility. The company's expertise lies in various mobility segments
across all categories, from commercial drones and light aircraft to
e-bikes, motorcycle and rideshare insurance. VOOM has already
issued more than 100,000 policies to date. Learn more about VOOM or
to get a quote, visit voominsurance.com.
About Markel
We are Markel, a leading global specialty insurer with a truly
people-first approach. As the insurance operations within the
Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty,
Markel International, and Markel Global Reinsurance divisions, as
well as State National, our portfolio protection and program
services operations, and Nephila, our insurance-linked securities
operations. Our broad array of capabilities and expertise allow us
to create intelligent solutions for the most complex risk
management needs. However, it is our people – and the deep, valued
relationships they develop with colleagues, brokers and clients –
that differentiates us worldwide.
Coverage is provided by Markel American Insurance Company, NAIC#
38970, Glen Allen, VA. Coverage
and services availability may vary by state. Terms and conditions
for rates and coverage varies. Nothing herein shall be construed as
an offer to sell or a solicitation or offer to purchase any
products or services. Markel ® is a registered trademark of Markel
Group Inc.
1 Source:
https://concussionawarenessnow.org/news/keep-your-brain-safe-while-biking
2
Source: https://www.energy.gov/eere/vehicles/articles/fotw-1321-december-18-2023-e-bike-sales-united-states-exceeded-one-million
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SOURCE VOOM Insurance