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