VOOM Launches Electric Bike Insurance | MKL Stock News

VOOM Insurance, a leading InsurTech company, has launched electric bike insurance, underwritten by Markel Group. This new offering expands VOOM's innovative motorcycle insurance to cover a wide range of bicycles, including e-bikes, mountain bikes, and racing bikes. The product provides flexible and comprehensive coverage beyond traditional homeowners or renters insurance, featuring liability protection, physical damage coverage, medical payments, and theft protection.

The launch responds to growing demand, with 54.7 million Americans riding bicycles in 2022, up from 51.4 million in 2021. The e-bike segment has seen explosive growth, with 1.1 million e-bikes sold in the U.S. in 2022, nearly quadrupling sales from 2019. This expansion aligns with VOOM's mission to provide insurance for the future of mobility.

VOOM Insurance, una delle principali aziende di InsurTech, ha lanciato un'assicurazione per biciclette elettriche, sottoscritta da Markel Group. Questa nuova offerta amplia l'assicurazione innovativa per motociclette di VOOM per coprire un'ampia gamma di biciclette, comprese le e-bike, le mountain bike e le biciclette da corsa. Il prodotto offre una copertura flessibile e completa oltre alle tradizionali assicurazioni per proprietari di casa o inquilini, con protezione di responsabilità civile, copertura per danni fisici, pagamenti medici e protezione contro il furto.

Il lancio risponde a una domanda crescente, con 54,7 milioni di americani che hanno utilizzato biciclette nel 2022, in aumento rispetto ai 51,4 milioni del 2021. Il segmento delle e-bike ha visto una crescita esplosiva, con 1,1 milioni di e-bike vendute negli Stati Uniti nel 2022, quasi quadruplicando le vendite rispetto al 2019. Questa espansione è in linea con la missione di VOOM di fornire assicurazioni per il futuro della mobilità.

VOOM Insurance, una de las principales empresas de InsurTech, ha lanzado un seguro para bicicletas eléctricas, respaldado por Markel Group. Esta nueva oferta amplía el seguro innovador de motocicletas de VOOM para cubrir una amplia gama de bicicletas, incluidas las e-bikes, las bicicletas de montaña y las bicicletas de carreras. El producto ofrece una cobertura flexible y completa más allá del seguro tradicional para propietarios de viviendas o inquilinos, con protección de responsabilidad, cobertura de daños físicos, pagos médicos y protección contra robo.

El lanzamiento responde a una creciente demanda, con 54,7 millones de estadounidenses montando bicicletas en 2022, un aumento desde los 51,4 millones en 2021. El segmento de las e-bikes ha visto un crecimiento explosivo, con 1,1 millones de e-bikes vendidas en EE. UU. en 2022, casi cuadruplicando las ventas desde 2019. Esta expansión se alinea con la misión de VOOM de proporcionar seguros para el futuro de la movilidad.

VOOM Insurance는 선도적인 InsurTech 회사로서 전기 자전거 보험을 출시했습니다, Markel Group이 보증합니다. 이 새로운 상품은 VOOM의 혁신적인 오토바이 보험을 확대하여 e-바이크, 산악 자전거, 레이싱 자전거를 포함한 다양한 자전거를 보장합니다. 이 제품은 유연하고 포괄적인 보장을 제공하여 전통적인 주택 소유자 또는 임대인 보험을 넘어 책임 보호, 물리적 손상 보장, 의료비 지급 및 도난 보호 기능을 갖추고 있습니다.

이 출시안은 증가하는 수요에 대응하며, 2022년에는 5,470만 명의 미국인이 자전거를 탑니다, 2021년의 5,140만 명에서 증가하였습니다. e-바이크 부문은 폭발적인 성장을 보여주었고, 2022년 미국에서 110만 대의 e-바이크가 판매되었습니다, 이는 2019년 판매량의 거의 4배에 달합니다. 이 확장은 VOOM이 미래의 이동성을 위한 보험을 제공하겠다는 사명과 일맥상통합니다.

VOOM Insurance, une entreprise leader dans le domaine de l'InsurTech, a lancé une assurance pour vélos électriques, souscrite par le Markel Group. Cette nouvelle offre élargit l'assurance moto innovante de VOOM pour couvrir une large gamme de vélos, y compris les e-bikes, les VTT et les vélos de course. Le produit propose une couverture flexible et complète allant au-delà des assurances traditionnelles pour propriétaires ou locataires, avec protection en responsabilité civile, couverture des dommages matériels, paiements médicaux et protection contre le vol.

Le lancement répond à une demande croissante, avec 54,7 millions d'Américains utilisant des vélos en 2022, contre 51,4 millions en 2021. Le segment des e-bikes a connu une croissance explosive, avec 1,1 million d'e-bikes vendues aux États-Unis en 2022, presque un quadruplement des ventes par rapport à 2019. Cette expansion est en adéquation avec la mission de VOOM de fournir des assurances pour l'avenir de la mobilité.

VOOM Insurance, ein führendes InsurTech-Unternehmen, hat eine Versicherung für Elektrofahrräder eingeführt, die von der Markel Group gezeichnet wird. Dieses neue Angebot erweitert die innovative Motorradversicherung von VOOM, um eine Vielzahl von Fahrrädern abzudecken, darunter e-Bikes, Mountainbikes und Rennräder. Das Produkt bietet flexible und umfassende Deckung über die traditionelle Haus- oder Mieterversicherung hinaus, einschließlich Haftpflichtschutz, physischer Schadensdeckung, medizinischen Zahlungen und Diebstahlschutz.

Die Einführung reagiert auf die steigende Nachfrage, mit 54,7 Millionen Amerikanern, die 2022 Fahrräder fahren, ein Anstieg von 51,4 Millionen im Jahr 2021. Der e-Bike-Sektor hat ein explosives Wachstum erlebt, mit 1,1 Millionen e-Bikes, die 2022 in den USA verkauft wurden, was fast einer Vervierfachung der Verkäufe seit 2019 entspricht. Diese Expansion steht im Einklang mit der Mission von VOOM, Versicherungen für die Zukunft der Mobilität bereitzustellen.

VOOM's launch of electric bike insurance, underwritten by Markel Group, marks a significant expansion in the InsurTech space. This move capitalizes on the growing e-bike market, with U.S. sales reaching 1.1 million units in 2022, nearly quadrupling since 2019. The product addresses a gap in traditional insurance offerings, providing specialized coverage for a rapidly evolving mobility segment.

The partnership with Markel, a leader in U.S. bicycle insurance, lends credibility and underwriting expertise to VOOM's innovative, usage-based model. This collaboration could potentially disrupt the traditional insurance market for personal mobility devices. The comprehensive coverage, including liability, physical damage, medical payments and theft protection, positions VOOM to capture a significant share of this emerging market.

For investors, this development signals VOOM's agility in adapting to market trends and its potential for growth in the InsurTech sector. Markel's involvement may also positively impact its position in the evolving mobility insurance landscape, potentially driving new revenue streams in a high-growth segment.

The launch of VOOM's e-bike insurance is well-timed, aligning with significant growth in the cycling market. With 6.4% year-over-year increase in American cyclists from 2021 to 2022, reaching 54.7 million, there's a clear upward trend in bicycle usage. This growth, coupled with the explosive rise in e-bike sales, indicates a shifting transportation landscape that favors sustainable, alternative modes of transport.

VOOM's expansion from motorcycle and rideshare insurance to e-bikes demonstrates a strategic move to capture market share in an emerging segment. The company's usage-based insurance model could be particularly appealing to e-bike owners, who may have diverse usage patterns compared to traditional cyclists. This tailored approach could give VOOM a competitive edge in attracting and retaining customers in this rapidly growing market.

For Markel, this partnership represents an opportunity to strengthen its position in the bicycle insurance market and adapt to changing consumer preferences in mobility. The collaboration could lead to increased premium volume and market penetration in a high-growth segment.

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 VOOMVOOM 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-biking2 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