VOOM offers usage-based insurance products tailored for rideshare, motorcycle, e-bike, and drone operators, utilizing a pay-per-mile model to align premiums with actual usage. This approach significantly reduces insurance costs, with customers reporting savings of up to 75% compared to traditional insurance policies.
Funding
$22M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
FVPAFounders
Product
Problem
Traditional motorcycle insurance policies charge a flat rate regardless of how often the motorcycle is used, which can be expensive for riders who only ride seasonally or infrequently. This model doesn't account for periods when the motorcycle is not in use, such as during winter or when the owner is traveling.
Solution
VOOM offers pay-per-mile insurance for motorcycles, e-bikes, and rideshare vehicles, providing a cost-effective alternative to traditional insurance. VOOM charges a low monthly base rate plus a per-mile fee, allowing riders to pay only for the coverage they use. Customers submit a photo of their odometer each month, and the mileage is used to calculate the monthly bill. This approach can result in significant savings for low-mileage riders, with potential savings up to 60% compared to standard insurance plans.
Target Audience
VOOM targets motorcycle, e-bike, and rideshare operators who drive infrequently or seasonally, as well as owners of multiple motorcycles who only ride some of them occasionally.
Features
- Pay-per-mile pricing model with a low monthly base rate
- Mileage tracking via monthly odometer photo submissions
- No hardware or tracking devices required
- Three coverage options: Rider's Essentials, Popular, and Extended, with customizable options
- Potential discounts for completing safety courses, anti-theft devices, and continuous insurance coverage
- Online quote process in under two minutes