Lemonade all set to launch new ‘Lemonade Car’ cover
US-based insurtech unicorn, Lemonade has anno unced it’s latest venture into the car insurance market.
The disruptive company that already offers a range of products from pet insurance and personal liability, to rental and crisis cover.
The insurtech’s announcement that it will now be launching Lemonade Car, signals the company’s third major expansion into a new insurance category in less than a year. The creation of Lemonade car will enable both new and existing customers to group together their home, pet, life insurance and now auto cover, under one bundle.
Lemonade announced the news in typical renegade style through a tweet that notified customers early registration for the cover service was now open. “Lemonade Car will use technology to handle emergencies and pay claims fast, will offer great prices to safe drivers, and will be especially attractive to drivers of EVs and environment-friendly cars,” it said.
Profitable move
According to reports, a large proportion of Lemonade’s customers are car owners, currently already spending an estimated $1bn annually on cover. The US car insurance market is a burgeoning industry, valued at $300bn - an impressive 70 times the size of other insurance categories, such as pet and home insurance.
Shai Wininger, Lemonade COO and co-founder, explained, “We’re seeing an overwhelming demand for a Lemonade car insurance product from our customers. And so, since last year, a large part of our team has been working on what we believe will become one of the best car insurance products on the market.”
“Lemonade Car will use technology to handle emergencies and pay claims fast, will offer great prices to safe drivers, and will be especially attractive to drivers of EVs and environment-friendly cars.”
A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, and France, and continues to expand globally.
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