Markel will serve as the underwriter and handle claims for the motorcycle insurance, bringing 45 years of experience in motorcycle-specific coverage.
Voom will distribute the per-mile product directly to riders and via select partners.
Due to the motorcycle industry’s seasonal, irregular and spontaneous nature, riders often wind up paying high insurance costs despite not using their motorcycles all year round.
Voom research found that the risk associated with low-mileage riding can be 80% lower than high-mileage motorcycling, but traditional insurance policies tend to be annual.
Riders who want to avoid insuring bikes they ride at only certain times during the year have options to request lay-ups or cancel their policies.
Voom is looking to find a solution for this problem, offering riders a monthly base rate determined by factors like the type of bike they have.
The offering doesn’t require any device to track mileage. The riders are required to submit photos of their odometers monthly.
With coverage, riders get online policy management and other coverage options like liability, comprehensive, medical payments, collision and accessory coverage.
Tomer Kashi, CEO and co-founder of Voom, said: “We are excited to be providing motorcyclists with flexibility through this per-mile motorcycle insurance product.
“Enabling cost-effective insurance options for riders and drivers is our top priority. We look forward to spurring further growth across mobility, particularly in otherwise overlooked parts of the industry.”
Jeff May, executive underwriting officer at Markel, said: “Markel is thrilled to collaborate with Voom to help introduce per-mile insurance to motorcycle riders.
“We’ve been providing specialized motorcycle coverage for years, and due to the seasonality of the motorcycle riding season, this is a natural progression in the evolution of motorcycle insurance.”
