If you’re a casual rider or if you collect motorcycles which you rarely ride, insurance premiums can be steep. In Europe, several insurers offer all-year insurance or riding season-only premiums, the latter which are quite a bit cheaper. And now, U.S. insurance firm VOOM & Markel is offering what could be the future of motorcycle insurance. A premium per mile solution could completely change the way we insure our vehicles, and could end up saving casual riders a lot of money.
VOOM has found that (very) low-mileage riders run up to 80% less risk than frequent riders.
The insurance-tech company charges a small premium per month, plus a few cents for each mile you ride, claiming that riders can save between 10 and 60% per year compared to conventional insurance companies. The only thing a rider needs to do is take a monthly photograph of the odometer to register mileage. No tracking devices or hardware needs to be installed on the vehicle.
Currently, the ‘smart’ new way of insuring your motorcycle is only available in Indiana, Arizona, Ohio and Illinois, but the company is looking to expand rapidly throughout the U.S.