It marks the insurtech’s third expansion into a major new insurance category in less than a year
Insurtech Lemonade has revealed that it will be entering the car insurance market with a new product – Lemonade Car.
Early registration for this product is now open. It will allow both existing and new customers to bundle their home, pet and life policies with their car insurance.
This adds to its existing homeowners product line, which includes the insurtech’s initial offering for renters; pet insurance, which was added in H2 2020; and a term life insurance product that was introduced in 2021, which provides life insurance for a fixed payment and time period.
Shai Wininger, Lemonade’s chief operating officer and co-founder, said: “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.”
It marks the insurtech’s third expansion into a major new insurance category in less than a year.
Growing market
Winninger said: “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 [electric vehicles] and environment-friendly cars.”
Currently, the US car insurance industry is estimated to be about $300bn, which is 70 times the size of the markets for renters and pet insurance.
A large majority of Lemonade’s existing customers are car owners who already spend about $1bn on car insurance each year.
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