Join Harry as he speaks with Tomer Kashi, who founded Voom, an insurance company providing solutions for the future of mobility.
Voom is an insurance innovator that provides rideshare drivers with more affordable insurance. Harry loves the company so much that he is an advisor for it.
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Quick Takeaways
- Voom helps rideshare drivers and move the rideshare industry forward.
- Voom is an insurtech company with tech guys who provide insurance. They offer usage-based insurance products.
- They have several policies in the market, including large commercial drone insurance, motorcycle insurance, and rideshare insurance.
- They named it Voom because it is short. Voom resembles things that move, and they insure all things that move.
- He started the company after talking to an Uber driver who bought a Tesla strictly for Uber driving to save on gas but was paying $3,200 a year in car insurance. Tomer knew that drivers were already covered by the rideshare platform they drive for when they are working. So, drivers are paying expensive premiums for insurance they don’t even need.
- Tomer decided to look into coverage based on usage so drivers don’t pay for insurance they don’t need. Most rideshare drivers limit their personal driving because they are tired of driving, so over-insuring isn’t necessary.
- Many rideshare drivers don’t have the cash to cover the high deductible rideshare insurance requires.
- Voom provides deductible gap coverage. They would reimburse rideshare drivers for the portion of the rideshare insurance deductible that their Voom insurance covers.
- Whether you are at fault or not, Uber and Lyft’s rideshare deductible is $2,500. Voom’s policy replaces this deductible.
- Rideshare drivers pay less and get more coverage with Voom.
- Uber and Lyft have four periods of driving. Period zero is your normal personal driving. Period 1 is when the app is open, but you are not on an active trip. The rideshare insurance covers only limited occurrences. Voom would cover the gaps. Periods 2 and 3 are fully covered because you either are on your way to get a passenger or have a passenger in your car.
- Voom’s goal is to be in all 50 states. Right now, they are in seven states: Arizona, Nevada, Colorado, Tennessee, Georgia, Minnesota, and New Orleans.
- You can check their website to see when they’re in your state.
- They look at your age, car, and driving record. They ask how much you plan to drive. Their policy is not per mile, but it is an important factor. They ask you to sync your Uber or Lyft account with Voom. It’s read-only data, and they ask for a picture of your odometer to validate your commercial mileage.
- The best Voom drivers are people who do a lot of commercial driving and use their personal vehicles sparingly. The less you use your car for personal driving, the more attractive a Voom policy will be.
- Insurance premiums are going up because of inflation and litigation nationwide. Many drivers don’t shop around for insurance for years, so they are shocked at how much Voom can save them.
- The insurance industry has experienced a 23% increase in costs this year, which are passed on to drivers.
- Voom rates are not cheaper for all. They are cheaper for some because they consider factors other companies don’t.
- Uber and Lyft remove the lowest-rated drivers from the platform. Lyft sends riders to drivers with safer driving scores even though passengers pay the same rate. However, the companies pay lower premiums for the better drivers, so they make more money.
- Uber and Lyft provide insurance that is different from Voom, which is more of a hybrid policy. A typical Uber claim involving a passenger is more complicated and raises the prices, but Voom tries to keep them lower.
- Many drivers are uneducated about insurance. It’s important for drivers to learn as much as they can to save money and protect themselves. Many drivers hide the fact that they are rideshare drivers from their insurance companies to avoid the extra costs. Voom set out to end that.
- You can learn more or get a quote at https://therideshareguy.com/voom/.
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