Israeli Startup Fills Insures “Other” eVehicles

Israeli Startup Fills Insures “Other” eVehicles

Israeli insurance startup Voom now offers insurance for drones, small private planes, small boats, motorcycles or e-scooters, and on an individual per-use basis. 

Here’s why.

In 2018, more than 1,500 people were injured in e-scooter related accidents across the US, according to a recent study. In Israel alone, the number of deaths that involved personal electric vehicles rose from seven in 2017 to 19 in the following year, just when e-scooters pioneered the local market.

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Despite the risk, adequate insurance coverage for e-scooters and other personal transportation devices is missing. Enter Voom, an Israeli insurance platform for specialized mobility, that is developing an on-demand, telematics-based solution for “everything you can ride, fly or sail”.

“In all of these markets that are considered a ‘niche’, although they are accounting for billions of dollars in premiums, insurance is really lagging behind,” CEO Tomer Kashi tells NoCamels. Insurance companies currently do not differentiate between customer’s individual risk profiles. “It is like going to the supermarket and everyone pays the same for their shopping cart, no matter what they are buying – it’s not a great idea,” Kashi points out.

To solve this problem, Voom’s solution will include two pillars: an on-demand and per-use basis combined with an individual AI-risk analysis. 

“For many modes of mobility the insurance product already exists. However, the entire underwriting and risk profiling is very primitive,” Kashi explains. “Let’s say I have a jetski. One person is using it almost every day, and another one uses it only twice a year. There is no reason that they should pay the same.” 

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