VOOM Pay Per Mile Insurance

  • Publication: Harden Offroad, Inc.

Deflating Inflation One Mile at a Time

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Inflation is everywhere. Escalating costs are the news of the day. The Consumer Price Index is at an all-time 40-year high, led by gas prices currently peaking at $4.50/gallon nationally. Factor in the war in Ukraine and the resulting economic and geopolitical uncertainty over the past couple of months; it's no wonder the rising cost of living is the number one topic of conversation on everyone’s lips.

No one has been spared from these recent developments, including motorcycling.  Inflation is already having a profound impact on the industry and culture. How it affects new motorcycle sales, the amount that people ride, discretionary spending habits, and overall economic activity remains to be fully realized. 

One sure thing, over time consumers will tend to spend less on luxury goods and services. Consumers will scrutinize everything from Netflix subscriptions to gym memberships to travel plans. Besides canceling certain services to save on overhead, many will look for increased value from expenditures that are not necessarily optional, constants like motorcycle insurance. 

Motorcycle insurance is required by every motorcyclist. It’s the most significant annual expense, something you pay for regardless of whether you ride or not. 

Fortunately, for motorcyclists, it isn't all bad news. One innovative company is already thinking outside the box for those striving to control their monthly overhead, especially motorcycle insurance costs. 

  VOOM MC Riding Habits Survey

VOOM Insurance is an insurance company that understands motorcycling for many isn't optional, that it's a passion and significant part of millions of Americans' daily lives. VOOM also understands ownership costs and that most motorcycles are ridden less than 2,000 miles a year. VOOM is an innovative InsurTech company creating next-gen insurance products for New-Mobility segments. Their expertise lies in various mobility verticals across multiple platforms, including drones, light planes, e-scooters, modern fleets, and motorcycles. 

VOOM Insurance has launched a very innovative pay-per-mile program that, on the surface, makes a tremendous amount of sense based on most riders riding habits. Their program is not only perfect for low mileage riders but also infrequent/weekend riders, riders who store their bikes seasonally, and riders with multiple motorcycles. Riders could save as much as 60% by using pay per mile. Currently available in six states (Arizona, Illinois, Ohio, Indiana, Iowa & Wisconsin) and set to expand into two more (Texas, Oklahoma and Georgia, VOOM Insurance has looked at the marketplace and developed a new product that make sense during these challenging economic times.

VOOM Head of Marketing, Amir Schneider, explains "We surveyed hundreds of motorcycle riders and found that 70% ride 2,000 miles a year or less. These riders are actually 'overpaying' to cover the risk of a few other lucky riders that do ride a lot. Instead of paying high insurance rates, even when the motorcycle sits in the garage for weeks or months at a time, with VOOM, riders pay a low monthly base rate, plus a few cents for every mile they ride. With no tracking or hardware required, Riders report their mileage by sending a picture of their odometer". 

As we move forward into what will undoubtedly be very challenging economic times, it’s great to see companies like VOOM take a new approach to what has historically been a very stable market offering. For more information and to get a quote, visit the VOOM website at: https://www.voominsurance.com. You can get a quote in as little as five minutes.

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