Lemonade (LMND) Launches Car Insurance

November 3, 2021 7:09 AM EDT

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Lemonade (NYSE: LMND), the insurance company powered by AI and social good, today unveiled its newest product - Lemonade Car - designed to bring a fresh, tech-first approach to the category. Lemonade Car is now available in Illinois and will be rolling out nationwide.

Lemonade Car is designed to offer better prices for safe and low-mileage drivers, as well as environment-friendly EVs and hybrid cars. The Lemonade app uses telematics to measure how much and how safe people drive, as well as provide 24/7 on-location roadside assistance, real time crash detection, and dispatch of emergency services.

In addition, customers will automatically receive significant discounts when bundling with other Lemonade products. The new car bundles allow new and existing customers to purchase Lemonade Car alongside Home, Renters, Pet, or Life products and save up to hundreds of dollars a year.

Lemonade Car's first-of-its-kind claims process allows users to file claims in minutes, and when needed, get tow services, emergency EV battery recharge, and the ability to track repairs, body shop work, and more. Using Blender, the company’s proprietary insurance operating system, Lemonade’s claim advocates are able to handle more claims in a shorter period of time and with greater efficiency than traditional insurance systems. Blender automates many of the otherwise time consuming, manual processes, which translates into happier customers and lower costs.

“We stood up entire teams to handle tows, repairs, body shop services, as well as support for the 24/7 roadside assistance and emergency services we now offer,” said Shai Wininger, Lemonade’s CEO and cofounder. “Providing a best-in-class car claims experience means being there for your customers 100 percent of the time, with surprisingly fast service and lots of empathy.”

As a public benefit corporation and B-Corp, Lemonade will continue its long-standing commitment to never invest in fossil fuels and polluting industries, as well as to incorporate incentives to reduce CO2 emissions. Lemonade Car offers better rates and coverage for electric vehicles and hybrid cars, rewards low-mileage drivers with lower insurance rates, and will fund reforestation to help clean up after customers’ carbon emissions, over time.

“We wanted to introduce a product that will not only reinvent how people buy car insurance, manage their policy, and file claims, but also do something good for the planet. Since we can’t stop using cars just yet, we will help compensate for the CO2 emitted from our customers’ cars by financing reforestation on an ongoing basis. Using the telematics technology in our app, we’re able to estimate how much carbon dioxide is emitted by each ride, and plant trees accordingly.” said Wininger.

Lemonade Car is now available to customers in Illinois with Tennessee coming next, and additional states across the U.S. rolling out thereafter.

Get a peek behind the scenes of the Lemonade Car product and its making.

To get a quote, or get notified when Lemonade Car becomes available in your state, visit www.lemonade.com/car.



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