Lemonade Car Launches in Texas

Rhea-AI Summary

Lemonade (NYSE: LMND) has launched its full suite of insurance products, including Lemonade Car, in Texas. This expansion taps into Texas's large market of licensed drivers, and the company's telematics-enabled car insurance is expected to attract existing customers with new features like 24/7 roadside assistance and discounts for eco-friendly drivers. With a 50% increase in bundled customers in similar markets, the company aims to satisfy the demand of thousands on their waiting list. Lemonade's quick claims process and commitment to social impact further solidify its position in the competitive insurance sector.

Positive

• Launch of telematics-enabled Lemonade Car in Texas to capture a large driver market.
• Over 90% of customers opt-in for telematics, indicating strong engagement.
• 50% increase in bundled customers in markets with Lemonade Car.
• Offers a quick claims process, enhancing customer satisfaction.
• Discounts available for bundling insurance products, attracting cost-conscious consumers.

Negative

• None.

Texas marks the latest state where full suite of Lemonade insurance products—Renters, Homeowners, Pet, Car, and Life—are available

NEW YORK--(BUSINESS WIRE)-- Lemonade (NYSE: LMND), the digital insurance company powered by AI and social impact, today announced the launch of Lemonade Car in Texas, making it the latest state to offer the company’s telematics-enabled car insurance and also the full suite of Lemonade insurance products.

“Texas presents an incredible opportunity for us not only because of its sheer market size, but also because it’s the latest state to feature every one of Lemonade’s products, continuing our strategy of growing with our customers,” said Shai Wininger, co-CEO and cofounder, Lemonade. “We’ve seen more than 50% increase in bundled customers in markets where we offer Lemonade Car, and we can’t wait to give the tens of thousands of customers on our Texas waiting list a chance to see why people love Lemonade Car so much.”

As the second largest state for the number of licensed drivers, Texas is no stranger to the needs and challenges car owners face, including rising gas prices, traffic congestion, and emergency weather conditions. Lemonade Car brings a fresh, telematics-first approach to car insurance to the Lone Star State, with more than 90% of current customers opted-in to telematics via the Lemonade app. This gives drivers a new option for car insurance with built-in safety features, including 24/7 on-site roadside assistance and real-time crash detection, and discounts for drivers making environment-friendly choices, such as low-mileage driving and owning a hybrid or electric vehicle.

With Lemonade, drivers across Texas can access its top-rated insurance, including:

• Telematics-enabled insurance: the use of telematics to measure how much and how safe people drive, as well as provide 24/7 on-site roadside assistance, real time crash detection, and dispatch of emergency services.
• Quick support when needed: 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.
• Discounts for bundling: new and existing customers in Texas can receive discounts when bundling with other Lemonade products - Renters, Homeowners, Pet and Life - to save up to hundreds of dollars a year.
• Benefits for environment-conscious drivers: better rates and coverage for electric vehicles and hybrid cars, rewards for low-mileage drivers with lower insurance rates, and Lemonade funded reforestation to help clean up after customers’ carbon emissions, over time.

Lemonade also created a guide for drivers to help navigate the nuances of car insurance in the state of Texas. Whether it’s a breakdown of what’s required and extra coverage that might be good to have, drivers can find it all in Lemonade’s Texas car insurance guide.

To learn more about Lemonade car insurance, visit www.lemonade.com/car.

About Lemonade

Lemonade offers renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, France, and the UK, and continues to expand globally.

Follow @lemonade_inc on Twitter for updates.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221214005213/en/

Natalie Gerke

natalie.gerke@lemonade.com

Source: Lemonade

FAQ

What new insurance products did Lemonade launch in Texas?

Lemonade launched its full suite of insurance products, including telematics-enabled car insurance, in Texas.

How does Lemonade's telematics-enabled car insurance work?

Lemonade's telematics-enabled car insurance measures driving habits and offers features like roadside assistance and real-time crash detection.

What percentage of Lemonade customers use telematics in Texas?

Over 90% of Lemonade's current customers in Texas have opted into the telematics program.

What benefits do customers get from bundling Lemonade insurance products?

Customers in Texas can receive discounts on premiums by bundling Lemonade's insurance products.

How has Lemonade's customer base changed with the launch in Texas?

Lemonade has seen a 50% increase in bundled customers in markets where Lemonade Car is available.