olive.com Expands Mechanical Breakdown Coverage Services to Washington

Rhea-AI Summary

olive.com is expanding its mechanical breakdown coverage services to Washington, enhancing access to vehicle protection plans for consumers. These plans cover mechanical failures post manufacturer warranty and can be purchased entirely online. The company aims to address a significant market need, as studies indicate that 33% of car owners struggle to afford essential repairs. The average owner now keeps their car for 7 years, with annual repair costs averaging $1,200. This expansion taps into a potential market size of $260 billion.

Positive

• Expansion of services to Washington, increasing market presence.
• Plans cater to a growing need for vehicle protection, with research showing 33% of car owners struggle with repair costs.
• Product options are fully digital, providing convenience and accessibility.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- olive.com_tm (“olive.com” or the “Company”), the leader in payment services and online vehicle protection plans, announced today plans to expand its mechanical breakdown coverage services to the state of Washington. Vehicle protection plans cover mechanical failure after the auto manufacturer’s warranty has expired. olive.com’s digital platform lets consumers buy direct and 100% online, giving them access to an assortment of coverage and deductible options that are convenient, fit their budget, and are operable in minutes with no inspection or waiting period.

As part of this expansion, olive.com will offer its “Powered by olive” platform to local and national insurance agents, agencies, dealer groups and retailers in Washington, allowing for a co-branded olive.com product offering.

“We’re thrilled to be expanding our services to the state of Washington, bringing choice, transparency and a much needed product to even more consumers across the U.S.” said Rebecca Howard, Founder and CEO of olive.com. “Today at least 33% of car owners could not afford $500 to $600 in automotive repairs, and 60% would have difficulty covering a $1,000 repair expense, demonstrating the great need for a product like olive.com.”

With olive.com it’s easy to get a quote and purchase coverage 100% online. Car owners can enjoy personalized rates with three deductible options and three coverage plans, giving consumers nine different monthly payment choices. olive.com’s plans are convenient, as customers pay a fixed price for the life of the coverage term and can cancel at any time. In addition, plans have no annual mileage restrictions and are fully transferable when and if the car is sold.

olive.com provides an essential product as owners are keeping their vehicles for longer periods of time – the average owner today keeps their car for 7 years – and annual repair costs grow as vehicles age. Annual maintenance and repair costs today average approximately $1,200 per vehicle, and these costs are expected to continue to rise given the trends in more expensive auto parts and labor.

This expansion will allow olive.com to continue to deliver its product offerings to a growing addressable market estimated to be approximately $260 billion – including 280 million total cars on the road today, 87 million of which are between 6-12 years old.

Headquartered in Chicago, Illinois, olive.com now offers its services in 49 states across the U.S.

For more information, visit https://olive.com.

About olive.com:
olive.com, the leader in payment services and online vehicle protection plans, was built to give customers peace of mind. Vehicle protection plans cover mechanical failure of the vehicle after the manufacturer’s warranty has expired. With olive.com, consumers are now able to buy a vehicle protection plan direct, with no pressure, from the comfort of their home. olive.com offers a range of coverage and deductible options to suit any budget, and their products are approachable, affordable, transparent and user-friendly – real choice, all digital at any time day or night. Founded in 2006 and headquartered in Chicago, Illinois, olive.com products, customer service, and reputation for excellence have earned it an A+ rating with the Better Business Bureau (BBB) and partnerships with leading insurance companies and globally recognized brands.

Website:
https://olive.com/

Social Media:
https://www.instagram.com/olivecoverage/
https://twitter.com/olivecoverage
https://www.facebook.com/olivecoverage

Forward-Looking Statements

Certain statements in this communication, which are not historical facts, may be considered forward-looking statements. For example, estimations of potential addressable market size and other metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company does not undertake any duty to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211213005127/en/

Media:

Kelly Wallace

press@olive.com

917-991-6308

Source: olive.com

FAQ

What recent service expansion did MDH announce?

MDH announced the expansion of its mechanical breakdown coverage services to Washington.

How does MDH's vehicle protection plan work?

MDH's vehicle protection plan covers mechanical failures after the manufacturer's warranty expires and can be purchased entirely online.

What market size is MDH targeting with its expansion?

MDH is targeting an addressable market estimated at approximately $260 billion.

What percentage of car owners struggle to afford repairs according to MDH's research?

MDH's research indicates that 33% of car owners could not afford $500 to $600 in automotive repairs.