Fintech and insurer Ripe has announced the availability of a new product to cover motorhomes and campervans, expanding further their portfolio.
Ripe specialises in leisure, lifestyle and small business insurance, providing cover for boats, golf equipment, bicycles, musical instruments, photography equipment, as well as personal trainers, fitness instructors, sports coaches and hair and beauty businesses. It has also built a customer base from insuring static and touring caravans and now has over 350,000 policyholders. The insurer uses a proprietary technology and “build your own” policy model, promising to deliver quotes in less than 120 seconds.
The new product, the fintech claims, is a first of its kind in the insurance market. According to a news release, Ripe conducted in-depth market research prior to launch to ensure the options and pricing that policyholders would find attractive. In addition, the insurer used biometric testing to develop a smooth online application journey for customers and a quick quote process. The new motorhome and campervan insurance is underwritten by specialist motor insurer, ERS.
“It is estimated that there are over 225,000 campervans and motorhomes on Britain’s roads,” said Paul Williams, CEO of Ripe. “With motorhomes rising in popularity as more and more people choose to holiday in the UK instead of going abroad, we saw a gap in the market for a product that’s competitively priced, customer-driven and digitally led. We have a tremendous track record in entering specialist markets such as this, with our unique agile model, and we’re delighted to bring our fresh, multi-award winning approach to motorhome and campervan insurance.”
The product launch follows news Ripe acquired specialist boat insurer Craftinsure. Ripe now has 19 specialist insurance products focused on leisure, lifestyle and SME markets.
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