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Insurance for cars, trucks, motorcycles, and other motor vehicles is referred to as “vehicle insurance,” “motor insurance,” or “auto insurance.
“The primary purpose of it is to provide financial protection against bodily injury or damage caused by traffic collisions and liability arising from car accidents.
Additionally, vehicle insurance may provide financial protection against vehicle theft, damage caused by events other than traffic collisions, such as keying, weather or natural disasters, and damage caused by collision with stationary objects.
The specific terms of vehicle insurance vary according to local laws.
The Africa Motor Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
The team had more telematics experience and had noticed that East African insurance was ripe for digital disruption.
Bimaleo set out to provide individualized auto insurance policies based on use by making use of the existing infrastructure.
Currently, insurance is purchased digitally for the year or in installments. They believe that by tapping into real-time data through telematics hardware, purchasing motor insurance when you want to use your vehicle will allow for cost savings and improve claims processing.
Instead of the industry standard full-year premiums based on approximations and estimates, the startup’s “as needed” and “by the mile” products are offered.
According to the company, these premiums have historically resulted in unfair prices.Customers of Bimaleo receive additional discounts for safe driving.
“Bimaleo’s digitally native product is designed to meet the needs of today’s modern driver in Kenya. It has automated claims, secure and easy policy purchase, and complementary innovative driving features.
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