Online insurance platform and pay-per-mile vehicle insurer Metromile and Hippo Insurance Services, which offers home insurance, will collaborate to provide a multipolicy discount on auto and homeowners insurance to consumers, according to a Monday (May 17) announcement.
“Offering choice and control are central to who we are and what drivers have come to expect from us,” Metromile CEO Dan Preston said in the announcement. “The addition of homeowners insurance through Hippo provides drivers with new options, greater flexibility and a new way to save.”
Homeowners and drivers will have the capacity to buy pay-per-mile auto insurance from Metromile and homeowners insurance from Hippo. They can save as much as 15 percent on their auto and homeowners insurance policies if they are bundled, according to the announcement.
Furthermore, the joining of the in-depth home insurance policies with proactive protection from Hippo with the live, tailored auto insurance policies from Metromile will provide people with additional avenues to save on premiums, the announcement stated.
After the collaboration rolls out, homeowners and drivers will have the capacity to bundle auto insurance from Metromile with homeowner’s insurance from Hippo in Washington state, Virginia, Pennsylvania, Oregon, New Jersey, Illinois, California and Arizona. The collaboration will then grow to include more states at a future point in 2021, according to the announcement.
“We look forward to partnering with Metromile to offer our customers auto protection that’s blending the best of technology with top insurance coverages, just as we are on the home insurance side, to bring customers the best possible coverage and experience possible,” Hippo President Rick McCathron said in the announcement.
The news comes as Metromile will be letting policyholders pay premiums and obtain claim payouts by the way of bitcoin, PYMNTS reported. The firm will purchase $10 million in bitcoin in the second quarter of this year in order to adopt the digital currency choice.
Metromile “believes allowing cryptocurrency payments will support its commitment to fairer insurance and promote financial resilience for policyholders as cryptocurrency becomes mainstream and a more significant portion of consumers’ assets,” a previous release stated.