CoverHound, an insurance startup that is redefining how people shop for and manage their insurance, today announced that it has raised a $4.5 million Series A round of funding. The new round, led by RRE Ventures with additional participation from Bullpen Capital and existing investor Blumberg Capital, brings the company’s total funding to date to $6.5 million.
CoverHound’s technology helps people compare multiple insurance policies and plans. The startup has raised a $4.5 million round to grow the team and develop new products. Its engine collects and compares data about car, motorcycle, renters, and homeowners insurance. Consumers can also buy and manage their plans directly on CoverHound and adapt their policies as circumstances change.
In September 2012 BetaKit covered auto insurance comparison tool CoverHound, a San Francisco startup that at the time announced a strategic partnership with Source Interlink Media, which publishes Automobile Magazine and Motor Trend magazine, and also included a strategic investment. This week the company is announcing its Series A funding, a total of $4.5 million led by New York City’s RRE Ventures with participation from Bullpen Capital and existing investor Blumberg Capital, which provided $750,000 of seed funding in 2011.
Car insurance is a necessary evil for all drivers. Of course, if you don’t happen to be accident prone, paying expensive monthly or annual bills is a headache and seems equivalent to setting your wallet on fire. Of course, insurance companies are great at reminding us that the world is a wild and dangerous place and that more coverage equals better protection from the vagaries of the road and those costly surprises. Plus, there’s the fact that auto insurance is required by law.
CoverHound announced a new partnership with Source Interlink Media. CoverHound will now power all auto insurance shopping on SIM’s sites, including MotorTrend.com. As part of the agreement, SIM also makes a strategic financial investment in CoverHound.
“We’re thrilled to integrate our insurance shopping technology with SIM’s industry-leading sites,” said Basil. “Drivers who visit these sites and interact with these brands expect the very best automotive features online, and now we are able to provide them with a best-in-class insurance product.”
It's great to be a girl -- at least when it comes to buying auto insurance. Men pay about $15,000 more for auto insurance over their lifetimes than women do, according to CoverHound.com. But the differences can be even more dramatic, depending on age, location, and other variables.
For instance, an 18-year-old male living in Nevada would pay an average of $6,268 a year to insure his sedan if he had the misfortune to grow up there. That's 51 percent higher than what his twin sister would pay, who would fork out just $4,152 to insure an identical car, according to a CoverHound analysis.
New comparative car insurance shopping platform CoverHound, which saw its public launch this week at the Finovate conference, is trying to make comparison shopping easier by “enabling consumers to compare and buy policies from top national brands” in the U.S. The company offers an online comparison tool, supported by its own full-service independent insurance agency.
Founder and CEO Basil Enan says his company is trying to eliminate the “messy and opaque nature” of shopping for car insurance. “We want to show everyone that we have the best rates; there is no transparent marketplace for insurance shopping.”
CoverHound announced the public launch of its comparative shopping platform for car insurance. CoverHound is a first-of-its-kind service harnessing the power of a web-based platform and a national full-service independent insurance agency to identify the best car insurance rates available for consumers.
CoverHound is reordering auto insurance comparison shopping by changing the way consumers find and buy policies. CoverHound already has thousands of users and is available to more than 80 percent of the U.S. population in 30 states, with the rest soon to follow.
Amidst this push for growth in the Internet sector, a new class of tech startups has sprung up aiming to help Americans on Main Street. These small but growing businesses set their sights on assisting users with difficult daily realities like getting out debt and finding the best insurance rates
CoverHound presents competing insurance rates from the major brands, which users can then go ahead and purchase. Insurance shopping has been relatively scattered and confusing for Americans in the past.
CoverHound announced the addition of GMAC Insurance to its platform. The introduction of GMAC Insurance further expands CoverHound’s offering to consumers, as the company continues to provide instant, accurate and actionable quotes to insurance shoppers.
“We’re extremely excited to bring GMAC Insurance onto our platform. CoverHound is dedicated to helping consumers find and buy the best insurance policy.” said Basil Enan, CoverHound Founder and CEO.
Did you know CoverHound's founding team has over 14 years of insurance experience?