U.S.-based insurtech startup Spot announced on Friday it has launched its subscription-model injury coverage, which provides coverage for out-of-pocket expenses, including insurance deductibles. Founded in 2017, Spot described itself as an ambitious startup entering the insurance industry by opening an entirely new channel of distribution and targeting those living an active and adventurous lifestyle.
“Spot makes it possible for people to purchase short-term, month-to-month policies, at an approachable price through a simple platform. Led by a team of insurance veterans and experienced tech entrepreneurs, Austin, Texas-based Spot allows policyholders to get out and live more than a little.”
Spot reported that starting at $20 a month, the injury insurance plan covers up to $20,000 in out-of-pocket medical expenses associated with an injury and $50,000 for accidental death and dismemberment. The company claims that signing up takes under 90 seconds online and only requires a birthdate and home address. Spot CEO, Matt Randall, shared:
“We’re the first company to create an injury insurance subscription that covers thousands of activities from the first-time mountain bike ride to climbing Mount Everest. In less than 90 seconds, you can get coverage and go live more than a little without the worry of debilitating medical costs.”
Spot added that it is currently available in 17 states, which are Texas, Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Indiana, Michigan, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Wisconsin, and Louisiana.