Insurance Innovator is First To Market With Policy
MAYFIELD VILLAGE, Ohio, February 18, 2003 – In yet another industry first, Progressive (NYSE:PGR) announced today the availability of the first-ever insurance policy for owners of Segway™ Human Transporters (HTs), the innovative, self-balancing, emissions-free transportation devices that begins shipping to consumers on March 1. While coverage from some existing homeowners or auto policies may cover Segway HT owners, providing coverage if the device is stolen from home, for example, no other insurance company is offering a policy with all lines of coverage.
Progressive is one of the largest auto insurers in the country and was recently named to Fast Company magazine’s Fast 50 Champions of Innovation.
“This is a story about two innovative companies coming together to meet consumers’ needs,” said Ben Sheridan, general manager, Progressive. “We’re delighted to be first—again—and look forward to the next transportation insurance challenge.”
Segway HT owners have a choice of three insurance packages from Progressive: full coverage; liability only; or liability and comprehensive. Although insurance for the device is not mandatory by law, owners should consider these insurance options to protect themselves and the long life of their Segway HT.
Drew Ladau, vice president and general manager, US Business, Segway LLC said: “While the Segway HT is engineered for safety and specially encrypted to reduce theft, it is important that Segway customers have access to products and services that complement and support their purchase. We are pleased Progressive anticipated a need and answered it.”
The cost of a Segway HT policy from Progressive varies depending upon the package, limits and deductibles selected by the owner as well as where the owner lives and other factors. Representative quotes on full coverage annual policies (liability, comprehensive and collision) range from $92 in suburban Cleveland to $259 in mid-town Manhattan1.
Customer service needs of Segway HT owners who insure with Progressive will be handled just as they are for the company’s other customers—in-person 24 hours a day. Segway HT owners who purchase a Progressive policy can also manage their insurance policy online at personal.progressive.com. And, if owners need to file a claim, they can rest easy knowing that Progressive representatives at more than 350 offices throughout the US stand at the ready to get them back riding again as quickly as possible.
A Progressive policy for the Segway HT is available in 47 states by calling 1-800-PROGRESSIVE, 24 hours a day, seven days a week, or by visiting a local independent insurance agent. Policies will soon be available on progressive.com. Coverage is not available in Mass., N.J., N.C. and the District of Columbia.
Progressive’s firsts date back to 1937 when the company introduced the industry’s first drive-in claims office. In the 1990s, the company introduced its innovative 24/7, in-person claims service and became the first auto insurance company to offer a free comparison rate service and online sales of auto insurance.
The Progressive group of insurance companies, in business since 1937, ranks fourth in the nation for auto insurance. The company is the largest insurer of motorcycles and personal watercraft and also sells policies for boats, recreation vehicles and all-terrain vehicles (ATVs). The company offers insurance by phone, online and through more than 30,000 independent insurance agencies throughout the US. The Progressive Corporation, the holding company, has headquarters in Mayfield Village, Ohio. More information about Progressive’s Segway HT insurance product can be found at progressive.com.
1) Prices based on a new 12-month policy for a married male, age 40 in Cleveland (ZIP 44121) and NY, NY (ZIP 10021) with a Segway Human Transporter i167. BI/PD 100/300/50. Comp/Coll deductibles of $500. These sample rates are based on rates as of 12/20/2002 and while illustrative, may not be typical. All rates are subject to change.Tags: Capgemini, Efma, InsurTech, World Insurance Report