olive.com (“olive.com” or the “Company”), the leader in payment services and online vehicle protection plans, announced plans to expand its mechanical breakdown coverage services to the state of Washington. Vehicle protection plans cover mechanical failure after the auto manufacturer’s warranty has expired. olive.com’s digital platform lets consumers buy direct and 100% online, giving them access to an assortment of coverage and deductible options that are convenient, fit their budget, and are operable in minutes with no inspection or waiting period.
Latest Fintech Insights: SVB Financial Group Acquires Technology Equity Research Firm MoffettNathanson LLC
“We’re thrilled to be expanding our services to the state of Washington, bringing choice, transparency and a much needed product to even more consumers across the U.S.”
As part of this expansion, olive.com will offer its “Powered by olive” platform to local and national insurance agents, agencies, dealer groups and retailers in Washington, allowing for a co-branded olive.com product offering.
Browse The Complete News About Fintech : Crypto-collateralized Lending Offered By PayBito Gains Market Favor
“We’re thrilled to be expanding our services to the state of Washington, bringing choice, transparency and a much needed product to even more consumers across the U.S.” said Rebecca Howard, Founder and CEO of olive.com. “Today at least 33% of car owners could not afford $500 to $600 in automotive repairs, and 60% would have difficulty covering a $1,000 repair expense, demonstrating the great need for a product like olive.com.”
With olive.com it’s easy to get a quote and purchase coverage 100% online. Car owners can enjoy personalized rates with three deductible options and three coverage plans, giving consumers nine different monthly payment choices. olive.com’s plans are convenient, as customers pay a fixed price for the life of the coverage term and can cancel at any time. In addition, plans have no annual mileage restrictions and are fully transferable when and if the car is sold.
olive.com provides an essential product as owners are keeping their vehicles for longer periods of time – the average owner today keeps their car for 7 years – and annual repair costs grow as vehicles age. Annual maintenance and repair costs today average approximately $1,200 per vehicle, and these costs are expected to continue to rise given the trends in more expensive auto parts and labor.
This expansion will allow olive.com to continue to deliver its product offerings to a growing addressable market estimated to be approximately $260 billion – including 280 million total cars on the road today, 87 million of which are between 6-12 years old.
Read More About Fintech News : Genesis Custody Approved By UK FCA As Registered Cryptoasset Business
[To share your insights with us, please write to sghosh@martechseries.com]
