Honcho expands to van insurance

In addition to car insurance, Durham-based Honcho is now offering van insurance on its reverse auction marketplace. Insurers and brokers participating in the marketplace include Quoteline Direct, Freedom Brokers, City Insurance, Sterling, Nova Direct, Van Line Direct, Principal Insurance, Motor Vision, Performance Direct, and Grove & Dean. The company announced that “several more van insurance providers, including Vanarama, Van Quote Direct and Computer Quote” will also join in the next few weeks.

Founded in 2106, Honcho, now a team of ~13, has raised around $5 million in funding to develop its reverse auction concept where customers create an online profile via its website or mobile app to later obtain bids from insurance partners and be redirected to a bidder’s site to complete the transaction. It works with 25 car insurance providers.