Lemonade Car maintains its slow pace in Illinois
Last month, Lemonade celebrated one year since it launched its car insurance offering in the state of Illinois, and based on a recent state filing, the insurance company is maintaining its slow pace when it comes to policy growth.
In July, we wrote about Lemonade Car. At the time, Lemonade had 2,823 auto policyholders in Illinois. Based on a rate increase request that was submitted on 11/29/2022, Lemonade’s latest auto policyholder count in the state is 4,291.
Separately, Tesla’s Insurance program in Illinois has been available for close to a year in partnership with Midvale Indemnity, an American Family company also known for its work with OnStar Insurance Services . According to recent filings for a 20% rate change, Midvale has 1,134 policies in force as of Q2’22. As an aside, Illinois has little more than 55,000 registered EVs, and more than 20% of those are probably Teslas.
Bottom Line: Lemonade is averaging 11 net new auto policies per day in Illinois .