Understory launches hail insurance for auto dealers in five new states
Understory has launched its supplemental hail insurance product for automotive dealers in five new states: Arizona, New Mexico, Ohio, Pennsylvania and Wyoming.
Auto – Hail Safe is a parametric hail insurance product that allows automotive dealers to protect their vehicles from the rising cost of hail storm damage. Supported by the international weather risk insurance company, MSI GuaranteedWeather, Auto – Hail Safe provides customizable, cost-effective pricing, no financial deductibles and quick, predictable payouts when a damaging storm strikes. Originally launched in November 2019, Auto – Hail Safe is now available to dealerships in a total of 17 states, including Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, South Dakota, Texas, and Wisconsin.
“We’re excited to expand the reach of Auto – Hail Safe into these five new states and offer a lifeline to auto dealers, whose businesses are increasingly impacted by hail storm damage. Traditional policies are no longer enough. Auto – Hail Safe allows dealers to supplement their risk management approach and bounce back quickly from a hail storm without the hassle of a lengthy claims processes or unmanageable financial deductibles.” – Alex Kubicek, Understory co-founder and CEO.
Auto – Hail Safe simplifies typical insurance complexities for auto dealers. First, a dealer chooses from different tiers of coverage depending on the desired payout and storm severity. Next, Understory will install and maintain a Dot sensor on each policy holder’s dealership to provide precise weather measurements. When hail reaches the conditions agreed upon in the policy, the sensor will activate claims to the insured, without the need for any paperwork or lengthy claims process. Auto – Hail Safe from Understory can be used to cover a wide range of economic damage an auto dealer might experience, including vehicles, roofs, property loss, revenue loss, advertising, and other expenses.