Oyster Launches Usage-based Rental Insurance

The coverage encompasses protection against theft, damage, and natural disasters, spanning from a single day to over a year.

(Image credit: Francesca Tosolini/Unsplash.)

Oyster, an insurance technology company and distributor providing personal insurance through seamless point-of-sale and post-purchase experiences, has announced the launch of a new rental insurance product. This offers the first usage-based rental insurance program in the U.S., providing rental shops and marketplaces with theft and damage coverage for their rental bikes, ebikes, kayaks, and paddleboards through Oyster’s modern platform, according to a statement from the company.

Vic Yeh, CEO and Co-Founder, Oyster.

“The expanding rental market presents risk challenges for businesses due to the distinct nature of renting an item,” comments Vic Yeh, co-founder, CEO, Oyster. “Leveraging Oyster’s tech-driven underwriting platform, we are now able to provide comprehensive coverage for the rapidly growing rental market.”

Oyster says its rental insurance enables businesses to safeguard their rental assets for rental, lease, and subscription. The company adds that its usage-based pricing model ensures that riders or businesses only pay for insurance during the duration of the rental. The coverage encompasses protection against theft, damage, and natural disasters, spanning from a single day to over a year. Integrated seamlessly into Oyster’s platform, businesses can effortlessly offer this coverage to their customers with a user-friendly interface and a real-time digital experience, the Oyster statement concludes.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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