Lemonade: Moves into car insurance

April 20, 2021

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Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

Lemonade a licensed insurance carrier offering renters, homeowners, and pet health insurance in the United States
Today’s news marks the company’s third expansion into a major new insurance category in less than 12 months
The company started with homeowners products, adding pet insurance in the second half of 2020
The launch of Lemonade Car allow both existing and new customers to bundle their home, pet, and life policies with their car insurance
The US car insurance industry estimated to be about $300 billion—70 times the size of both the renters
A large majority of Lemonade’s existing customers car owners, and they already spend about $1 billion on car insurance each year