Roamly’s name reveals the digital platform’s main goal: provide insurance to RVers on the move, or rather, those who roam.
Outdoorsy’s co-founder and CEO Jeff Cavins said the new insurance-technology division was conceived more than two years ago.
Roamly offers bundles and custom packages that cover owners, consumers and third parties. It is designed to facilitate marketplace renters’ insurance process by eliminating loopholes and no-rental restrictions.
Cavins said traditional insurance companies have categorized RVs in an outdated way. To many insurance companies, motorhomes fall into the recreational-vehicle category with high-risk vehicles, like dirt bikes and ATVs.
These insurance companies’ motorhome restrictions often match that viewpoint.
“In infinite wisdom years ago, someone, somewhere created this strange, archaic regulatory environment that prevents the commercialization of these assets,” Cavins said.
Many personal RV insurance policies contain a “commercial exclusion clause” that does not allow owners to rent their own RVs.
Cavins said dealerships that own RVs and rent them out can violate their insurance policy by putting the vehicle into a stranger’s hands. He said when RV owners do this, they run the risk of insurance companies denying their claims or cancelling their policies.
Roamly offers both commercial and personal policies that allows RV owners to rent vehicles. They encourage it.
It is often difficult for those renting on the consumer side to get the insurance they need while crossing state lines because laws have varying insurance requirements, dictating the type and minimum cost of their insurance.
Cavins said Roamly offers streamlined insurance throughout all 50 states.
Cavins said Roamly establishes rates based on how an RV is used, not demographics. Because the company uses data-driven technology to disregard coverage renters do not need, it is about 20 percent cheaper than any other insurance.
Cavins said he hopes Roamly becomes a free widget, available to download on a desktop computer so any small business can run a digital agency from their office.
“Rather than build the empire, let’s arm the rebels,” Cavins said.
Cavins said he aims to spread Roamly through broker channels like Liberty Mutual. This will enable brokers and agents to have their own free digital platform and become Roamly’s distribution partner, he said.
Working toward this goal, Roamly hired Ryan Eldridge to serve as vice president of engineering. Eldridge previously worked at MetroMile, leading insurance-technology services and mobile development.
Cavins said they will officially kick off Roamly with a special event to be planned after COVID-19 restrictions are lifted.