Fair named a primary insurance partner on Wednesday, meaning consumers can now utilize insurance coverage through the digital flexible car ownership platform.
The company announced a strategic partnership with Assurant, which will now be the primary underwriter for the Fair-branded property and casualty insurance provided on Fair vehicles.
“This partnership will allow us to provide Fair customers with top-tier insurance coverage and the additional ability to turn it off when they turn in their car,” Fair founder and chief executive officer Scott Painter said in a news release.
“Along with our price guarantee and other powerful consumer features, the arrangement will help give our customers total peace of mind under Fair’s flexible new model,” he said.
The agreement with Assurant allows Fair shoppers the option to enroll in a property and casualty insurance program, backed by Assurant, at the end of the shopping process. They can stay in the program as long as they have the Fair vehicle. When they turn the car in, it can be instantly ended. The cost would be a part of the all-in monthly payment.
Fair, which is a licensed insurance agent, intends on expanding participation in the plan.
“This is another way to bring our risk-management expertise to an innovative mobility venture,” Assurant vice president Kunal Malhotra said in a news release.
“We help Fair provide a simple solution by streamlining the customer experience. If a user needs insurance, we have a unique product that works for them through the Fair app.”