car insurance


Insurtech gets more specialized, with products just for e-bikes and factory-built homes

  • November 2, 2022

The ways in which we live and get around have evolved over the past few decades.

For example, sales of e-bikes are outpacing sales of electric cars in the U.S., according to recent research. And pre-fabricated and manufactured homes are gaining in popularity as housing shortages persist globally.

It appears that their popularity is no fleeting trend. The Light Electric Vehicle Association predicts that more than 1 million e-bikes will be sold in the U.S. in 2022. Research indicates that the global e-bike market will surge to nearly $41 billion by 2030, a big jump from being valued at US$ 17.56 billion in 2021.

Meanwhile, the U.S. Census Bureau estimated in 2020 that there were currently 22 million Americans living in 6.8 million manufactured homes across the U.S. As of 2019, about 10% of new single-family homes (including manufactured homes) were categorized as manufactured homes.

Sustainability and cost are among the chief factors behind the popularity of both e-bikes and manufactured homes. So it’s no surprise that startups have emerged to meet the unique needs of owners of both.

Boundless Rider is a new insurance company founded specifically to serve riders of motorcycles, e-bikes and power sport vehicles. The Boston-based startup recently closed on $4.75 million in a seed funding round led by American Family Ventures, with participation from The Cross Country Group, SiriusPoint and Belmont Capital. The company also previously raised $2 million in pre-seed funding that was never announced publicly.

CoverTree is a two-year-old startup that is emerging from stealth with $8 million in seed funding that closed in May and $2 million in “pre-seed” SAFEs previously raised. AV8 Ventures and Distributed Ventures co-led the seed financing, which included participation from Detroit Venture Partners, Ludlow Ventures and Annox Capital. The company is focused on insuring owners of

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