Marshmallow, founded in 2017, is a licensed insurance provider that offers fairer, faster and cheaper insurance through its sophisticated use of technology, data, and AI.
It focuses on providing car insurance to expats or immigrants who might otherwise be unable to get cover with traditional insurers. Its pricing algorithm is designed to offer significant savings to these drivers.
1. Comprehensive cover
Comprehensive cover provides protection from damage caused by weather-related events such as hurricanes, tornadoes, hailstorms and earthquakes. It also covers damage caused by animals such as deer, and if your car is stolen.
While comprehensive cover is not mandatory, lenders often require it if your vehicle is financed or leased. It also helps pay for a rental car while your own vehicle is being repaired.
However, comprehensive coverage usually limits payouts to the actual cash value of your car, minus your deductible. This means you may be better off dropping it if your car is not worth much. The Insurance Information Institute recommends that you check out the estimated market value of your vehicle using online tools such as Edmunds or Kelley Blue Book.
2. Breakdown cover
Breakdown cover helps you get back on the road as soon as possible if your car breaks down. It’s a great way to avoid stranding yourself, and can be a real lifesaver when you’re on holiday.
It can be as simple as getting a call out from a breakdown provider and having them fix the issue, or as comprehensive as having a mechanic take your car to a garage for repairs. The type of assistance you get will depend on the level of cover you choose.
Generally, the cheaper types of breakdown cover provide around an hour’s help at the roadside, and then tow you to a local garage, or your provider’s choice. More comprehensive breakdown policies offer home breakdown, roadside assistance, vehicle recovery and onward travel.
These extras can include getting you and your passengers to your destination while your car is being repaired, sorting out a hire car or public transport, or helping you stay overnight in accommodation. Having these types of extras can be particularly useful when you’re on a long holiday in Europe.
3. Third party cover
One of the hottest topics in the insurance world is third party coverage, or TP cover for short. Its benefits include covering your business’ legal liabilities in the event that it causes damage to someone else’s property, or bodily injury to a third party resulting from your actions. The best part is that it doesn’t cost the earth, and can save you the embarrassment of a bad claim. It’s a smart move to shop around and compare the best possible quotes from multiple insurers to find your ideal cover. A well researched, tailored policy can be a godsend to the modern business owner. If you’re ready to start shopping around for your next policy, you can do it on our digital insurance platform. You can even get an instant quote for your car, home or farm insurance needs.
4. Motor legal protection
Motor legal protection is an add-on to your car insurance policy that could help to reduce the cost of claims if you find yourself in a situation where your insurance doesn’t cover all losses. It provides up to PS100,000 in legal costs for a range of motoring disputes, providing there are reasonable prospects of a claim being successful.
Marshmallow Financial Services is an InsurTech company that aims to make it easier for drivers in the UK and abroad to get cheap car insurance. The company uses machine learning to build a pricing algorithm that aims to cut out the “huge overheads” traditionally found within traditional insurers.
The company also offers an app that allows you to manage your policy and a 24/7 claims line. However, it’s important to note that you need to pass Marshmallow’s ID check before your policy can start.