At Goodcover, our mission is to make financial security accessible for all. Today we’re launching our first product that helps us reach this mission: Goodcover Renters Insurance. Goodcover’s pre-launch Members have saved an average of 42% on their Renters Insurance - some as much as 71% - thanks to our cooperative business model and efficient technology. Today these benefits are available to every renter in California, starting at just $5 a month.
Goodcover is a fully licensed Managing General Agent (MGA) that operates as a cooperative, conducting business for the mutual benefit of our Members. We believe the future of insurance is cooperative, where Members’ premiums are pooled to pay claims, and the unused portion is returned to Members as an annual dividend. It’s the fair thing to do.
The root of the problem with the old providers is their business model. Traditionally, providers grow their profit by betting their customers never use the product. This bet against their customers incentivizes them to delay and deny claims so they can keep more money. Costs rise and experience suffers because it’s not in their interests to improve it.
To remedy this, we broke the cycle of conflict. We make money on a fixed fee, not a bet we’ll get to keep all your money. We win when you have a good experience, not when we find a loophole in your claim. By doing this, we can succeed in bringing insurance back to its cooperative, community-driven roots — while providing affordable and effective insurance to everyone.
We’re able to offer low prices because thanks to our model it’s in our interest to ruthlessly eliminate waste and pass the savings on to Members. Technology is what enables our team to help Members efficiently and resolve their claims quickly.
We use technology to cut paperwork, eliminate sales agents, and manage acquisition costs. This allows us to axe the “celebrity tax” - the expensive endorsements and TV ads big insurers rely on.
Additionally, technology has empowered us to abandon the standard insurance pricing models built to protect insurers at the expense of policyholders. Old models say the number one indicator you’ll make a claim is having a prior claim, and charge you accordingly, even when you were not at fault. Models designed with the Member in mind determine whether a claim is likely to reoccur, or whether mitigation has actually reduced risk and warrants a lower price. Good technology empowers us to build this new data into our models, keeping prices as low as possible for as many people as possible.
Insurance is not a luxury good - it is a necessity that keeps families housed and allows them to rebuild after disasters. This is why we’re making it our mission to help everyone reach financial security. Renters Insurance in California is just the start — we plan to expand to new states and insurance lines soon.
To see our big savings and live prices instantly, enter your zip code located in our menu bar and start your quote.
If you’re insured already, send us your old renters policy to firstname.lastname@example.org, and we’ll send you back a detailed coverage comparison. If you like what you see, you can join instantly, and we’ll do the work of cancelling your old policy for you. We hope you’ll consider switching away from your legacy insurance provider and joining Goodcover.
-Chris and the Goodcover Team.