LOOP Car Insurance
LOOP Car Insurance offers a range of car insurance coverages and uses an equitable pricing model, while being committed to community upliftment and technological enhancement.
Services
LOOP Car Insurance provides a comprehensive range of car insurance coverages. These include Bodily Injury, Property Damage, Uninsured/Underinsured Motorist, Comprehensive, Collision, and Personal Injury Protection. Additionally, they offer Roadside Assistance to support drivers in emergency situations. LOOP aims to provide equitable and unbiased insurance options, eliminating the use of credit scores, zip codes, and job titles in determining rates.
Pricing Model
LOOP Car Insurance has developed a unique pricing model built on the principles of equity and fairness. Unlike traditional insurance companies, LOOP does not use credit scores, zip codes, or job titles to determine insurance rates. This approach seeks to eliminate bias and promote equity, providing fair and transparent pricing for all users. The company is committed to creating a more inclusive insurance market.
B-Corp Certification
LOOP Car Insurance is registered as a B-Corp. This status underscores the company's commitment to social and environmental performance, accountability, and transparency. LOOP actively invests in uplifting communities impacted by systemic injustice, with a pledge of $10M lifetime to community support. This includes not just financial investments but also initiatives aimed at fostering equity and justice.
Technology Partnerships
LOOP Car Insurance has secured a multi-year partnership with TomTom to enhance its auto product offerings. This collaboration integrates advanced mapping and location technology from TomTom into LOOP’s services, providing users with superior navigation and location-based features. This partnership aims to improve the overall user experience with cutting-edge technology.
Financing and Growth
LOOP Car Insurance successfully closed a $21M Series A financing round. This round was co-led by Foundry Group and 01 Advisors, indicating strong confidence from investors in the company's vision and business model. This funding will facilitate LOOP’s expansion efforts and further its goal to offer unbiased, equitable insurance across broader markets.