Honda Just Jumped Into The Insurance Business

In a masterful feat of vertical integration, Honda will now help its owners (and others) find and secure coverage for their assets. Honda Insurance Solutions is a licensed, 50-state agency that can write policies for cars and motorcycles from any manufacturer, as well as provide home, recreational vehicle, and even pet health. Powered by the insurance marketplace VIU by HUB, Honda wants to incorporate its Insurance Solutions strategy into new- and used-vehicle sales, hopefully streamlining the process for folks looking to trade into a new Civic hatch or Odyssey.

One-Stop Insurance Marketplace

Honda Insurance Solutions doesn’t actually underwrite any of its policies, instead serving as an online hub for several different providers. To get a quote, you provide your driver and vehicle information to the site, which then serves quotes from the insurance companies that are available to you given the information you provide. Honda Insurance Solutions also takes into account whether you’d like to combine your vehicle policy with renter’s or homeowner’s insurance for additional discounts, weeding out companies that aren’t able to provide you with the services you want.

Your author tested out the marketplace using his own vehicle – which is not a Honda – and found the service to be reasonably easy to use. That said, in our case, it didn’t serve up a policy quote that incorporated a renter’s or homeowner’s policy, instead asking us to provide contact information so an agent could help over the phone. That isn’t always the case when dealing with an insurance company directly, as many are able to provide preliminary quotes for multiple policies online. Given Honda Insurance Solutions has only been live for less than two days at time of writing, that experience may change over time if the company and its VIU by HUB partner add features.

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There’s Accessory Coverage, Too

One way in which the in-house marketplace differs from some insurance companies is that the automaker will account for genuine Honda or Acura accessories. That means if you’re involved in a wreck and the fender extensions of your Ridgeline or the copper-finish wheels on your Integra Type S are damaged, your insurance policy will guarantee authentic replacements. We weren’t able to ascertain how Honda Insurance Solutions writes such extras into the policy, but the company says that the coverage helps ensure your vehicle’s value when specified.

Otherwise, the process is about as simple as getting a quote from any other online marketplace – and in our very limited sample case, the price seemed right as well. Honda Insurance Solutions, which is a wholly owned subsidiary of American Honda’s financing arm, may include additional features in the future as the automaker incorporates digital retail through its dealer network. That means it might soon be possible to find a car, negotiate its price, add on any desired accessories, finalize lease or finance terms, and acquire insurance entirely online. Then, when you’re ready to take a shower and put on pants, you can just hitch a ride to the dealer and drive off in your new, legally insured wheels with relative ease.

Source: Honda Insurance Solutions