Dutch technology insurance company CoverYou.nl have recently announced that they are going to accept Bitcoin for their services.
Covered with CryptoCurrency
In a press release published on Wednesday, the Deventer-based insurers announced that they would be accepting Bitcoin as a means of paying premiums for their smartphone, tablet, and laptop insurance; stating that “owners can be reimbursed for financial loss resulting from (…) exposure to water, broken screens and theft of these electronic devices.”
I reached out to CoverYou.nl’s Online Strategy Consultant Ewoud Uphof regarding the recent Bitcoin implementation. Here’s what he had to say:
With Coveryou we want to be more customer-centric and embrace innovation. We want to reach a tech-savvy user base. I met and talked to some members of the Bitcoin community and they said they were willing to pay for the premiums with Bitcoin. So it was on our initiative, but people liked the fact they can pay with Bitcoin.– Ewoud Uphof, Online Strategy Consultant for CoverYou | Speaking directly to CoinBuzz
Company founder Yvonne Gejis also commented on this in the press release:
Developments in this market are progressing very quickly. Our smartphone insurance is a popular product at the moment because of the value of smartphones nowadays. Adding BitCoin as a payment method means embracing new technology and looking ahead.– Yvonne Gejis, Founder of CoverYou | Press Release
Past instances of insurance paid for with Bitcoin
Paying for insurance with Bitcoin is not a particularly new development, though. In 2013 the American insurers Beauchamp McSpadden wrote an insurance policy which would be paid for entirely in Bitcoin. Beauchamp McSpadden has now rebranded and changed their name to Inguard, but they still accept Bitcoin on their website.
Despite not being the first insurers in the world to provide such services in exchange for Bitcoin, CoverYou proudly boasts about being the first European company to implement CryptoCurrency as a payment option.