Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
1–10 of 44 posts
Re: Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
#2This is a great, much-needed product. I picked Progressive years ago because it seemed like the easiest onboarding process (and I'm lazy) -- I just didn't want to deal with the hassles of comparison shopping and negotiation. That said, I had no idea how bad I was getting ripped off until just now. Anyway, congrats on the launch. You can consider me a new, happy Leaky customer.
Re: Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
#3Tried it and the lowest priced company it showed had a rate that was ~$250 cheaper than the actual quote I could get on the insurers web site. Plus my current company (Safeco) wasn't in the comparison list, which means the cheapest company (for me) isn't shown.
Re: Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
#4Welcome to doing something that has been done in Europe for many years now, and not just on auto-isnurance:
http://www.comparethemarket.com/
http://www.moneysupermarket.com/car-insurance/
to name a few...
I understand that this was a legal issue due to the insurers (but even so, they only launched a year ago...) but what is it with American companies that they just don't seem to get the internet?
Comparing price of auto-insurance is really no different than comparing the price of flights, travel insurance, cars, houses, whatever. It's a product/service and it is not going to be one size fits all. Some insurance companies will be a better fit in terms of price and options available, so insurance companies that are competitive will actually get more customers by being on the comparison sites.
Re: Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
#5I like that they'll monitor the profile and alert if a price drops. Even if they don't have the lowest on there, it's a good trigger for me to shop around again.
Re: Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
#6One tip for them would be to allow a user to upload driving record and insurance coverage information from the company a user is currently with.
Re: Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
#7Welcome to doing something that has been done in Europe for many years now, and not just on auto-isnurance: http://www.confused.com/ http://www.comparethemarket.com/ http://www.moneysupermarket.com/car-insurance/ to name a few... I understand that this was a legal issue due to the insurers (but even so, they only launched a year ago...) but what is it with American companies that they just don't seem to get the inter…
Replace Insurance with $Entrenched_Incumbent and you've nailed it for any industry.
Competition creates a price efficient market, which is the enemy of high margin businesses.
Re: Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
#8Welcome to doing something that has been done in Europe for many years now, and not just on auto-isnurance: http://www.confused.com/ http://www.comparethemarket.com/ http://www.moneysupermarket.com/car-insurance/ to name a few... I understand that this was a legal issue due to the insurers (but even so, they only launched a year ago...) but what is it with American companies that they just don't seem to get the inter…
[deleted]
Re: Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
#9Its interesting to see YC going after such a risky ideas. Perhaps its just a sign of huge cohones, which is good, or maybe just a pure desperation? I mean, they hit jackpot with AirBNB and decided to invested, despite the fact the co-founder was or still is on FBI scamers list [1] and he ran his scheme off of government servers that you and I had to paid for in tax-dollars.
But aside this, I get the deception here that they don't get pricing directly from Geico, but rather they calculate the price per Geico per State (if that is really true, because what stops them from harvesting the data off of a carrier website anyways and switch algorithm just in case they get subpoena or something - can you see a similar pattern of questionable legality of business practices with AirBNB?).
But the issue remains: what stops Geico from requesting their name to be removed from said website? After all, Geico is a protected trademark, and if Geico can prove that this website was providing incorrect information in regards to their rates, then they can claim that said misleading information is harming their business. To me, its a straightforward quick court case.
[1] http://gawker.com/5853754/the-seedy-spammy-past-of-airbnbs-c...
Side note: its really sad to think YC would go after such a business idea. Whats next? YC-founded youporn version 2.0??
EDIT: I never treated hackernews as a popularity contest. I always stay behind my word even if it may hurt someones feelings. I knew I will get heavily downvoted (which is fine) since YC is investing into this idea, but perhaps when you do so, maybe you can point out where I am being wrong, instead of just clicking down-arrow. That's kind of covardishy, if you ask me. :)
Re: Auto Insurance Comparison Startup Leaky Launches Nationally, Raises $670K
#10Welcome to doing something that has been done in Europe for many years now, and not just on auto-isnurance: http://www.confused.com/ http://www.comparethemarket.com/ http://www.moneysupermarket.com/car-insurance/ to name a few... I understand that this was a legal issue due to the insurers (but even so, they only launched a year ago...) but what is it with American companies that they just don't seem to get the inter…
This is very true, and actually had a strong influence on Leaky - especially in the early days. I spent a lot of time in the UK (and actually spoke at a price aggregation conference in London), and there are a few structural reasons for why the markets evolved so differently and have made the US much more resilient to adopting comparison services. Suffice to say, we think that's changing.