Pier is known for offering digital insurance for smartphones and is already well-established in the market. Earlier this year, however, still focusing on community and customer experience, it began offering Pier Auto insurance. This offers significantly more flexibility compared to conventional insurance and much less bureaucracy. 

The contract is made directly through the app, there is no waiting period, the prices are transparent, and reimbursement is very fast. The goal is to bring insurance to those who do not have access to the product, at an affordable price and without a commitment period. 

The startup already has over 15,000 members and delights customers by always focusing on their experience with its services. Furthermore, there have already been over 70,000 requests to join the community, which are evaluated individually, analyzing the user's risk profile.

In today's post, we'll show you why you need to learn about this car insurance right now. Let's go!

Like Pier, several insurtech companies have invaded the insurance market, making it much more competitive and offering prices that are truly affordable for Brazilians.

With this movement in the insurance segment, the industry will certainly undergo major changes. Especially with the collaborative economy increasingly on the rise, that is, with car sharing being one of the growing trends.

New technologies such as artificial intelligence and autonomous cars are also factors that will change the insurance market. And, in this sense, insurtechs seem better prepared to serve these new consumers.

For those unfamiliar with the term, insurtech is basically the name given to startups that operate in the insurance market. Like other startups, they aim to provide insurance for cell phones, cars, homes, etc., in the most digital way possible, without bureaucracy and at more competitive prices.

Pier's main differentiator is its contracting model. The insurance is purchased online, and the user makes monthly payments without affecting their credit limit. 

The process is streamlined, quick, and very transparent. In other words, compared to other traditional insurance companies, Pier Auto insurance is much more advantageous. Also, due to its lower cost compared to other insurance policies, it attracts many members. Furthermore, reimbursement is usually very fast. In 80% of cases, it happens within 5 days, while the official SUSEP (Brazilian Superintendence of Private Insurance) deadline is 30 days. 

Insurtech insurance can be up to 6 times faster than conventional insurance. 

The monthly fee depends on the car model and year of manufacture, and only passenger cars valued up to 50,000 reais are accepted. 

To decide if Pier Auto insurance is right for you, you first need to understand the company's business model. Basically, Pier is a digital insurance company whose pillars are the concept of community and a focus on user experience and transparency in its relationship with the customer. 

To become a Pier member and benefit from the insurer's services, you need to request an invitation and have your application approved. The evaluation is individual, and each request is assessed according to the user's risk profile.

The startup also aims to bring more ease to the lives of people who are part of the community, simplifying the insurance contracting process and offering a very positive experience. 

In terms of its business model, Pier has the following structure: it receives up to 20% of the monthly fee for representing and managing the community. Its role is to control the influx of new members, the flow of monthly fees, and also the risk the community presents. All of this is done with extreme transparency. To this end, members receive a monthly newsletter that details everything that happened in the previous month. 

The remaining 20% of the total monthly fee goes to Too Seguros, Pier's partner company responsible for ensuring that all members who have paid their monthly fee are in accordance with the reimbursement policy. In other words, they know they will be compensated in case of theft or robbery. 

What was once just an aspiration for Pier is now a reality. In addition to its already established presence in mobile phone insurance, the insurtech company is now starting to operate in the auto insurance market as well. The pilot program began this year (2020) in Belo Horizonte (MG). 

Pier Auto insurance is generating a lot of expectation among customers. After all, the technology company already offers excellent service and streamlined processes. With this new car insurance, the offer is monthly coverage with no waiting period, protecting against theft and robbery of passenger cars. Furthermore, the customer will have 24-hour assistance and monthly payments ranging from R$1$27.13 to R$1$100.11. 

Pier co-founder Lucas Prado believes that Brazilians want to pay for car insurance, but the market doesn't offer prices that fit the consumer's budget. According to Prado, 70% vehicles in the Brazilian fleet are currently uninsured. And Pier wants to change that reality with a cheaper and simpler option. 

The interface offered for Pier Auto insurance is the same as that available for mobile phones. Therefore, it's possible to check prices and purchase the service directly through the website or app. Simply provide the car model, license plate, zip code, and the policyholder's CPF (Brazilian tax identification number). Then, a digital 100% inspection is carried out, including photos. 

It should be noted that coverage is only for passenger cars valued up to R$50,000. Additionally, the vehicle must be no more than 15 years old. For cars costing approximately R$30,000, for example, the insurance premium is around R$$50 per month. 

The car value limitation was established because Pier has a target audience in mind, in addition to risk exposure. The goal is to focus on people who do not have access to insurance, and the price range is based on 75% of the Brazilian fleet, according to the co-founder himself. 

This is one of the biggest advantages of Pier Auto insurance. It doesn't require a lot of paperwork; it's streamlined and quick. 

You can check the cost of your car insurance in just 1 minute with 3 steps, right on the website. Furthermore, payment is monthly, meaning you don't need to compromise your credit card limit by paying month after month. You only pay for the months your car is insured. Plus, you can cancel anytime without paying any fees. 

It's important to mention that Pier's insurance is based on consumer behavior, taking into account both the vehicle and the driver. Therefore, after purchasing the policy, the customer may experience price variations based on their own driving behavior and the value of their vehicle.

In terms of coverage, insurtech has the following terms:

The startup is very transparent about the items not covered by its auto insurance. These are:

This means that if your car suffers partial or total damage, there will be no coverage and you will need to bear the costs. The same applies to damage to third parties. 

Furthermore, if you add gas, make modifications to your vehicle, or install accessories, you will not be covered under any of these conditions in case of theft, robbery, fire, etc. 

It's no secret how expensive cars are here in Brazil. In fact, they are one of the biggest expenses Brazilians have in their lives. 

Therefore, the lack of car insurance can create a real hole in your family budget and represent a significant loss. This is especially true if your car is stolen, burglarized, burned, or involved in an accident that results in the total loss of the vehicle. 

Furthermore, it is important to highlight that each year we witness an exponential increase in cases involving crime. In 2019, there were more than 178,112 incidents, with a rate of 85.43 (rate/100,000), and the city of São Paulo leads the ranking of Brazilian cities where robberies occur most frequently. 

Regarding the costs of repairing cars involved in accidents, it's important to mention that in addition to parts, labor costs are also necessary. And these services have seen a significant increase in the market. In the case of total loss, for example, the numbers don't add up. In other words, it's not financially worthwhile to carry out the repairs. It's cheaper to buy a new car in most cases. 

Another critical point is the lack of readily available parts, which means your car could be out of service for a long time, incurring additional expenses such as transportation costs, on top of the repair costs themselves. 

As we mentioned, Pier auto insurance is monthly. That is, there is no commitment period and you can cancel whenever you want. Therefore, it doesn't affect your credit card limit. 

Furthermore, Pier Auto insurance is 100% digital. You can see the insurance price directly on the website, and schedule an inspection via the app. And if you need to ask questions or get in touch for any reason, just use the app. 

Pier's insurance policies have been purchased by over 15,000 people throughout Brazil. There are numerous testimonials from clients who are completely satisfied with the insurance, giving it an "Excellent" reputation on the Reclame Aqui website (a Brazilian consumer review site), a score of 8.1, and resolving 100% of complaints. Furthermore, 70% of complainants state that they would do business with the company again.

It is also worth highlighting that your car is protected by insurance that is fully regulated by SUSEP (the body responsible for controlling and supervising the insurance market in Brazil) and by one of the most innovative companies in the market. Pier, of course, is an insurtech (startup in the insurance sector) that provides services with the best possible customer service and technology. 

Pier's auto insurance was designed to fit the consumer's budget. In this context, you can use the roadside assistance service anytime. And, in case of theft or robbery, you don't need to pay the deductible to receive reimbursement.

After submitting the documentation, the reimbursement is received very quickly. Pier has already paid out over R$4.3 million reais in reimbursements. 

Now that you know which insurance fits your budget, check out our... Guide to saving money on car insurance.