is the Lemonade Insurance app a Scam

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After doing some research, I actually discovered exactly what the marketing tactic is. I understand when it company talks about charity, urgency and also social good; everyone starts to tingle a little. But for me, that type of marketing doesn’t really work or mean anything, because you guys remember the Aspiration App did the same thing, and the App is one the worst banking apps I have seen this year. So how does the Lemonade app stake up against the century year long traditional insurance companies? The answer might surprise you.

Marketing:
I don’t know what it is with new companies but OH MY GOD the marketing is getting so good, I could watch it as my new Game of Thrones series. Just kidding, but it is good. I understand the social good and the charity, but they are trusting people a lot and so far it looks like its working. But I can't help thinking about the people who are going to try to abuse the service and the goodwill of the company. Yes, morality is great and so ethics, but there are some people in this world that wouldn’t care about stealing candy from a baby. So as precaution I would recommend the company keeps an eye open for patterns and repeated offender, although that can get tricky if they start involving zip codes in their algorithm. Then that wouldn’t be fair and you can't judge people based on their zip codes especially when you talk about being a “woke” company.

Business Model:
Peer to Peer insurance is the model. Imagine you and your friends create your own insurance and it cost 20 bucks a month to be a part of it. You get 5 of your friends to do it, and you manage everything. You get a flat fee of 20% for your job as the manager. Every time your friends pay you to take your cut and keep the rest in the bank to create the pull of money that will be used to cover any claims that may appear. And at the end of the year if your friends didn’t make enough claims, well tradition insurance pockets the money but lemonade actually donates the money. So, if you take the money and you didn’t really need it, then you just stole from charities. “nonono”

Future:
No auto insurance, because they believe that in the future uber and self-driving cars will take over. Which I also believe is very possible but not for another few years, so could include it and then discontinued it but I guess they want to focus; which is also a good idea. I do think the will keep expanding eventually even into life insurance which is one of the most lucrative business models in the modern century.

Key Questions Answered

1. What are they doing?

2. Why should you switch or stay?

3. How to make sure you get the most benefits?

*Pro Tip*
Information is key
Raw Notes/ research

Lemonade Research- Ceo Daniel Schreiber

Brief Summary: An insurance app that works with bots and algorisms and pays out money faster and donates to your favorite charity
Funding: 180mil Google and other companies like Softbank
Products: homeowners, renters insurance,
The money they make: 20% flat fee from premiums the other 80% goes to ensuring customers.
Model: is Like Peer to Peer insurance but donates
What they cover:
- Fire and smoke
- Bad weather like Wing, lighting, and hail but not floods
- Crime and vandalism, stolen or broken stuff
- Medical payments to others, your date cuts her finger and need stitches in your house
- Liability your dog bites someone in the face your covered
- Sudden or accidental water damage your good. Neighbour bathtub leaking to your house
Not covered:
- No earthquake protections: ( but you can request it in Florida or Kansas)
- If your dog bites someone your coved ( but not if it’s a high-risk breed- pit bulls etc
- No flood coverage,
- Roommate stuff no coverage
Deductible:
- This is the money you make your self responsible to cover for the cost. Example if you report a claim and it 100 dollars and your deductible was 25 bucks then the insurance will cover the 75 bucks if approved

Link:

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Social Media~

Snapchat: tommy28fly
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Комментарии
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Did this video make any sense?
Ps. That was a real Story

TommyBryson
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Yes, they are a scam. They jacked my deductible up from $500 to $2500 and didn’t inform me until I was making a claim. They ate my claim up and told me too bad. Im still dealing with this.

allthewayonehunnid
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Here's what I want to know. Wouldn't I have to Provide an original receipt for the item I would make a claim on before they give me the money to replace the item? I remember losing jewelry and I made a claim with my old renters insurance and they wanted a receipt from the original purchase. This way they can give me the same exact money I spent when I first made the purchase. Then they wanted a brand new receipt proving that I actually made the purchase and it's not an insurance fraud.

RichardGarcia-pwfm
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I have a question. I am moving into an apartment close to my college, and the apartments are asking for $100, 000 liability coverage, $10, 000 in personal content, and $500 deductible. How do I add these things on to Lemonade? The apartments themselves offer renters insurance, but I also want to know the price of what I would pay with Lemonade vs. the insurance the apartments offer.

arcticacid
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Yup...will be signing up for lemonade insurance...great vid...improbable story but it got the point across clearly.

Jmac-
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What if your items break? Will they still cover it?

JustRonaldD
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The reason they donate to charity is for the epic tax write offs for business' and corps.

MattDowling
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Does Lemonade tackle the 20% on your monthly? Or on your total premium?

zoned
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Question

Will they cover my $1100 iPhone 11 Pro Max ?? What’s the limit on phones as to what they are willing to cover ?

Will they only cover me if my belongings are stolen from the apartment I rent ?

What if I sign up for lemonade tomorrow and I lose my phone 1 week from tomorrow will they cover my $1100 phone or do they require you to be with them for months before they can cover any valuables ?

Do they require police reports ?

fitwithvic
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I don't see anywhere any information about how often they change your rates. Some companies say your price is for a year. What about Lemonade? Will they change your rate in two months?

loricampbell
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You did a really good job explaining how insurance works. This is the first of your videos I’ve seen, and I’m really impressed. Nice job!

adamwijemanne
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Has anyone signed up for lemonade and have you filed any claims and where there any issues or confusion?

Iceharuyuki
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I need some help. Lemonade recently made a pet insurance and I have a dog that needs his insurance. I paid around $36.40 for the pet insurance. I then read more into it and realized that I had to pay the vet bill and then later on they'd pay me. It makes no sense, I got the insurance so they could pay the bill for me because I don't have enough money to pay the whole bill right then and there. Can someone help me?

marianajimenez
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I'm in process closing on a house so I need to get home insurance but lemonade bis asking for last 4 or social so now I can't even see my quote for lemonade since I can't have any credit pulled guess I'll have to wait and get a major company and try lemonade later kinda sucks

rz
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They are doing IPO are u buying their stocks?

amit.bhardwaj
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So Pete managed to run away from your house with the jewelry and laptop? I thought u would had jumped on him or something 🤷‍♀️🤣🤣

lutadoramaculele
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2:40 how can you do a review b4 u even try it?!

PorscheAbraham
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I’ve heard nothing but horror stories from lemonade users

jacoblove
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Good review! Do you think other companies can easily copy Lemonades AI strategy or theyre stuck in their ways?

tongtran
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This video is painfully inaccurate and pushes the motive that insurance companies are out to get you. The reason insurance companies claim “profit” per say is so that they can continue to pay claims. Lets say an insurance company pays more in claims than they bring in, where is that extra money coming from? Insurance reinvests that money to gain interest to stay solvent. Lemonade has not posted one year of profit yet, even after multiple rounds of investment. I would love to talk to you more about insurance because lemonade’s business model may not be entirely sustainable. Additionally, if you want to get money back from profits on a yearly basis from insurance, but policies from a mutual insurance company. Buying policies from them is seen as an investment because you get paid dividends when the company has a profitable year.

pensfan