Root Insurance (ROOT) Expands to Washington, Completes West Coast Coverage

Root, Inc. (NASDAQ:ROOT) is one of the most undervalued financial stocks to buy according to Wall Street analysts. On September 23, the company’s subsidiary, Root Insurance, announced its entry into Washington state. This completes its expansion across the entire West Coast of the United States. The move enables Root to reach over 78% of the US population with its insurance offerings.

Root Insurance’s pricing model is based on real driving behaviors, not traditional demographic factors. The company uses advanced mobile technology and data science to measure actual driving practices via its smartphone app during a mandatory test drive period. Upon signing up for Root, Washington drivers will download the app or go online to register; complete a monitored “test drive” using the app to assess their driving behavior; and may unlock lower rates, choose flexible coverage, and manage the entire policy experience digitally directly on their phone.

The company highlighted potential annual savings of up to $1,200 for safe drivers by using its data-driven pricing model. It stated that it launched in Washington because of the state’s “tech-forward culture.” It aims to offer transparency, affordability, and a modern digital insurance experience.

Root, Inc. (NASDAQ:ROOT) is a technology-driven insurance company. It offers auto, renters, and other property and casualty insurance products through a direct-to-consumer model that operates primarily via its mobile app and website. The company leverages telematics and data analytics to assess driver behavior and price policies more accurately than traditional insurers.

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Disclosure: None. This article is originally published at Insider Monkey.