5 Insurance Companies Accepting Crypto Payments
The crypto market has grown to the point that mainstream businesses are starting to take it seriously. Several traditional financial institutions are beginning to become open to handling cryptocurrency.
Right now, most insurance companies will expect payment in fiat — but there are a growing number of providers that will accept payments in crypto. They offer a wide range of insurance types — including health, auto, building and personal liability.
People who want to leave their current insurance provider in favor of a company that accepts crypto should start with these five companies.
1. AXA Switzerland
In April 2021, the Swiss arm of European insurance giant AXA announced it would begin accepting Bitcoin payments.
Right now, customers of AXA can pay for all non-life insurance products with Bitcoin — including car insurance, cyber insurance and legal protection insurance. The crypto will be converted to Swiss francs at time of purchase through crypto services provider Bitcoin Suisse, meaning the insurer won’t carry Bitcoin on its balance sheet. Bitcoin Suisse will charge a 1.75% commission on the calculation of Bitcoin/Swiss franc exchange rates.
AXA had already adopted the difficult-to-hack blockchain technology in the past to support an information authentication system. However, this will be the company’s first experiment with cryptocurrency.
While the provider doesn’t accept cryptocurrencies other than Bitcoin right now, it indicated that it may be open to the possibility of adding other coins in the future.
2. Premier Shield Insurance
New England-based Premier Shield Insurance offers home, auto and flood coverage and recently began to accept cryptocurrency for premium payments.
While policyholders will need to receive underwriting approval before being cleared to pay with bitcoin, they can pay premiums freely using crypto once approved.
3. Atupri Health
Atupri Health was the first Swiss insurance company to accept bitcoin payments and remains the only health insurance provider in the country to take crypto. As with AXA, the company accepts crypto payments through Bitcoin Suisse.
As health insurers begin to offer crypto payment options, a growing number of healthcare providers are also starting to accept cryptocurrency — like Aveon Health, an Arizona-based practice that specializes in family medicine and diabetes care.
Along with other trends in health insurance, like captive membership and self-insured benefits, cryptocurrency seems like it could play a key role in the future of provider business policy.
Depending on the insurer and provider, it may soon be possible and easy to pay for medical care entirely with bitcoin.
The auto insurer Metromile plans to allow policyholders to pay premiums and receive claim payouts in crypto sometime in the near future.
The San Francisco-based company offers pay-per-mile coverage, a form of auto insurance that provides lower rates to car owners who don’t drive that much.
The company hopes to roll out its cryptocurrency payment option later this year. When it does, it will become one of the very few U.S. auto insurers to accept cryptocurrency of any kind.
5. Universal Fire & Casualty Insurance Co.
In June 2021, the Michigan-based Universal Fire & Casualty Insurance Co. announced it would begin accepting cryptocurrency for insurance premium payments — making it the first U.S. insurer to take crypto.
UFCIC is a multi-line property and casualty insurance company that offers policies for small businesses. This includes commercial property, general liability, inland marine, business owners’ policies (BOP) and commercial surety.
The company accepts a variety of cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Paying for Insurance With Crypto
People who want to start paying for insurance with cryptocurrency can look into these providers that already offer crypto payments or plan to shortly.
While most insurance companies still don’t offer crypto payment services, it seems likely that more providers will begin to accept it — and especially well-known types like Bitcoin — in the near future.
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