Topic: [ANN] First Insurance Policy Paid for with Bitcoin (Read 4886 times)

To furuknap:  Currently we are licensed in every state except Alaska, and only offer insurance within the US (We do insure people travelling from the US).  The reason however is because we've never had a market outside of the US (We currently have 3 branches in Indiana, one in Kentucky, and one in Florida).  I will definitely bring it up with the owners of the company and see if it's something that we can look into in the future.

To Joris/100x:  Both of you are 100% right.  Our first policy ended up costing more in terms of time getting it set up and payment delivered to accounting than a normal policy would, and I expect it will be the same for our first few commercial policies as well until everything becomes more automatic.  I do think that once everyone at the company becomes more used to accepting Bitcoin policies, that it will end up being cheaper in the long-term.  When we reach that point, I would definitely like to offer discounts and I'll see if that's possible as well.

Thanks again everyone! 

Ken

There are probably many more costly manhours into setting up the acceptance of BTC by this and other companies, than even the turnover in BTC for quite a while to come.

So please don't start begging right away, since there's more in the cost structure of a business than payment fees. I feel it should be the reward for the early adapters at the supply side of the economy.

Disclaimer: I'm biased towards the business side, since I'm running one myself and am accounting for others.

Awesome! Absolutely brilliant!

Do you offer international insurance too? I saw your left column were offered in IN only. Let's say I live somewhere outside the US, could I go to you for my travel or car insurance, for example?

Wow, those two websites are great!  I just added our company to coinmap.org (says it should be updated within 15 minutes), and signed up for the Bitcoin newsletter.  Thank you for the links! 

Ken

kenerwin88,

Could add Beauchamp McSpadden on www.coinmap.org
#placesthatacceptbitcoin

We would like to add you in our next catalog edition

@bitdroid Thank you for the suggestion!  I'll post it on there as well, let me know if there's anything I can help you or your friends with.

And about the pizza, thank you   I'm happy to be a part of Bitcoin's growth (even if it's a small role), I really do think that it's going to become huge one day.

Ken

This feels like the BTC pizza - not because of it's price, but because it shows the growth of bitcoin.

Marvelous timing Ken. I'm going to send a few business friends of mine your way and check you guys out for myself.

As a suggestion you may also post here: http://www.reddit.com/r/Bitcoin/

You'll get alot more exposure.

@Bitdroid, As of now the pages have been updated!  Sorry about that I thought I had already done it, thank you for letting me know!
@John, I feel the same way, I can't overstate how exciting it was to get our accounting department on board, and to be able to introduce Bitcoin to so many more people.  I am very hopeful that someday our Bitcoin-paid policies will become a huge part of our business. 

Ken

Awesome - this is great!  *teary eyed*

Any news on when the site will be updated to reflect bitcoin acceptance?

http://www.bmins.com/payments.php

Hi Everyone  ,

I just wanted to announce that we have now written the first insurance policy that is being paid for completely in Bitcoins.  Based on the advice from others that we received, we used Bitpay for the payment, and could not be happier with how smoothly it went.  Up until now I've only had a couple of CSRs and our Accounting department onboard, now all of the CSRs and Producers are becoming extremely interested in finding out more about Bitcoin.  I wanted to thank everyone from the thread here https://bitcointalksearch.org/topic/first-insurance-company-to-accept-bitcoin-155036 as well as everyone who has contacted me requesting a quote or offering advice, it has been incredible finding out all of the other different businesses that are doing the same thing that we are. 

We obviously aren't a startup company, we've been around since 1872, but there is a culture surrounding Bitcoin that is enthralling.  To any business that is considering accepting them, you won't be alone.  I have had so many people from this forum as well as even a call from a company in Canada working with Bitcoins all offering or seeking advice.  It is obvious that everyone here doesn't just want success for themselves, but is working for Bitcoin to be successful as a whole, and that is amazing.     

I can't name the person who bought the policy for privacy reasons, but I just wanted to thank you for working with us (And if you would like to be named let me know!).

Thank you again everyone, if anyone else would like a quote for any type of insurance, or has any questions, feel free to contact me.   

Ken Erwin | System Administrator
Beauchamp McSpadden
231 W. Canal Street ♦ Wabash, IN 46992
W:317.522.7857x2192 ♦ C:317.522.7857