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§ Private Profile · Chicago, IL, USA
Online broker offering extended warranties and repair protection plans for car owners, focused on digital quoting and monthly subscriptions.
ForeverCar is a Chicago, Illinois-based online broker that provides extended vehicle service contracts and standardized repair protection plans directly to individual car owners seeking post-manufacturer coverage. The company utilizes proprietary algorithms to offer personalized, customizable coverage tiers, specifically Silver, Gold, Platinum, and Platinum Plus, operating through a direct-to-consumer digital platform and a standard monthly subscription model. Operating with a core team of 22 employees, the enterprise currently generates under $5 million in annual revenue while facilitating omni-channel sales across its network of partner credit unions and automotive dealerships. The organization has developed the proprietary 1Quote software platform for vehicle service protection and subsequently received formal industry recognition, including a CODiE Award for Best Insurance Solution and multiple IT World Awards for its technology. ForeverCar was officially established as a corporate entity in 2011 by its founding team.
ForeverCar has raised $25.0M across 2 funding rounds.
ForeverCar has raised $25.0M in total across 2 funding rounds.
ForeverCar has raised $25.0M in total across 2 funding rounds.
ForeverCar's investors include Jai Shekhawat, City Capital Advisors, CMFG Ventures, Method Capital, Brian Kaas, Chicago Ventures, MATH Venture Partners, Techstars, KDWC Ventures.
ForeverCar has raised $25.0M across 2 funding rounds. Most recently, it raised $15.0M Debt / Other Equity in September 2017.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Sep 5, 2017 | $15M Debt Financing | — | JAI Shekhawat, City Capital Advisors, CMFG Ventures, Method Capital | Announced |
| Oct 1, 2016 | $10M Series A | Brian Kaas | Chicago Ventures, Math Venture Partners, Techstars, JAI Shekhawat, Kdwc Ventures | Announced |
ForeverCar is a Chicago-based technology company that provides digital vehicle service protection plans, offering transparent online quoting, comparison shopping, and monthly subscriptions for car repair coverage. It serves car owners seeking honest, customer-centric alternatives to traditional opaque vehicle protection sales, solving problems like predatory tactics and lack of transparency by delivering comprehensive plans equivalent to bumper-to-bumper warranties, concierge repair support, and easy integrations for partners.[1][2][6]
The company partners with trusted brands via an omni-channel platform (web, chat, text, email) to provide flexible, subscription-based protection without long-term contracts, including features like digital recommendations and repair handling. With under 25 employees and revenue below $5 million, ForeverCar has shown early growth through awards like 2018 IT World Awards for Startup of the Year and innovations like 1Quote, a data-driven plan recommender.[2][4][8]
ForeverCar emerged from the necessity to disrupt the outdated vehicle protection industry, which relied on opaque, predatory sales tactics despite the potential for modern digital solutions. Founded in Chicago (headquarters at 954 W Washington Blvd), the company pioneered the first digital quoting and recommendation engine, along with true monthly subscription products, to align protection with customer needs.[1][2]
Key early milestones include launching as the first online service for transparent quotes and purchases, winning multiple 2018 IT World Awards including Startup of the Year, and developing tools like 1Quote for personalized plan recommendations based on market data. This customer-first approach quickly built a network of partners and established ForeverCar as a leader in transforming how consumers shop for and benefit from extended car coverage.[1][2][8]
ForeverCar stands out in the vehicle protection space through these key strengths:
ForeverCar rides the wave of digital transformation in automotive services, digitizing a legacy industry slow to adopt tech amid rising consumer demand for transparency and convenience post-pandemic. Timing aligns with growth in subscription economies and on-demand services, fueled by market forces like increasing vehicle repair costs and e-commerce penetration in auto aftermarket care.[1][3]
By enabling omni-channel, API-driven partnerships, ForeverCar influences the ecosystem, empowering dealers and brands to deliver modern protection, reducing friction in car ownership, and setting standards for customer-aligned innovation in a space ripe for disruption.[1][4]
ForeverCar is poised to expand its partner network and refine AI-driven tools like 1Quote amid trends in automotive subscriptions, telematics integration, and EV repair demands. Potential growth lies in scaling concierge services nationally and deeper B2B APIs as digital auto services boom.
As the pioneer digitizing vehicle protection, ForeverCar's customer-first model positions it to capture more market share, evolving from disruptor to industry standard and ensuring car owners "drive on" without repair worries.[1][6]