Insurance industry disruptor Lemonade (NYSE: LMND) was handily outperforming the market on Wednesday, with shares up by more than 7% as of 2:50 p.m. ET.

While some of that move was likely due to positive momentum in the broader tech sector -- the Nasdaq Composite was up by 1.5% at that point in the session -- investors also seem to be cheering a bit of company-specific news. Lemonade's auto insurance product, Lemonade Car, has rolled out in Oregon, making that state the fifth one where all of the company's insurance products are available to consumers.

The launch of Lemonade Car in Oregon is important for a couple of reasons. For one, auto coverage is an essential form of insurance for millions of people (as opposed to life insurance, for example, which is mostly optional), and its average monthly auto premium is roughly 10 times that of Lemonade's core renters insurance product.

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Source Fool.com