Sports car insurance - only paying when you actually use the car...

B

breezer

Member
Morning All,

I've recently sold my Z4MC due to a change of career, and in order to afford another I need to get some traction on this project!

My team and I are working on a project in the insurance industry, setting up a car insurance broker with a difference.

Basically, if you have car that you rarely use and get annoyed at having to pay fully comprehensive insurance while it's garaged, we believe we'll be able to save you money!

You'll only pay for in-garage (theft + damage) and third party protection year round, then on days you want to use the car you'll simply pay a small, fixed (and agreed at the beginning of the policy), per-day fully comprehensive fee to cover you for 24 hours. This is likely to require simply tapping a button in our app, or on a physical keyring. We'll then instantly confirm that you have fully comprehensive insurance for that day.

Alternatively we're looking at a mileage rebate model - you pay for a 5k (or 7k) limited mileage policy as usual, but you get a rebate for miles you don't cover. We can do this because lower miles = lower risk, and our back office systems will be flexible enough to account for this change in risk levels.

While we’re all here, we’re keen to hear your views on which of these options you prefer.

Anyway, if this may be of interest please head over to our website, http://www.veterisauto.com , to register your interest (you're just signing up to receive updates at this stage) and save 5% off your first annual premium.

If you have any questions or comments, we'd love to hear them. You can ask us here, or find us on Facebook.

I hope this is okay with mods - we're gauging interest, not selling anything yet and I thought it could help a lot of you with 'occasional use' sports cars.

Warm regards,
Team Veteris
 
I'd rather only pay for bloody road tax on the days I use it :rofl:

Think I only pay about £260 for my M/// what sort of savings are we looking at?
 
Hmm, the penalty could be huge for simply forgetting to phone in! I can see that fact being rather off putting :cry:
Rob
 
I think pay for 5 or 7K then rebate would be simpler, no app needed but yearly or random mileage check, and then depends on price, currently paying £231 pa. As mentioned above, road tax per miles would be better I think it may be on the way in form of fuel tax added.
 
That sounds like a really interesting idea OP. :thumbsup:

If only I had a garage I'd have been interested. :(
 
I think it sounds like a good idea, although personally I would only be interested in the rebate model.
 
Yorkie Z said:
I'd rather only pay for bloody road tax on the days I use it :rofl:

Think I only pay about £260 for my M/// what sort of savings are we looking at?
Click to expand...

This, £206 pa for insurance, but over £500 for VED, that’s my issue.
 
An interesting proposition and I would defiantly be interested.

Would you be looking at agreed value policies too?
 
Great idea, also look at people with multiple cars. I can only drive one at a time but I pay for all of them for all the time..... :thumbsup:
 
If you are going to be charged daily for using your car what would the daily rate be?
Off the top of my head I would think £10 a day sounds good but if you were to use it only at weekends 6 months of the year that would cost over £500. Which really wouldnt be worth it.
Realistically though how cheap could a daily charge be to make it worth while for both parties.
If its a car thats used once or twice a year it could be ok but not for something used regularly at weekends.
 
Thank you for the feedback chaps - I'm envious about how cheap some of your insurance is!

The daily rates will depend on the car and driver combo, but we envisage them being quite cheap.

We'd like to offer this as an enthusiasts policy, so agreed valuations would be included, along with other perks that we're used to like choice of garage etc. Nothing is finalised, but picture this like a normal policy with the additional benefit of not paying for unused time or mileage.

Many people have expressed the fear of forgetting. We'd either make it virtually impossible, or head down the unused mileage rebate route. We'd also like to offer a combined mileage for your fleet, so you can use it on any car you own.
 
Very interesting idea, but I can't really see this working without it being a telematics based solution (which I personally would be keen on).
 
Its going to always come down to price, my Elise only cost me £260 full comp for me and my partner as a named driver, I can't see there being much of a saving on that to make it worth while.
 
I think you will find this is aimed at the "younger" driver, the people which have posted already clearly are "of and age" like myself and pay a modest insurance premium, where this system would win is for people who are younger or have loaded insurance for other reasons and pay a higher yearly figure.
 
Agree it would be more aimed at people paying £500+, but just as a general point a rebate model rather then a pay as you drive would be far more attractive in my eyes. Love the multi-car add on bit.
 
My two pence worth...it's super competitive marketplace to play in. Are you looking to create revenue off the policies or would you do those at cost and then look at taking revenue from secondary/affiliate advertising streams?

I guess for marketing resonance and impact, make it simple...any of the below would garner interest.
- insure your car for £5 per day
- insure all your cars for £300
- social profile discount (the more prominent you are online, the more discount you get)
 
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