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  #1  
Old 27-08-2017, 09:26 PM
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breezer breezer is offline
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Talking Insurance - only paying for days when you use the car...

Hey guys, it's been a few year since I made the mistake of selling my MC!

In order to make money to buy another at their new price point I'm working on a project with a couple of friends in the insurance industry, setting up a digital car insurance broker with a difference.

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

You'll pay TPFT year round, and then on days you want to use the car you'll simply either tap a button in an app or on a keyring, and we'll confirm instantly that you have fully comp insurance for that day. Alternatively we're looking at being able to install or use existing GPS trackers to automatically insure you when the car leaves your property. We promise that if we take this route, these won't track or record driving metrics!

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 - no obligation!) and save 5% off your first annual premium.

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

Best, Breezer
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Old 28-08-2017, 06:54 AM
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Interesting idea, but I only pay a little over £200 for a years fully comp policy for the MC so can't see it would make much difference to me?
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Old 28-08-2017, 07:13 AM
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My thoughts same as above.

I don't think people with cars valued at £20-60k are likely to try & save £50 a year & have to report when they want to use their own car.

I can see it working for people on the breadline but think the idea's already in place with daily insurance schemes.

Good luck though.
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Old 28-08-2017, 07:15 AM
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Sounds like a good idea in principle.

Is there a policy being planned to cover the car whilst it is garaged, IE in the event of a fire or theft? I know this is important as most household policies won't cover a 'stored off the road car'.

Also worth considering the extremely low cost of insuring vintage cars as per the post above.
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Old 28-08-2017, 07:19 AM
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Quote:
Originally Posted by h4pry View Post
Sounds like a good idea in principle.

Is there a policy being planned to cover the car whilst it is garaged, IE in the event of a fire or theft? I know this is important as most household policies won't cover a 'stored off the road car'.

Also worth considering the extremely low cost of insuring vintage cars as per the post above.
Thanks for the input you three. All very good points, and they have been considered. I think the MC is remarkably cheap to insure - it used to cost me half to insure an MC at 25 what it cost me to insure a Z4MC at 30, and less than half what it still costs me to insure a TVR Tuscan. For some reason they're a great insurance bargain.

The policy will provide 24/7 TPFT cover.
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Old 29-08-2017, 06:58 AM
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Interesting idea in theory.

My question is around the premium you pay - would the user be aware of what his daily cost would be or would this be generated through the app?

Also, we are all human and as this is new concept I am sure people will forget to press a button or fire up an app as it's second nature to just get in and drive!

Lastly, you will probably need to move fast as the tier 1 insurers are able to move quickly and come up with the same or similar concept.


Best of luck
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Old 04-09-2017, 06:17 AM
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Quote:
Originally Posted by Rags View Post
Interesting idea in theory.

My question is around the premium you pay - would the user be aware of what his daily cost would be or would this be generated through the app?

Also, we are all human and as this is new concept I am sure people will forget to press a button or fire up an app as it's second nature to just get in and drive!

Lastly, you will probably need to move fast as the tier 1 insurers are able to move quickly and come up with the same or similar concept.


Best of luck
Many thanks!

The daily premium would be fixed at the start of the policy. We want it to be as low hassle as possible for our customers.

With regard to forgetting, we're looking at other options, including a gps box (to register movement only, not driving parameters!), a key ring button, and a dash button. There's not a clear preference so far, so we're keeping an open mind until we have more data.

Warm regards,

Team Veteris
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  #8  
Old 04-09-2017, 07:48 PM
langlands langlands is offline
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not sure where the savings will be.

I already get a discount as I am an agreed mileage policy. you will have to charge a basic fee to cover for being at home and TPFT. It will also have to be covered for road use to qualify for RFL. How much cheaper can it be to make it worthwhile??.

It only costs me about £250 per annum at present.

SO, if you want me to pay something like £100 pa and £10 per day it will actually work a a bit of a disincentive to use the car. When I just fancy a quick blast up the road I will have to add the extra cost into the equation. It gets used too little as it is.

As for having a monitor in the car...No thanks

Overall. Cant see the Coupe being an ideal market for this insurance. I'm afraid I will continue to be happy paying my once a year payment and forgetting about it.
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