Hourly Car Insurance Can Be Purchased By Infrequent Drivers
Cuvva, a Scottish start-up is set to launch a new and innovative type of insurance for infrequent drivers. Hourly car insurance will be sold to drivers through a mobile app. There are car owners who drive less particularly those who live in the city yet traditional insurance does not reflect the infrequency of car use in the premiums paid.
Cuvva’s new product which will be launched on April will end the status quo wherein drivers have to pay for expensive coverage while their car sits idle on the street or in the driveway. In conventional car insurance, people have to pay premiums whether or not they use their cars to travel.
A car owner can buy insurance from Cuvva through a monthly subscription that costs between £10 and £30 depending on the type of car and where the owner lives. Premium “top-app” insurance can be purchased through a Cuvva app for £1.20 an hour when the owner decides to actually drive the car to a certain destination. The target of this new type of insurance is car owners who drive less than 4,000 miles a year. It is similar to a regular car insurance where no claim discounts are earned each year.
According to Cuvva founder Freddy Macnamara, it seems quite ridiculous not to able to borrow a car for an hour because of the challenge of getting a short term cover. An Uber or Deliveroo can be ordered to a house but a short term insurance cannot be purchased as easily. Macnamara realized that the same mechanism can be used so that infrequent drivers will able to save a lot of money. If £500 to £1,000 can be saved within the year, it will greatly benefit car owners who do not always drive their cars.
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