With car ownership numbers falling and peer-to-peer lending becoming increasingly popular, there is little doubt that the sharing economy is only set to grow. With cars in London idle for an average of 23 hours a day, the solution is to ‘unlock’ the wealth of cars that are parked for almost the entirety of the day. Rather than increasing ownership of cars, we want to increase access. A shift in positive attitude to sharing assets and a next generation that values access over ownership means that in order to stay ahead of the curve insurance companies need to adapt to the change in consumer attitudes and how we view car ownership.
PwC has estimated the sharing economy is set to be worth £140 billion by 2025 and the rise of ‘Generation Go’ means there is a greater demand for flexibility, not only in accommodation with renting, but now also transportation.
As the only true keyless peer-to-peer car company in the UK, hiyacar enables people to earn money through renting out their cars. It is crucial that we offer a solution to protect owners’ cars in the event of a traffic accident. That is why we secured a unique, comprehensive, insurance policy with AXA that supersedes personal policies and protects our owners. In the rare event of any damage this policy will cover 100% of the costs and will not affect their current personal insurance policy.
Taking this one step further, we also recently introduced a new product called ‘Mates Rates’ which allows people to hire cars from their family and friends at a discounted rate, without jeopardising the car owner’s own insurance, which is a risk when adding friends or family to an existing insurance policy.
For drivers hiring a car, the insurance premium is calculated per individual based on age, driving history and the car chosen and is added to the hire fee which the owner can discount by up to 80% by issuing a voucher (with the remaining 20% being retained by Hiyacar as an arrangement fee. This policy delivers the most affordable prices for short term insurance on the market, with prices starting at £13 a day.
Not only does hiyacar deliver best value for money for sharing between family and friends, its keyless technology, Quickstart, ensures the sharing of a car does not take up unnecessary time for either party. Quickstart enables a hirer to unlock the car through the mobile app and therefore there is no need to meet the owner.
New technology means change in way we think about car ownership, both for consumers but also for the insurance industry. Hiyacar’s close partnership with AXA reflects that forward thinking insurers can keep up with the pace of innovation. Hiyacar and AXA can now not only enable easy sharing between communities, but also best value sharoing between friends!
How It Works:
- Sign up to hiyacar and list your car in just a few clicks using the website or app
- Once your car is live, create your Mates Rates discount codes as you would like them. Go to ‘My cars’ – ‘Promote’ tab
- Send the code to whoever you wish, share it via email or on your social network
About the Author
Graeme Risby – CEO and Co-Founder of hiyacar