With car ownership falling and peer-to-peer lending becoming increasingly popular the insurance industry is being called upon to accommodate the new insurance landscape.
Innovative start-ups like www.hiyacar.co.uk are driving the way forward, changing the way we view and use cars. Hiyacar’s introduction of Mates Rates is an insurance solution for those wanting to seamlessly share their cars with friends and family members.
Mates Rates operates on a flexible pay-as-you-go insurance option that ensures all parties are insured without jeopardising the car owners insurance, such is the case when adding friends or family to an existing insurance policy.
AXA has been the enabler for hiyacar to create this. They supersede the car owner’s policy to deliver peace of mind coupled with the most affordable prices on the market. Prices start at just £9 a day.
This initiative is long overdue, as owners of classic cars, motorcycles or even small vans are constantly asked by friends or relatives to lend their vehicles out.
As more people live in large cities to find well paid work, car ownership is bound to decline because the costs of leasing, parking, taxing and insuring a vehicle that is being used purely for social trips, shopping and weekends away becomes too expensive for those paying high rents.
Our lifestyles are changing and the way ahead for every car insurer is a more flexible, pay-as-you-go approach, backed up by accurate telematics data to assess the true risk of each individual driver.