The gig economy continues to expand and that means food delivery drivers, and private hire owner/drivers are looking for flexible insurance that can be switched on and off via app, so when you take a week’s holiday you aren’t paying a fortune for taxi/courier/delivery cover.
Here’s some news from INSHUR, who have announced new flex insurance options, which they claim is a first for the Private Hire Insurance market.
Drivers can choose any number of days of cover between 7 and 90 days. Alternatively, a customer can opt for a fixed term of 7, 14, 30 or 90 days or an annual policy. The innovation underlines INSHUR’s leadership and further strengthens its status as the preferred choice for UK Uber drivers.
The new product is in direct response to the insurtech’s customer market data findings showing that 87% of drivers asked for fully flexible insurance of between 7 and 90 days.
“For too long drivers have had to buy insurance products that suit the needs of the insurer and not the customer. Uber drivers deserve to get something better. If a driver wants to buy a flexible term product, we now offer that. Insurance is a cost for everyone and if we can reduce that burden we feel it’s the right thing to do and expect other insurers to follow our lead.” said John King, Head of Product at INSHUR.
INSHUR’s survey found that 79% of drivers pay for their insurance monthly rather than yearly (20%), which is unsurprising as the yearly cost of commercial car insurance ranges between £1,000 and £3,000+ for over 99% of drivers.
The Private Hire Insurance industry has been short on innovation but INSHUR is changing that. Traditionally, only a fixed term 30-day, 90-day or annual policy was available. With INSHUR, drivers can buy a policy in minutes, which saves time not visiting or calling around brokers. With the new flex options, drivers are put in control, allowing them to pay for only the insurance they need.
David Daiches, COO and co-founder of INSHUR, said: “INSHUR was built on the ethos of making the lives of drivers simpler by improving the process of buying insurance. Because of this, 75% of our customer base has been referred to us through word of mouth. The only way to maintain this level of customer support is to remain a trusted brand that cares about its customers. Our new flexible insurance builds on this ethos.”