PAYG Car Cover Is In The Driving Seat Now

IE visited the British Motor Show yesterday at Farnborough Airport and what a good event this is – great to see the motor show back after a 13 year gap. New models, stunts, test drives, race machines, pure EVs, plus some electric car conversions of classic vehicles. It was interesting to see such a positive reaction to electric cars – and a few motorcycles – at the Select Electric Hall, and the general vibe was that drivers are now ready to take the plunge, once the infrastructure is there as regards charging just about anywhere.

As classic VW Campervan specialists eDub told me; “You can charge your EV camper overnight at a site because you’ll find plug sockets and charging points are there at most of them, but you won’t find any with petrol stations.”

Incidentally, eDub are also franchising eDub hire stations, so people can tap into this growing market, without having to spend 40K on buying a classic campervan and then converting it. Brilliant idea.

RISING VALUES MEAN AUTOMATED CLASSIC VALUATIONS

Talking of classics, IE chatted with Roger on the Sporting Bears charity stand, who gave us some background on his Daimler Dart V8 from the 60s. He mentioned that his insurer had phoned up and re-valued the car at 10K more, based on the increasing auction and private sale prices seen during the pandemic. Thinking outside the box, this question of rising asset values; houses, Swiss watches, art, classic cars, guitars or motorcyles is something where data stacks can crunch the numbers and then update the policyholder accordingly. You also have a reason as a broker or MGA to connect with your customer beyone renewal invites. So it’s all good.

Watch the interview, plus a general overview of the show here by the way.

Neil from Partners& was at the show and told IE that the opening day had generated a few interesting conversations from people in the Commercial and Fleet sectors, looking for value, rather than just cover at the cheapest price. “People are realising that if you have a fleet of vans, you need to know the stuff inside is covered in transit, the vans are covered if parked outside your employee’s houses, in short that you as a broker really understand the client’s business in-depth. That way you build a partnership long term.”

Leon from Partners& was also on stage at the show, discussing the changing face of car insurance. As people get used to the Netflix model of essentially renting/leasing a car, rather than owning it, then it makes sense to think about all kinds of PAYG, per-trip insurance products. That could be a summer ride only policy for bikers using their R1 on sunny Sundays, to city dwellers who only really need a car three or four times a year when they travel around the UK on holiday, or visiting family.

The British Motor Show is on until Sunday and is happening at Farnborough International Airport. More here.

About alastair walker 6862 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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