INSHUR has launched a new flex insurance program for the United Kingdom's private hire insurance market.
In a statement, INSHUR explained that drivers can choose any number of days of cover between seven and 90 days. Alternatively, a customer can opt for a fixed term of seven, 14, 30, or 90 days or an annual policy.
INSHUR said that its new product was in response to its findings showing that of 157 drivers, 87 percent asked for fully flexible insurance of between seven 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 percent of drivers paid for their insurance monthly rather than yearly (20 percent), which it said was unsurprising as the yearly cost of commercial car insurance ranges between £1,000 and £3,000+ for over 99 percent of drivers.
David Daiches, chief operating officer 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 percent 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 trustworthy company that cares about its customers. Our new flexible insurance builds on this ethos."
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].