Swiss Re partners with Cuvva on new pay-as-you-drive insurance for car owners

Swiss Re and pay-as-you-go car insurance start-up Cuvva have teamed up on insurance for car owners in the UK who use their cars infrequently, allowing them to pay per hour of usage rather than buying annual cover.

The new insurance will give better cover to those who only drive occasionally, for instance commuters who travel to work by public transport and only use their car on evenings and weekends.
Users pay a flat monthly fee to cover the basic protection and top up their cover by the hour when they drive. All of this is managed through the Cuvva app.

The cover enables low-mileage drivers to save as much as GBP 500 a year compared to a traditional insurance policy. Swiss Re fostered the strategic partnership between Cuvva and the policy underwriter, UK insurer Collingwood.   

Jason Richards, Head P&C Business Management at Swiss Re, said: "When I met Cuvva at a FinTech start-up accelerator last year, we were impressed by their idea of offering hourly cover. Our teams have been working together since on this pay-as-you-drive insurance. The partnership fits in with our belief that technology will enable insurers to offer a more transparent service and a cover customised to each customer's usage."

Cuvva makes a difference as it breaks down insurance cover into smaller chunks rather than paying a comprehensive annual cover for a little used car empowering customers to benefit from savings from low usage.


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