Insure and go...activate and deactivate your insurance policy using mobile devices.

7 replies [Last post]
Brycey
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Joined: 2013-02-17

Hi all,  Doing a little bit of market research for an insurance company and I would like to gather your thoughts around a new type of insurance.  Here goes: You purchase your annual bike insurance in the same way (monthly or annually) but instead of the policy running for 1 year it runs for 3 years and allows you to activate and deactivate your 365 days over the course of 3 years. The days the policy is deactivated the insurance will still cover you for fire and theft. The activation will last a minimum of 24 hours and can be activated and deactivated for however many days, weeks or months using your mobile device. Activating and deactivating your policy will be possible using a mobile devices such as laptops, smart phones, tablets with a up to date copy of days remaining and time to expiry. First of all would this be something you would be interested in; yes or no. If you can provide any feedback or things to consider that would be a great help.  I thought this would apply to those that used their bikes seasonally or just for pleasure and would be a great way to reduce insurance premiums, I'd be interested to hear of any other thoughts or ways to help plug this gap.

Brycey
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Joined: 2013-02-17

Apologies, I meant classic / sports car insurance. I also asked motorbike drivers.

James Elliott
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Joined: 2011-03-11

Quite like the idea and guess it would make a lot of sense to people who currently only use their cars for part of the year then regret that gorgeous crisp winter's day when they can't take it out, but it doesn't appeal to me personally: for the low cost of classic car insurance I like knowing that mine are ready to go anytime it takes my fancy.

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Headercase
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Joined: 2011-06-02

Sounds like a fine idea, and would save the annual shop around for a deal. 

I am assuming that the 3 year Fire & theft, plus the 365 days of road cover within the three years would be the same current cost as one year of regular cover.  If it was that basis then its a good deal.  I would still be able to take advantage of the odd winter drive, and wouldn't be wasting road cover on the summer days when classic pleasure was denied due to work etc. 

You would feel though, that once you had initiatated a 24hr road cover period, you'd want to take best advantage of it, not just a pootle down to the pub...

James Elliott
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Joined: 2011-03-11

Headercase wrote:

Sounds like a fine idea, and would save the annual shop around for a deal. 

I am assuming that the 3 year Fire & theft, plus the 365 days of road cover within the three years would be the same current cost as one year of regular cover.  If it was that basis then its a good deal.  I would still be able to take advantage of the odd winter drive, and wouldn't be wasting road cover on the summer days when classic pleasure was denied due to work etc. 

You would feel though, that once you had initiatated a 24hr road cover period, you'd want to take best advantage of it, not just a pootle down to the pub...

Actually, now you put it like that, as someone who owns a number of classics and uses one of them everyday, but each one probably only for a third of each year, this scheme would in effect stretch one year's insurance to three at no extra cost and with little or no restriction on current usage.

In the light of that it is rather more appealing. Just decide which car I want to use on any given day, text it in and go.

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Brycey
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Joined: 2013-02-17

Thank you for your response. Yes your right, you will be covered for the 3 years fire and theft and fully come when activated from your mobile device. The concept is you will be able to schedule a day or a month as and when you please. So in essence if you have 3 classic cars then this will be perfect way of covering you for 3 years for the cost of one annual policy each year.

We are doing some customer research on how mobile technology can help offer new ways or benefits to our customers. This is just one of the concepts I'm exploring, please keep any feedback coming or share any ideas you would like to see from insurance companies (home / car / pet / travel and breakdown).

VFK44
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Joined: 2013-04-19

Excellent idea.  Keep it simple though.  Don't demand too much advance commitment.  Make suitable charges but keep them relevant.  I don't mind paying a little for admin but hate being ripped off.  For exxample, if I have to change policy details on a conventional policy I think £5 is reasonable, but £15 a rip-off.  With online changes, the actual cost could be charged such as 15p fee for each activation or whatever it actually costs!  And if someone has to sell their car within the 3 years a reasonable proportion of the fee should be refunded.

Play fair with the user and you'll get loyalty.

jimmyjjohn
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Joined: 2014-02-04

Sounds like a fine idea, and would save the annual shop around for a deal.