Carro partners NTUC Income, launching on-demand driving insurance [Press Release]
Carro, Southeast Asia’s automotive marketplace, partners with NTUC Income to enhance the company’s car subscription service. The new usage-based car insurance between Carro and NTUC Income is via a ‘pay-as-you-drive’ model that is based on how much the user drives the car; the less they drive, the less they pay.
From November 28 this year, all Carro car subscription customers will benefit from insurance savings via subscription credits based on how much they drive. Carro’s subscription packages include 1,500 kilometres of mileage per month for every standard subscriber. With this usage-based insurance scheme, subscribers will get charged only for the kilometres driven each month, and the rebates for the un-driven distance will be used to offset the subscription fees for the next month. Rebates for un-driven distance can be as high as over US$800 per annum.
The new insurance service uses Vehicular Telematics to assess how much each of their cars is driven in a single month. This data accurately determines the exact premiums, down to the kilometres driven and charges the customers accordingly for the month.
Carro’s subscription model offers all-in flat monthly charges starting at US$1,024 that covers insurance, road tax, regular maintenance, and 24-hour assistance.