This article was first published on e27, written by Tun Yong Yap
Unlike conventional fixed costs auto insurance premiums, usage-based insurance charges are tied to the vehicle’s mileage, location and timing consumption
Singapore-based car-sharing platform Tribecar announced today it has partnered with local insurance firm NTUC Income and wholesale automotive marketplace Carro to provide usage-based insurance (UBI) coverage for its fleet of rental cars.
Unlike conventional fixed costs auto insurance premiums, UBI charges are tied to the vehicle’s data, such as mileage, location and timing consumption.
Developed through a joint initiative between NTUC Income and Carro’s leasing arm Carro Leap, the UBI platform combines telematics, insurance and data analytics.
As per a press release, Tribecar has adopted this insurance programme, allowing it to provide car-sharing rentals from S$0.50 (US$0.38) per hour for its “Super Economy” Category.
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