Total Be aims to bring an international model of car insurance to the UK. In the UK people are insured on their vehicle, rather than the vehicle being insured for anyone to drive it, as is done internationally. There is demand for this type of insurance & the company has a vision to offer this.
Total Be is bringing an internationally recognised car insurance model to the UK market. We have had discussions with partners who are already offering this model.
Currently in the UK, a person has to be insured to drive a vehicle. However, the rest of the world works differently. It's more common to insure a vehicle and with the owner's permission, anyone with a full driving license is able to drive the vehicle.
Here is how we are different:
- We will provide car insurance, not driver insurance. (i.e. We insure the car for anyone eligible to drive it, not just an individual.)
- Not a postcode lottery. (We will not take crime data into account that is not specific to vehicles.)
We estimate that we can provide up to 25% cheaper cover than comparable UK Insurance.
A UK Government Petition for this insurance model received over 60,000+ signatures. This further validates the demand and we believe Total Be will be able to disrupt the UK market.
Car insurance is a huge market. In 2014 the market was worth £9.4 bn and expected to grow to £11.4 bn in 2019. According to a survey conducted by Mintel, cost was a key factor in choosing car insurance.