Today we have announced a reduction in our insurance premiums for all our members across the board as well as additional reductions on our shorter bookings.
Our aim is not to be the Airbnb for cars but to change local mobility by getting drivers a car when and where they want one. Since we’ve been able to offer short duration bookings the uptake has been incredible, with over 50% of journeys being under a day. Going to the shops, meeting family or just running multiple errands where a car is needed.
We have not compromised on the quality of the drivers we allow and look at many data points to assess the risk of each member. Though you could argue that this approach will hamper our growth, there will be no trade-offs. This approach, along with the good driving of our members, has been rewarded and they can now reap the benefits of hiring a shared car for a short trip at a real price that makes sense.
We may still not be the cheapest option in all use cases but that is OK. We don’t want to be the cheapest. What we do want to be is the best value. Has our service delivered what you wanted it to? What price would you put on that? Hopefully, we are getting closer to that ideal price that works for everyone. We have also mentioned before that we want to be sustainable, so the price the driver pays for insurance is the price the insurer gets. No big subsidy paid for by VC’s. Just a real price that is passed through without markup or markdown.
We are still right on track to being the first profitable p2p car-sharing platform in the UK and these price reductions are another step closer to making that a reality.