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Pay-as-you-go car insurance: An idea whose time has come?


Borrowing a friend’s car in the United Kingdom is a bit easier with an insurance product that allows consumers to buy an auto policy with a term a short as an hour.  

London-based Cuvva has the potential to disrupt the traditional insurance industry with its track record of success: With prices starting at £7.80 ($9.99) per hour, the business has sold more than a million hours of car insurance, according to an article published on theguardian.com on Thursday.

Founder Freddy Macnamara told a reporter that came up with the idea for Cuvva in 2013 while in a bar, chatting about lending his car to a friend.

“It was ridiculous that you couldn’t borrow a car for an hour, because of the difficulty of getting short-term cover,” he said, according to the article. “I could order an Uber or a Deliveroo to my house, but I couldn’t buy insurance for a short period quickly.”

Cuvva claims to be the first company to have built an insurance product that operates through an app, according to the article.

Meanwhile, the article points out that Clyde & Co’s Insurance Growth Report found that 94% of insurers think digital transformation will have the biggest impact on how they do business with customers over the next five years.