03/02/2023
It’s probably fair to say that motorcycle insurance is quite a conservative market with most policies following the same broad model that’s been established for decades. But UK broker MCE Insurance is aiming to shake things up with a revolutionary new pay-as-you-go policy.
The firm’s new Subscribe & Ride policy charges a setup fee of £25, then adds a £5 monthly subscription charge. There’s then a cost-per-mile charge for the miles the bike is used, and that’s it. A tracking device, called a Milemate, is fitted to the customer’s bike, and measures the miles ridden to calculate the insurance fee via a smartphone app.
Usage-based insurance is a growing area in the car market, and according to MCE, motorcycle riders are a good fit for usage-based insurance. That’s because many use their bike for leisure only, and are doing fewer miles than they are paying for. MCE’s database of more than 600,000 UK bikers shows that 60% of them cover fewer than 5000 miles a year. Fair weather riders, Sunday blasters and low-mileage classic bike owners will all benefit from the Subscribe & Ride scheme, according to the firm.
MCE’s CEO Alan Atkins commented, “We are so excited about this product and the money it will save bikers across the UK. The team has been working incredibly hard over the last few months to create something the likes of which no one has seen before – an insurance product that gives flexibility, great prices and customer-led control. I’d like to personally thank our partners Sabre Insurance, Ice InsureTech and Inzura for working with us on this fantastic product.”
See the original article here: britishdealernews
