iptiQ and Goboony launch car sharing insurance solution
- Targeted motor insurance fully integrated into the Goboony platform
- Product provides certainty for vehicle owners as they rent out their personal recreational vehicles to other platform users
- The API-based insurance solution went live ahead of rental high-season
Motorhomes are costly vehicles, particularly when approximately two million private motorhomes in Europe are unused for 48 weeks per year. To offset costs, many owners often consider renting out their vehicles but the lack of suitable motor insurance for rental periods is a major deterrent – most motorhome insurance policies do not cover damage incurred when the vehicle is hired by third party. iptiQ found a way to close this protection gap for Goboony, a peer-to-peer rental platform.
Inadequate insurance, insufficient supply
Our partner Goboony recognised that demand for vehicles exceeded supply, and the lack of rental insurance was an obstacle for vehicle owners. Typically, motor insurance for motorhomes have restrictions for renting periods, resulting into uncertainty for the owners and reluctance to rent their vehicle. For two years Goboony searched for a suitable insurance solution to offer their community of vehicle owners.
Goboony Day Insurance removes a pain point
iptiQ developed Goboony Day Insurance, a Motor insurance that provides a per-day coverage for vehicle owners. Vehicle owners have automatic coverage every time their vehicle is hired out. The coverage includes damages to the rented vehicle, damages to third parties as well as Roadside Assistance in case of an accident or break-down. All this for a flat fee of less EUR 20 per rental day.