The insurance-on-demand is aimed at the car borrower, rather than the car owner, and one of the main requisites is that the two individuals must know each other, such as a father and son. UK insurer Admiral is looking to break into the sharing economy with its latest product, a policy aimed at drivers who are borrowing a third party's car on a short-term basis, from a single day to up to 30 days. The company has launched an online platform for people to borrow cars and then return them when they have used them. Although cover starts at £5 for an hour's insurance, the policyholder's excess is set at £750.
UK insurer Admiral is looking to break into the sharing economy with its latest product, a policy aimed at drivers who are borrowing a third party's car on a short-term basis, from a single day to up to 30 days. The company has launched an online platform for people to borrow cars and then return them when they have used them. Although cover starts at £5 for an hour's insurance, the policyholder's excess is set at £750.