Paris-based provider of pay when you drive car insurance, wilov , has introduced car insurance for young drivers, specifically those with less than 3 years of driving experience. The Idea – attract the unattractive. According to wilov cofounder and CEO Pierre Stanislas, the company took the approach of ‘pay when you drive, preferably not at night.’ Basically, wilov offers the same coverage but with a twist in pricing. If a young driver drives at night – between midnight and 6 AM – he/she will be asked to pay an additional “danger fee” of €25/per night (i.e. 25x the average daily usage fee for experienced drivers). That being said, to reduce the amount of nights drivers may need to use their car, wilov is offering to pay the cost of a cab up to 3x a year. “We really don’t want to make money on those ‘danger fees’ (and we make it clear to clients) – the less danger fees we collect, the more lives we save.” Play:
Paris-based, on-demand insurtech wilov has introduced car insurance specifically tailored to young drivers with less than three years of driving experience. The product will function similarly to the insurtech’s regular car insurance, except between midnight and 6 am when young drivers will be charged a “danger fee” of €28 ($25) per night. To reduce the number of nights a young driver may need to use their car, the firm also offers to pay customers’ cab costs up to three times a year.