Car rental will cost as little as $0.50 per hour.
Car sharing platform TribeCar has announced a partnership with NTUC Income (Income) and CARRO to provide next generation smart city insurance for their Super Economy cars, making it possible to provide car-sharing hourly rentals for as little as $0.50 per hour for its Super Economy category.
The partnership will provide transparent motor insurance coverage through a usage-based proposition, first piloted in Singapore where motor insurance is no longer based on a fixed cost, but tied to the vehicle’s smart data such as mileage, location and timing consumption.
The joint initiative between Income and CARRO developed a usage-based motor InsurTech platform, combining telematics, insurance, and data analytics designed to enable car rental firms in Singapore to mass adopt usage-based programmes effectively.
“This adoption of usage-based insurance for our cars simply means transparency, lower prices and tremendous savings for our members. We’re also experimenting with new ways to deliver greater value for our members,” TribeCar co-founder Adrian Lee said.
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