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New 30 day insurance policy after Alpha collapse
http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=2&t=32720		 Page 1 of 1
Author:  StuartW [ Tue May 15, 2018 10:54 am ]
Post subject:  New 30 day insurance policy after Alpha collapse
Zego launches private hire policy for drivers affected by unrated Alpha’s collapse

Insurance Times wrote:
Following the bankruptcy of unrated Alpha, gig economy insurance provider Zego has come up with a new 30 day insurance policy for private hire drivers.

-------------------------

Zego’s 30 day policy was written in under 48 hours, as a response to the crisis.

It offers drivers the option to get back on the road quickly, without having to make an annual commitment.


Read full article here:

https://www.insurancetimes.co.uk/zego-l ... 22.article
Author:  Sussex [ Tue May 15, 2018 7:08 pm ]
Post subject:  Re: New 30 day insurance policy after Alpha collapse
StuartW wrote:
Zego launches private hire policy for drivers affected by unrated Alpha’s collapse

Insurance Times wrote:
Following the bankruptcy of unrated Alpha, gig economy insurance provider Zego has come up with a new 30 day insurance policy for private hire drivers.

-------------------------

Zego’s 30 day policy was written in under 48 hours, as a response to the crisis.

It offers drivers the option to get back on the road quickly, without having to make an annual commitment.


Read full article here:

https://www.insurancetimes.co.uk/zego-l ... 22.article

Not a great fan of 30 day insurance, but if it's gets some drivers out of the sh** and back to work then that's a good thing.

The fact that TfL allow such short term insurance is another matter. [-X
Author:  StuartW [ Tue May 15, 2018 11:18 pm ]
Post subject:  Re: New 30 day insurance policy after Alpha collapse
Sussex wrote:
Not a great fan of 30 day insurance, but if it's gets some drivers out of the sh** and back to work then that's a good thing.

The fact that TfL allow such short term insurance is another matter. [-X


So 30 day policies already available, but not all licensing authorities allow them?

Yes, thought as much, and the piece is a typical example of what is effectively PR spiel for the company offering the new policy - trying to look as if it's some kind of new product, but actually just trying to exploit an opportunity in the market caused by Alpha's collapse.
Author:  edders23 [ Wed May 16, 2018 6:50 am ]
Post subject:  Re: New 30 day insurance policy after Alpha collapse
wrong solution plenty of alternatives out there just take out another 12 month policy with someone else which is probably what 99.99 % have already done
Author:  heathcote [ Wed May 16, 2018 7:25 am ]
Post subject:  Re: New 30 day insurance policy after Alpha collapse
Sussex wrote:
StuartW wrote:
Zego launches private hire policy for drivers affected by unrated Alpha’s collapse

Insurance Times wrote:
Following the bankruptcy of unrated Alpha, gig economy insurance provider Zego has come up with a new 30 day insurance policy for private hire drivers.

-------------------------

Zego’s 30 day policy was written in under 48 hours, as a response to the crisis.

It offers drivers the option to get back on the road quickly, without having to make an annual commitment.


Read full article here:

https://www.insurancetimes.co.uk/zego-l ... 22.article

Not a great fan of 30 day insurance, but if it's gets some drivers out of the sh** and back to work then that's a good thing.

I would not take out this stop gap 30 day insurance because you would loose your no-claims bonus.

The fact that TfL allow such short term insurance is another matter. [-X
Author:  StuartW [ Wed May 16, 2018 8:00 am ]
Post subject:  Re: New 30 day insurance policy after Alpha collapse
edders23 wrote:
wrong solution plenty of alternatives out there just take out another 12 month policy with someone else which is probably what 99.99 % have already done


Presumably the 30 day premiums primarily aimed at those who don't have a shedload of cash. Some will have lost almost a full year's premium with the Alpha collapse, so may not be able to pay another full year premium up front.

But it's no doubt a very expensive way of doing things and, as Heathcote says, it may mean the end of your no claims bonus. But if you don't have the cash flow or credit available, it may represent a short term solution.
Author:  edders23 [ Wed May 16, 2018 12:13 pm ]
Post subject:  Re: New 30 day insurance policy after Alpha collapse
StuartW wrote:
edders23 wrote:
wrong solution plenty of alternatives out there just take out another 12 month policy with someone else which is probably what 99.99 % have already done


Presumably the 30 day premiums primarily aimed at those who don't have a shedload of cash. Some will have lost almost a full year's premium with the Alpha collapse, so may not be able to pay another full year premium up front.

But it's no doubt a very expensive way of doing things and, as Heathcote says, it may mean the end of your no claims bonus. But if you don't have the cash flow or credit available, it may represent a short term solution.


if they are the sort of driver who hasn't got money in the bank then they are probably paying monthly installments anyway so would NOT have lost a years premium most companies offer an installment plan (at higher cost)
Author:  Chris the Fish [ Wed May 16, 2018 2:52 pm ]
Post subject:  Re: New 30 day insurance policy after Alpha collapse
edders23 wrote:
if they are the sort of driver who hasn't got money in the bank then they are probably paying monthly installments anyway so would NOT have lost a years premium most companies offer an installment plan (at higher cost)

Think you will find that the credit is not from the Insurance Company. A Credit Company pays the annual insurance fee, the purchaser of the Insurance have to pay the loan back to the Credit Company. If the Insurer collapses, the Credit Company still want the money.
Author:  StuartW [ Thu May 17, 2018 6:40 am ]
Post subject:  Re: New 30 day insurance policy after Alpha collapse
edders23 wrote:
if they are the sort of driver who hasn't got money in the bank then they are probably paying monthly installments anyway so would NOT have lost a years premium most companies offer an installment plan (at higher cost)


Generally any policy I've been offered has been payable in 3 to 4 months maximum, in instalments, so usually the full amount will be payable within a couple of months. So not necessarily a full year's premium up front, but certainly after a couple of months or so.

And, as Chris says, if it's payable in instalments over the year, then it will be via some kind of third party credit provider, who will still have to be paid.

And even if they've been able to afford a full year up front, that's not to say they'd have the money to do the same again a month or two after - they may have been putting a bit away over they year to pay it all in one go, and/or using all their spare cash over a month or two to pay it. Then next month they may have tax bill, licence fees, holiday or major car expenditure etc etc so no spare cash to pay the premium again.
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