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Supplement your third party car insurance



Are you saving on car insurance by buying third party only cover but worried about the cost of repairing your vehicle if you get in a crash?

Third party insurance car insurance only covers the costs of the other persons damages - you have to fund your own car's damage yourself. To cover your own damage you can buy comprehensive cover but often this is expensive and may not cover everything that you want it to.

There is now a new cost effective option - PeerCover. With PeerCover you and your network can cover the cost of damage to your own vehicles. You do not have to change insurance - you can still use your current third party insurer to cover the cost of other people's damages.

PeerCover is flexible - choose the level of cover and who you want in your PeerGroup. You can even choose to have no-one else in your PeerGroup and use PeerCover as a way to save in order to fund the cost of your own damages. With PeerCover you and your PeerGroup make a deposit through PeerCover (to fund future claim costs) but unlike insurance if no-one in your PeerGroup claims you get 100% of your deposit back.

PeerCover only charges a small fee ($100 per claim) to provide the service - so PeerCover may be what you have been looking for to supplement your current third party only car insurance.

Is #P2PInsurance just a price play?



's  way of framing P2P Insurance is that it is "a form of arbitrage on deductibles" or in other words, a price play. Yann has a good point - P2P Insurance is cutting out the expensive cost of guarantees and consequent regulation. However, what we are beginning to see is that some P2P Insurers are more than this - they are creating forums for insurance innovation. This blog discusses two examples:

Wesurance is proposing to let their peers define what is covered, potentially extending beyond traditional insurance products. 

PeerCover provides another take on this. With PeerCover, coverage is determined by the majority of the PeerGroup. This trust based system creates flexibility and fairer outcomes. How is it fairer?
  1. There is no need for small print, which no-one reads but which are potentially full of bad surprises
  2. By not trying to define every peril, the cover is broader as some unknown unknowns can be allowed for post event. Quoting Carl Richards "..risk is what is left over, after you think you've thought of everything."

Want to know more about PeerCover
Want to see the rest of Yann's blog -see below