Revolut to provide car insurance

Online bank Revolut is working with AIG to provide motor insurance in Ireland.

Revolut, the online and app-based banking service, has announced a link-up with insurer AIG to provide car insurance policies in the Irish market.

3,000 policies initially

Revolut, one of Europe's highest-valued financial services providers, says that it will initially make 3,000 motor insurance policies available and will eventually roll the service out to all its users. Given that Revolut has two-million users in Ireland, that's a significant chunk of the market opening up to a new provider.

Revolut's Cian O'Toole, the company's strategy manager for insurance, told The Irish Times: "With this launch we aim to change the way Irish customers buy, view and manage their car insurance. Getting a quote in our app is now quick and intuitive, with fewer screens and less friction than the traditional ways of buying insurance." The company claims users can get a quote within minutes by applying through its app.

Discounts available

Irish motorists will be offered the option of paying for their insurance over 12 months, in instalments, but will be offered a ten per cent discount on their premium if they choose to pay upfront. The policies can all be managed and amended through the app.

Revolut has previously claimed that it will offer premiums as much as 30 per cent cheaper than its main opposition. However, that has already been called into question by insurance industry experts.

Driving monitor

That said, if a Revolut customer with a paid Revolut subscription wants insurance, they automatically get a ten per cent discount. Other discounts will be available to those who sign up for a telematics' black box' based system called Smart Driving, which uses an in-car device to monitor your driving style and speed.

Justifying the 'spy-in-the-car' system, O'Toole told The Irish Times, "Helping people drive more safely is good for everyone. Fewer accidents ultimately saves lives but it also means fewer claims - and that helps cut insurance costs for everyone, most importantly the customer."

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Published on July 31, 2023