AXA offers insurance by the day

Insurance giant teams up with business that wants to be the Airbnb of cars

AXA offers insurance by the day

Motor & Fleet

By Terry Gangcuangco

The sharing economy just gets bigger. Businessman Maurice Sheehy has created a service that allows motorists to hire out their cars when they are not using them, and it comes with AXA coverage.

“Car owners who commute by public transport or bicycle, for example, leaving their cars parked outside their homes, could earn money by renting them to other drivers. Under the agreement reached between the Wicklow-based company Fleet and AXA Insurance, renters will be offered comprehensive insurance for between €7 and €10 a day,” reported The Irish Times.

Sheehy said owners who rented out their cars for two days a week could make €3,500 a year. According to the report, he wants to capitalise on the growing sharing economy and make Fleet as much of a disrupter in car hire as Airbnb and Uber have been in accommodation and taxis.

“If an owner were to rent out his or her car for €40 a day, the final cost to the person renting would be about €53 a day, once insurance and Fleet’s 10% commission were included. The average daily rate for a conventional rental car is €84,” noted the newspaper.

It said the insurance provided by AXA would be separate from motorists’ own cover and would not affect their premiums or no-claims bonuses.

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