iCarsclub's services to resume after new insurance deal
24 Mar 2015|4,495 views
Car sharing on the iCarsclub platform has been suspended since December, reported The Straits Times. The platform, which facilitates peer-to-peer car sharing, has stopped all car rentals since the firm ended its insurance coverage with insurer DirectAsia.com.
iCarsclub Head of Operations and General Manager Navin Kumar said of the firm ending its tie-up with DirectAsia.com, "They had become more stringent in their eligibility criteria for drivers, resulting in many applicants getting rejected."
iCarsclub matches car owners who are willing to rent out their cars with those who want to drive a car occasionally. Rental prices, which are set by the car owners, are between $35 and $140 a day. Cars can also be rented out at an hourly rate. There are around 500 available for rent and over 10,000 drivers signed up to lease them.
Last year, there were about 50 transactions every week, with cars allowed to be rented out only on weekends and public holidays, as stipulated under the Land Transport Authority's private car rental scheme.
Under iCarsclub, drivers who rent the cars pay for insurance premiums, based on their age group, the type of car and the mileage they clock. Insurance premiums when the company was working with DirectAsia.com cost between $5 and $40. As part of its process of deciding whether drivers can be covered by insurance, iCarsclub screens its members first, while DirectAsia.com would conduct a second round of checks.
Mr. Kumar said that the firm is currently in talks with a new insurer - revealed only as a multi-national company - and will be signing a deal soon. He added that services may resume as early as next month. "iCarsclub users can look forward to more choices and flexibility as the new insurer will allow for larger cars to be covered and also for some cars to be driven to Malaysia," said Mr. Kumar.
Car sharing on the iCarsclub platform has been suspended since December, reported The Straits Times. The platform, which facilitates peer-to-peer car sharing, has stopped all car rentals since the firm ended its insurance coverage with insurer DirectAsia.com.
iCarsclub Head of Operations and General Manager Navin Kumar said of the firm ending its tie-up with DirectAsia.com, "They had become more stringent in their eligibility criteria for drivers, resulting in many applicants getting rejected."
iCarsclub matches car owners who are willing to rent out their cars with those who want to drive a car occasionally. Rental prices, which are set by the car owners, are between $35 and $140 a day. Cars can also be rented out at an hourly rate. There are around 500 available for rent and over 10,000 drivers signed up to lease them.
Last year, there were about 50 transactions every week, with cars allowed to be rented out only on weekends and public holidays, as stipulated under the Land Transport Authority's private car rental scheme.
Under iCarsclub, drivers who rent the cars pay for insurance premiums, based on their age group, the type of car and the mileage they clock. Insurance premiums when the company was working with DirectAsia.com cost between $5 and $40. As part of its process of deciding whether drivers can be covered by insurance, iCarsclub screens its members first, while DirectAsia.com would conduct a second round of checks.
Mr. Kumar said that the firm is currently in talks with a new insurer - revealed only as a multi-national company - and will be signing a deal soon. He added that services may resume as early as next month. "iCarsclub users can look forward to more choices and flexibility as the new insurer will allow for larger cars to be covered and also for some cars to be driven to Malaysia," said Mr. Kumar.
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