Revolut set to launch ‘30pc cheaper car insurance’

Revolut says it is ready to radically undercut existing car insurance companies. Photo: Getty

Charlie Weston

Fast-growing online bank Revolut is to launch car insurance , claiming it will radically undercut existing players.

The money app, which has  two million customers in Ireland, is expected to launch motor cover in the next few months.

It claims its cover will be up to 30pc cheaper than the next best provider in the market.

However, details are sketchy. No information has been provided on who is underwriting the insurance, despite a request for more details from this publication.

The money app, which has a banking licence, claimed its car cover would offer customers “competitive pricing, flexible product options, and a quick and easy user experience”.

It is setting up a waiting list ahead of introducing its new service.

Revolut said in a statement: “Focused on flexible and transparent pricing, Revolut’s refreshed price benchmarking offers premiums of up to 30pc cheaper than the next best provider in the market.

“Additionally, Revolut will offer eligible customers additional discounts of up to 25pc off if they enable the Smart Driving feature through easy installation of a device that plugs directly into the car’s accessory socket.”

Customers who opt in for Smart Driving will be charged individually based on their driving behaviour.

Revolut said that once its car insurance is launched, customers using Smart Driving will have the ability to get lower rates every year.

It claimed it will be the first in the market to provide an app-based car insurance.

Revolut said it will offer customers flexible payment options with no hidden fees such as interest rates on monthly payments, something that is widely practised by insurers in this country.