Scotland based car insurance startup Cuvva has announced £1.5m in Series Seed funding led by LocalGlobe. Cuvva provides on demand car insurance for drivers only when they expect to use their cars.
It’s well known that many people who own a car drive it less and less these days, especially those who live in a city, and yet conventional car insurance does a relatively poor job of reflecting this in the premiums we pay. Cuvva’s new product, which opens its doors in April, wants to end the status quo that sees drivers pay for expensive insurance when their car is sat idle on the side of the street or on their drive. Here’s how it will work: Cuvva will let you buy insurance via a monthly subscription of between £10 and £30, depending on the car and where you live. You then purchase premium ‘top up’ insurance via the Cuvva app, starting from £1.20 an hour, during the time you plan to actually drive your car.