Type to search

News

Viral App Saves TikTokers Money on Their Car Insurance

The Viral App Saving TikTokers Money on Their Car Insurance | Fintech Finance

An innovative new app, Rooster Insurance, has gone viral on TikTok due to the huge savings it can make Millennial and Gen Z drivers.

The insurance company, which offers reduced premiums of up to 40% for good drivers, caught the eye of over 800,000 users on the social media platform, TikTok, because of the savings it offers young drivers.

In just 48 hours the app was inundated with new users as it was downloaded more than 6,500 times.

Rooster Insurance provides insurance premiums based on how motorists actually drive, as opposed to crude demographics such as age, marital status, and whether they own a home. This way, the insurer is able to offer good young drivers fair prices below the market average.

Through the downloadable app, drivers aged 20 and over who have been driving for at least 12 months simply have to complete a three-week, one-off test drive in order to obtain a score on which their quote is then based on.

As seen in the viral TikTok video, the test drive records how and where users are driving via the app on their phone to provide a score. The score is then used to give drivers a fixed quote based on how they have actually driven, offering good drivers the opportunity to save up to 40% as a result.

Unlike telematics policies that monitor driving for the duration of the policy, Rooster Insurance only assesses driving behaviour via its app during the test drive period.

Once the test drive is over, the driver’s behaviour is no longer monitored, giving young drivers both a fair insurance cost and feeling of trust in their abilities.

The viral TikTok, which can be viewed here, has amassed more than 89,000 likes on the platform as likeminded users discover the advantages and savings Rooster Insurance offers.

The app was designed to save younger motorists and good drivers money on their car insurance without the need for 24 hour surveillance through a telematics device, as the brand believes in fair insurance prices for all.

The company aims to shake up the outdated insurance industry with the belief that the traditional way of pricing car insurance is unfair and broken, and often sees good drivers being pooled with the bad, with those who can drive well effectively subsidising the claims of those few bad drivers

Data has shown that only 30% of all UK drivers make up almost 50% of car insurance claims1.

In light of this, Rooster Insurance does not insure bad drivers at the end of the three-week test drive. This means that, rather than regularly paying out for bad drivers’ claims, the insurer uses the savings to keep premiums and costs low for good drivers.

Richard Tucker, Founder at Rooster Insurance, comments: “We built Rooster Insurance on the foundations and understanding that the current insurance system is broken. It’s unfair for so many people to be paying for the faults of so few, and I believe we’re a nation of good drivers that deserve affordable costs. Young drivers especially are often taken advantage of, and I’m so happy we can help them get out onto the roads while promoting the benefits of being a safer driver. Built on a simple premise, we are challenging the big dogs at their own game with a brand new offering which is going to lower insurance costs for so many people – we can’t wait to see how the industry evolves following the trail we are blazing.”

FCA approved and regulated, all the Rooster Insurance policies are fully comprehensive and underwritten by Mulsanne Insurance, and reinsured by Munich Re and Trans Re.

Signing up to the app is quick and easy with no long forms to fill in, all drivers have to do is scan their driving licence and answer a couple of questions.

The app is now available for public download for iOS and Android via both the Apple App Store and Google Play Store.

Rooster Insurance is rated excellent on Trustpilot.

For more information, visit www.joinrooster.co.uk

Tags:

People in this post:

Companies in this post:

Next Up