Revolut is today launching car insurance in Ireland – with customers able to get discounts by signing up for an in-car device that monitors their driving.
The financial app is making the offering available to 3,000 customers as part of this initial rollout and is due to roll it out to the rest of its Irish customers in “the coming months”.
The company said customers can reduce their premiums by signing up for ‘Smart Driving.’
The plan allows the company to track customers’ driving through a device plugged into their car’s 12V power supply.
Revolut Insurance Operations Manager Cian O’Toole said Smart Driving is about more than just cutting down on insurance costs.
“Helping people drive more safely is good for everyone,” he said.
“Fewer accidents ultimately saves lives but it also means fewer claims – and that helps cut insurance costs for everyone, most importantly the customer.”
The Smart Driving device feeds data to an app that gives users ‘insights’ about their driving and encourages them to understand and improve their ‘score.’
Revolut has previously claimed that its car insurance will be 30% cheaper than its competitors.
This morning, the company said it had carried out a price comparison against Ireland’s top five insurers and found that Revolut was offering the best deal in one-third of all cases.
It said customers can pay in monthly instalments; however, they can get a 10% discount by paying for the full year up-front.
Discounts are also available to customers with a subscription to one of Revolut’s paid plans – Plus, Premium, Metal or Ultra.
The company said customers can get a quote within minutes on the Revolut app.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.