Lloyd’s launches innovative auto insurance product

Lloyd’s of London has launched an insurance product that temporarily replaces a car owner’s auto policy, should they decide to rent out their private vehicle.
WhipCar provides an online booking service that allows London car owners to rent out their vehicles to friends, family and members of their local communities.
WhipCar checks and validates all cars and drivers. The service facilitates payment and provides a comprehensive insurance package that temporarily replaces the owner’s existing insurance for the duration of the rental, a Lloyd’s release says.
WhipCar worked with insurance broker Willis and Lloyd’s insurer Jubilee Managing Agency to develop the policy. A fully comprehensive motor insurance policy, custom-made to the customer’s specifications, is generated and placed at Lloyd’s in real time via WhipCar.
“This is the first time such cover has been made available that allows a private car owner to rent out their vehicle,” said Stephen Gibson of Willis.
“The WhipCar policy temporarily supersedes the owner’s own insurance, enabling them to legally earn money from renting out their car without invalidating their existing cover.”