Based on responses , here are some of the commonly asked questions answered.
How will insurance work? I dont want to have to be paying exorbitant amount to cover my car?
The platform has group insurance backed by an underwriter used to dealing with group sharing scenarios, this is paid for from the % admin fee taken from the points earned by the Owner during every booking. You are advised to keep your normal car insurance for times you are not sharing your car out, but the platforms car insurance will fully cover your car for the time it is in use with the other driver/s.
What are the upfront fees, if any?
There are no upfront/joining fees for the Drivers or Owners, there is only a deposit paid by the Owners for the data logging device that sits in the car during borrowing time, which helps protect the Owners cars from abuse and can be used in a accident situation to help lower our group insurance costs.
There will be a % admin fee taken taken out of the points earned by the Owner on every booking, this % figure is yet to be calculated and decided. So in summary, if you don’t use the service and just signup, you don’t pay anything, only when a successful booking is made.
Isn’t there already a platform like this that was started a few years ago?
To our knowledge there are a few platforms that allow you to advertise your car to make money or find cars to rent out, e.g. carnextdoor aimed at all car types but mostly cheaper cars, and Turo, more US based, very small presence in Australia and mostly aimed at sports cars. To our knowledge, worldwide there is not a platform/club where you build points and use those points to experience others members cars in a safe way in a ‘club’ type way.
There’s a similer type of thing already going (or it was) You pay something like $15000 a year and allows you drive a varity of super cars at your lesure…….
This was ‘The Supercar club’, infact in Australia we were a paid up member of this club for a year before it closed its doors, so we know the customer/business model well. It is a very different model we are suggesting, the members of the club do not part own the shared collection of cars. The Supercar club model is a very complex business model to setup and maintain from a legal/financial perspective.
A bit like a 4 wheeled version of partner swapping ?
Quite likely not to be as dangerous 🙂