Carro floats AI-driven motor insurance plan

Covered is a pay-per-kilometre insurance and maintenance plan.

Singapore-based automotive marketplace Carro has launched Covered, an AI-driven pay-per-kilometre insurance and maintenance plan, an announcement read. 

With Covered, drivers can tailor their insurance premiums and maintenance coverage according to their lifestyles on a digital platform. It adds more flexibility to drivers by covering all types of cars, including electric vehicles (EVs).

It is distributed by Carro subsidiary Genie Financial Services and underwritten by NTUC Income. Covered users only pay an annual coverage fee of S$150, and will subsequently be billed at the end of each month for the mileage driven.

Users may choose from three insurance policies, namely Drivo Classic; Third Party, Fire and Theft; and Third Party. Drivo Classic is the most comprehensive and covers everything from vehicle damage and loss and medical expenses to personal accident benefits and towing services, whilst the other two focus on damage, death and injury to the third party.

In the event of an accident, drivers under the Drivo Classic plan can bring their vehicles to any preferred workshop in Singapore. 

Carro also offers three maintenance plans under Covered, namely Prime, Plus and Pro. The Prime option is included in Covered by default, and drivers can choose whether to upgrade to one of the other two options based on their driving needs. Charges are billed monthly based on the distance driven.

Photo courtesy of Carro.