heycar and Wrisk launch digital subscription product with heycar motor insurance

heycar motor insurance will allow customers to get a transparent insurance quote in less than 5 minutes and is the first ever subscription-based car insurance offered at point of sale in the used car market.
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heycar and wrisk logos

London, 13th April 2022: The online used car marketplace heycar has partnered with insurtech leader Wrisk to launch an embedded car insurance offering – heycar motor insurance. This digital-first insurance product will be available for all used cars bought on heycar and for all eligible car buyers in the UK (subject to terms and conditions). 

A first in the used car market, heycar motor insurance will provide an embedded link into a monthly rolling subscription insurance, powered by Wrisk, rather than redirect customers to comparison sites, or to brokers providing temporary cover. 

Wrisk’s innovative embedded insurance platform, already tried and tested with car companies such as BMW, MINI and RAC, has been specifically designed to remove all the common pain points of taking out a car insurance policy – including form filling – and to simplify the process of buying any vehicle, for any driver. 

The secure platform will help heycar customers complete policy questions in less than five minutes whilst highlighting which factors may be influencing the price and will give them access to their policy at any time from any device. They will be able to view documents and make changes instantly, from adding a new driver to changing address, without incurring any fees or spending time contacting a call centre. Premiums will also update in real-time according to any changes they have made.

The insurance quote will be based on the WriskScore™ which will give people full transparency of how their policy is calculated. While the process for customers will be managed by Wrisk, the policies will be underwritten by LV, one of the UK's top insurers for motor insurance.

With the objective of creating a stress-free process and preserving the excitement of a new car, whether it be customers’ first or fiftieth, heycar motor insurance is just the latest of the innovations and offerings the car sales platform has to offer. It joins other free services such as the heycar Concierge, which offers bespoke help from a dedicated team who will handle all kinds of car related admin on behalf of customers, whether it be booking a service, arranging a repair, or finding a discount. 

Alex Grime, Strategy & Growth Manager at heycar, said: “We understand that buying a new car can be stressful, particularly when thinking about insurance. At heycar we want to make sure to help customers keep that feel-good feeling throughout the process, so offering a hassle-free insurance felt like the next step. We’re proud to be leading the online, car-buying industry in this area with heycar motor insurance, and we’re excited to have been able to work with Wrisk to make this happen.”

Nimeshh Patel, CEO of Wrisk, said: “Changing car ownership trends, the rise of embedded finance and ever-rising car prices mean that embedded insurance solutions are needed to provide affordable, flexible and personalised insurance to people, when and where they need it most. As the UK #2 in used cars, backed by Mercedes, Volkswagen, Allianz and Renault, heycar was an ideal partner to bring our used car insurance solution to scale. We’re looking forward to collaborating with them to provide simple, transparent and flexible insurance to heycar drivers, and to better capture the risk profile and factors influencing pricing and buying car insurance in the used car market.

Michael Lawrence, Distribution and Underwriting Director at LV= General Insurance said: “We want to offer convenience and flexibility to customers who want an insurance policy through heycar and we’re thrilled to be part of this partnership with Wrisk, to help optimise the overall customer experience. The way people buy a car is changing with the rise of online marketplaces such as heycar, and working together will help make it as easy as possible for customers to access the right insurance for their needs.”

Stephan Ruby, Chief Sales Officer Automotive of Allianz Partners, said: “This partnership is the result of our strategic cooperation with Wrisk, the Allianz investment into heycar and our sister company LV. Jointly, we strive to enrich and optimize the overall customer experience for heycar drivers – both from an Automotive and an insurance & service perspective.”