Instead of fronting, families can make insurance more affordable by cost sharing the excess. If each family member takes a higher excess, premiums are lower for everyone, there is less chance you will need to get an insurer with their fine print involved and their is greater social pressure to be a good driver.
Cost sharing can get complicated, so we have made it easy at PeerCover:
- We ask everyone to make an upfront deposit so there is more certainty that the money will be there when you need it
- Your payout is based on a multiple (normally 3 times) your balance
- Cost sharing of claims is pro-rata based on each person's balance
- We provide an independent view to reduce the chance of disputes
- You can withdraw at any time (noting that your cover will also decrease)
- Each person is still free to decide who they insure with and what level of excess and hence cost sharing they want to take
If you would like to form a PeerGroup for your family, contact PeerCover or if you would like to join an existing group join-up today.