Odella Scheistl

Question: Would you purchase this type of car insurance?

I wanted to test a business idea. 1 million people come together each paying 225.00 membership fee. This membership fee includes one years fully comp car insurance. In year 2, all of the companies costs are calculated and split between members. So if costs are 30m then each member pays 30 and this fee includes a years fully comp car insurance. My question to you is, if this business idea were proposed by a large brand (to give it credibility) would you purchase this style of car insurance? If no why not? You don't need any no claims (although you still accumulate them should you wish to leave), there is no excess to pay on claims, the insurance category of your car isn't relevant (inc make and model etc), and your insurance is fully comp.

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