Cuvva is a vehicle insurance company that offers flexible driving insurance – down to the hour. SME spoke to founder Freddy Macnamara about where the idea for the business came from…
• Tell me about your company – where did the idea come from? How did you get started?
The idea of Cuvva is that you can get instant, fully comprehensive, car insurance for as little as an hour and all for less than the price of a cab. Each policy is tailored to the customer so there are a number of variables including age, location anddriving history. We work with a number of partners to make sure that the end user gets the best rate per hour of driving available to them.
The idea behind launching Cuvva came to me when I previously ran a business that was based in the countryside. One of the problems that kept cropping up was that people would need to borrow my car, but getting anyone covered in order to do so was massively cost prohibitive. I started looking round for alternative ways to get shortterm insurance and realised that there was potentially a gap in the market where we could use mobile technology to offer a much quicker, intuitive, and generally better consumer experience when it came to shortterm vehicle insurance.
Right now we are in the rather privileged position of being the only people doing this, this way, so we don’t actually have a competitor. In fact, while we are only available to UK drivers right now, we believe that we are the only people globally offering vehicle insurance this way.