Company: Carrot Insurance
Founder(s): Nick Corrie
Description: A usage-based insurance policy which rewards safe and responsible driving with a points system
Carrot insurance is a new type of car insurance which rewards safe and responsible drivers to help encourage road safety.
You can use your personal Carrot dashboard which allows you to keep track of your Driving Style Score. The goal of this is to keep this score ‘in the green’. Each week, you have the chance to earn and bank Carrot Points.
The points system allows you to earn points which you can eventually exchange for high street vouchers. Each Carrot Point is worth 1p and the amount of points you earn weekly depends on how well you drive in that given week.
Carrot also supports new drivers, offering a specific New Driver by Carrot policy. This operates on a fixed cost basis and ensures that there are no unexpected increases of cost during the policy year. As long as your details remain the same, your insurance costs will stay exactly at the price you first paid when taking out your policy.
Just as good driving is rewarded, bad driving is penalised. If you consistently record negative driving scores, your policy will be at risk of cancellation.
One of the most flexible aspects of Carrot’s policies is the Top-Up Miles. When taking out a policy, you can share how many miles you expect to cover in your policy year. If you find you are doing more miles than expected, you can purchase Top-Up Miles.