Driving into 2021 with a brand-new Car Insurance service
By Alastair DouglasFeb 2nd 2021
Last year was busy for TotallyMoney. While adapting to the new working-from-home way of life, we successfully launched Energy Assistant, our new energy-switching service, relaunched our car finance offering and created our exclusive app-first feature, Credit Assistant.
Despite the challenges of 2020, we’re continuing our mission to improve the UK’s credit score and help people move on up to a better financial future. With all our new features and products, it’s great to know that we’re making a difference to our three million plus customers, as well as being a brand they love too, as showcased from independent research last year.
We’ve kicked off 2021 with another new product; car insurance. There’s a multitude of reasons why it’s the next logical step for us. Just one is that 30% of people pay monthly* for car insurance, but many may not be aware that credit scores will be factored in when the offers are being priced.
Credit scores and car insurance: in the same lane
With our free credit report sitting at the heart of what we do, it makes sense that customers can get their car insurance through TotallyMoney. If they have a low credit score, it could affect their premium amount. Not only can we tell our customers this, but enable them to improve their score to get the best deal on their car insurance.
The product itself sits on the customer dashboard, and our brand-new instant quote feature allows customers to answer just six questions to get an estimated quote for their car insurance. They can then choose to answer the full 70-question form, or get a renewal reminder to make sure they never overpay again.
The FCA recently found that someone with the same car insurer for five years typically pays £370, compared with £285 for a new customer†. Arming our customers with the new service, we hope that they’ll continue to renew their insurance premium with TotallyMoney, to ensure that they are always on the cheapest possible deal.