“On the go, pay monthly, cancel anytime…”
This is what you want to hear if you’re cash-strapped or know you need something but are not sure how long you want to or can commit to something for.
Like you want a gym membership because an injury has stopped you running but you want to stay fit. Or you fancy giving audiobooks a try because you’ve run out of episodes on the trashy podcast. You got sucked into it a few weeks back and you feel you should absorb yourself in something more high-brow.
Insurance is no different, in that it should flex and bend to our circumstances. And yet how often do you go to arrange a policy and find that it’s one price for an annual policy and a higher price to pay monthly. Then you have to add the extras to make it close to cover that works for you, of course.
A new wave of flexible insurance options that stepped out in recent years have shone through as the best option during the difficulties present through lockdowns and redundancies. They showed that, just like a gym membership, your cover can be in place when and how you need it, therefore saving you money and the bother of an annual policy.
Let’s take a look at three monthly insurance subscriptions that work for your vehicle, commercial enterprises and personal possessions cover, shall we?
Pay-by-the-mile car insurance: ByMiles
The name says it all. ByMiles work on the basis that most people in the UK drive less than 7,000 miles a year. The insurer tumbled onto everyone’s radar when cars, for some inexplicable reason, sat motionless for a good few months in 2020. When you think pay as you go, you think expensive. But the insurer comes with a smart little app to track your miles, and a cap if you need to go on a long journey.
The best part? Total transparency and fairness. Ordinarily, you’d have to pay to protect that precious no claims discount you’ve been mollycoddling, but ByMiles chuck this in for free.
A simple tick to the legal box: Zego
The gig economy has attracted millions over the past few years, whether people are looking for working patterns on their terms, or extra income in between other jobs. Insurtech Zego met the demand, with cover for scooters, vans, and private hire vehicles. How flexible are we talking? Their scooter insurance can cover you from an hour to a year.
The best part? Simplicity. Zego has partnered with work providers (the big ones in taxi-driving and takeaway deliveries, we probably don’t need to say more), who let them know when you’re working the shift.
The ethical goes-wherever-you-go possessions option: Arma Karma
If you move home, your valuable possessions cover moves with you. You want to add something on or take it away? You can do so without any admin fees for up to five things. If you’re going on a trip, your phone, jewellery, or camera are still covered just as they would be at home. And just as ByMiles includes no claims protection as standard, with an Arma Karma subscription, your items are covered for accidental damage as standard.
The subscription covers a variety of items, from musical instruments and glasses to cameras and sports gear.
The best part? Subscribers get to choose from four charities to who they would like Arma Karma to donate 25% of income from their commission.
Ready to get started?
Arma Karma Limited is registered in England and Wales under company number 12002692.
Arma Karma Limited is an Appointed Representative of Innovative Risk Labs Ltd, which is authorised and regulated by the Financial Conduct Authority. Firm reference number 925873.