Singapore – As Singapore moves to phase three of reopening its community amid the pandemic, local car-sharing platform Tribecar has launched a ‘Super Economy’ rental for its cars starting at SGD$0.54 per hour.
The pricing package is a new addition to its slew of ‘Economy’ rentals, where the starting rate applies to rentals within ‘super off-peak’ hours, which are weekdays from 12 am to 6 am. In addition, in an aim to provide more value, the rental service has also extended its ‘off-peak’ hours to now cover weekday rentals from 6 am to 6 pm.
Each Tribecar’s service type corresponds to an available fleet for rental. For the ‘Super Economy’ package, only selected automatic vehicle models are available.
Together with the launch of the new service, Tribecar has also announced the adoption of the usage-based car insurance (UBI) by insurance company NTUC Income (Income) and automotive marketplace CARRO where motor insurance is no longer based on a fixed cost but tied to the vehicle’s smart data such as mileage, location and, timing consumption.
In November 2019, the two firms launched the first-ever car insurance model, dubbing it as ‘Pay-as-you-drive’ insurance.
The joint initiative developed a usage-based motor Insurtech platform, combining telematics, insurance, and data analytics, designed to enable car rental firms in Singapore to mass adopt usage-based programs effectively. Tribecar said the new ‘Super Economy’ category has been made possible through its adoption of the model.
“We’re very pleased to roll out this program with the aid of Income and CARRO. This adoption of UBI for our cars simply means transparency, lower prices, and tremendous savings for our members,” said Adrian Lee, co-founder of Tribecar.
Meanwhile, Max Tiong, head of digital transformation at Income, commented, “It is very encouraging to see the growing interest in new insurance models like usage-based insurance within the motoring community, which is testimony to the value it brings to drivers – customization and convenience.”
Founder and CEO of CARRO Aaron Tan also commented, “With a usage-based model that allows them to pay insurance based only [on] how much they drive, Tribecar’s customers can now enjoy a new level of flexibility with rental cars. With Income’s support in driving this transformation, we hope this partnership will help catalyze further efforts to use technology to meet the practical needs of today’s drivers.”
Lee revealed that Tribecar is experimenting with new ways to deliver greater value for its members, sharing that it is in talks with authorized car distributors in Singapore to roll out ‘Drive before you buy’ schemes for members that may be keen to buy a new car.