Suncorp tips in another $1.5 million for Car Next Door

The money keeps rolling in for car sharing platform Car Next Door. This time Suncorp has topped up the war chest to help drive new mobility insurance solutions to meet more customer needs.

The strategic stake forms part of its current $10 million funding round. This will aid Car Next Door as it evolves into Suncorp’s strategic insurance partner. The partnership consists of forward-thinking insurance products for the fast-growing sharing economy and joint promotional activity.

Suncorp Insurance CEO Gary Dransfield said, “We know the traditional way Australians own and use cars is evolving, and this partnership will allow us to learn and better service our customers’ needs,” 

“As Australia’s largest motor and CTP insurer, we can support Car Next Door’s members with insurance, and we can also introduce our customers to a new way to safely and easily rent out their cars in their own neighbourhoods.”

Car Next Door co-founder and CEO Will Davies added, “Insurance is at the core of our car-sharing community’s success. With over 3,000 cars already shared through our platform, and rapid growth ahead, Suncorp’s expertise and networks will be invaluable when those cars need to be repaired.

“We also look forward to welcoming more of Suncorp’s millions of car-owning customers to our neighbourly car sharing community, so that they can earn money from their car when they’re not using it.” 

Insurance products have already been updated to reflect the changing times, “In support of future mobility needs we’ve already updated our current comprehensive car insurance products across AAMI, Suncorp and GIO to allow our customers to opt-in to coverage when they use their vehicles for ridesharing. Our customers can currently use their cars on platforms like Car Next Door, with insurance provided by the platform when it is rented out.” Added Mr Dransfield.