The insurance plan is designed to safeguard private car owners participating in the peer-to-peer car-sharing service
In response to feedback from its Hosts who want more coverage and benefits, TREVO Malaysia, the peer-to-peer car sharing service provider, has partnered up with Allianz General to offer a specially designed insurance plan called TREVO Shield.
According to the company, TREVO Shield will cover the Host’s car against self damage, fire and theft in the rare event where Guests unintentionally cause injuries and damages to another person and their car while driving the Host’s car.
There are three plans to choose from – Shield 60, Shield 65 and Shield 75. Keep in mind that the plans which offer a higher earning (percentage of trip rate) are conditioned with higher liability each time the Host makes an insurance claim and less features.
For instance, opting for Shield 60 or Shield 65 will earn Hosts 60% or 65% of the trip rate, respectively. Having said that, these plans come with extra features, such as coverage for exterior dents and damage and a lower surplus charge of RM400 for Shield 65.
Meanwhile, Shield 60 enables Hosts to earn 60% of the trip rate, which is lower than what Shield 65 offers, but it comes with features that are unavailable in other plans such as No Claim Discount (NCD) relief and zero surplus charge excess.
Check out this page for further information on TREVO Shield.
PRESS RELEASE
TREVO Malaysia and Allianz General Insurance Company (Malaysia) Berhad (Allianz General) have collaborated to launch TREVO Shield, the first insurance plan in Malaysia specially designed to safeguard private car owners participating in peer-to-peer (P2P) car-sharing for extra income generation.
Following feedback from TREVO Hosts asking for more substantial coverage, relief and benefits, and to help both Hosts and TREVO scale sustainably, TREVO developed TREVO Shield, a protection solution that pivots on the core Allianz General-underwritten P2P car-sharing coverage, notably with third-party liability insurance from Allianz General, allowing for TREVO Hosts to be better protected.
TREVO Shield offers three plans – Shield 60, Shield 65 and Shield 75. This gives TREVO Hosts the flexibility to choose the level of protection they need. With TREVO Shield, TREVO Hosts receive protection against Third Party Liability should Guests cause injury or damage to third parties while driving the Host’s car; with the additional options from TREVO of No Claims Discount (NCD) Relief; coverage for damage to the body, paint and bumper of the Host’s car; protection against losses from fire and theft; and towing and roadside assistance, among other benefits. Meanwhile, TREVO Shield covers Guests who opt for Super Collision Damage Waiver (SCDW) protection, which limits a Guest’s liability for damage repairs to 10 percent in case of accidents.
“Since TREVO launched in 2020, we have seen significant growth in the total number of our members and listings, which now exceeds 5,000 cars, and more than 130 models currently on the TREVO platform. From our initial coverage area in the Klang Valley and onwards to Penang, Kota Kinabalu, Johor Bahru, Ipoh and (Seremban towards the end of March), more and more people have embraced the P2P car sharing marketplace. After more than 100,000 trips completed through TREVO, our industry-leading trust and safety framework has worked as designed. Now, supplemented with the offering of TREVO Shield, we will continue to make improvements in safety and confidence one of our top priorities,” said Susan Teoh, General Manager of TREVO Malaysia.
“TREVO has previously collaborated with Allianz General to introduce insurance-related services for members, and we decided to expand our partnership to launch this groundbreaking plan in light of market demand. The sharing economy has grown significantly in recent years, and we believe it is very challenging in the context of the related regulations imposed by the authorities to address the needs of participants in this sector. The insurance industry is constantly nimble in addressing evolving risk factors and a changing economic landscape, and it is no different when it comes to protecting parties involved in sharing assets and liabilities,” added Susan.
Previously, TREVO collaborated with Allianz General for the TREVO Guard service, where members could sign up or renew their car insurance policy via the TREVO app. For TREVO Shield, the team at TREVO worked with Allianz General for over a year to develop and refine the plan.
Allianz Malaysia Berhad Chief Executive Officer, Sean Wang, said: “As insurers, our role in providing protection solutions continues to evolve with the changing needs and expectations of our customers. That also means identifying protection gaps and finding exciting new ways to develop and deliver products that can meet our customers’ evolving needs and at the same time elevate their insurance experience.”
“Collaborations like our partnership with TREVO Malaysia works best when it is with like-minded partners that share a common goal – putting the customer first. So, we are thrilled to embark on the next chapter of our partnership with TREVO Malaysia and to deliver an innovative product like TREVO Shield, which provides TREVO Hosts and Guests with meaningful protection that aligns with their needs and offers tangible value for an overall smoother car sharing experience,” added Sean, who is also Chief Executive Officer of Allianz General.
