MCE to launch £5 a month Insurance
For too long motorcycle insurance has lagged behind other motor insurance products. MCE is making a stand and has vowed to launch a revolutionary product for bikers across the UK in 2023 – Subscribe & Ride.
The product is simple. Customers pay setup fee of £25, then a monthly subscription fee of £5 and then a cost-per-mile for the amount they ride. That’s it.
The setup fee will include the cost of the customer’s MileMate. A small device about the size of a 50p piece used to count miles ridden that links to an app which calculates the customer’s monthly cost for cover when on the road. The monthly £5 cost covers the bike for fire and theft when parked up.
Usage based insurance has been a growing area in the car market, but no one has yet to make the leap into motorcycle insurance. Motorcycle riders arguably lend themselves more to having usage-based insurance as a large proportion use their bike as a second form of transport or for leisure only. This means generally they are doing less miles than they are paying for. Fair weather riders, Sunday blasters or rarely ridden classic bike owners will all benefit for Subscribe & Ride’s pricing structure.
MCE’s historical database of over 600,000 UK bikers shows that 60% of them do under 5,000 miles a year. The beauty of this product is, the lower the milage goes the less the customers will pay. It’s fully in their control. With the cost-of-living crisis tightening many peoples spending, Subscribe & Ride gives bikers the opportunity to still have the odd ride but not pay as much for their insurance.
Sorned motorcycles could also benefit from Subscribe & Ride. The low monthly costs for the parked-up cover means it can rival prices of standard sorned policies, but with Subscribe & Ride, if the customer does want to take the bike out, they can.
Subscribe & Ride will be launched in January 2023 ahead of next year’s bike season. MCE have provided a sign-up form on their website so you can receive updates about the developments and when it goes live. MCE understand Subscribe & Ride won’t work for everyone, but it’s certainly worth getting a quote to see if it would for you.
MCE’s CEO Alan Atkins commented, “Honestly, we are so excited about this product and the money it will save bikers across the UK. The team have been working incredibly hard over the last few months to create something the likes of which no one has seen before, an insurance product that gives flexibility, great prices and customer led control. I’d like to personally thank our partners Sabre Insurance, Ice InsureTech and Inzura for working with us on this fantastic product. We know it’s different and people might be afraid to try it but all I’ll say is, sign up and when we go live, get yourself a quote – it might well change your motorcycling life!”
