Use the power of your social network to lower the cost of insurance.
VouchForMe can help.
VouchForMe is an online social proof platform for gathering guarantees that cuts your insurance premium costs.
is a psychological phenomenon in which people are influenced in their decisions and actions by mirroring other people or social groups.
Family and friends show their trust with a financial commitment that is triggered only in case of an insurance claim. The group backing is social proof and insurance company rewards you by lower premium.
The higher the risk and commitment from you and your friends or family, the lower your cost of insurance. In a system based on sharing, the key component is group trust.
In case of a claim, the deductible will be split proportionally between members of the group who trusts you and one another. But only up to the set amount they guaranteed for, with no hidden fees or additional risk.
It’s certainly different from what the majority of insurance companies are doing at the moment. The idea that you can reduce your premiums in any way is a good thing, especially if you look at my age group. As a young male driver, I tend to have much higher premiums as being in the high-risk group, so definitely to be able to get this premium down is a great thing. I think that for the people of my demographic it would be quite an attractive idea because we tend to have quite big social groups, friends who I might vouch for and they vouch back and you both get reduced premiums because of that.
I think it’s a brilliant idea especially for parents who want to insure their children because buying a car is already expensive. I think the idea really appeals to mums, dads, grandparents for new drivers. It’s a great opportunity to show how someone is trustworthy by having people vouch for them. I think it would be a huge success with families and VouchForMe is something I will 100% sure look into for my girl when the day will come. Nowadays, you can get a cheap car but the insurance that always bumps up prices.