“Electric vehicles will one day take over as the most common type of vehicle driven. It may be some time off, but we are happy to offer insurance to electric vehicles right now.”
– Andy Moody
The future of vehicle insurance is being reshaped by emerging technologies and shifting consumer preferences. Andy Moody, Founder & Managing Director of GoShorty, a multi-award-winning temporary car insurance brand, shares insights into the industry’s trajectory and his company’s role in driving innovation forward.
“Electric vehicles will one day take over as the most common type of vehicle driven. It may be some time off, but we are happy to offer insurance to electric vehicles right now,” affirms Andy, reflecting GoShorty’s proactive approach towards industry trends. With a background steeped in financial services and a relentless commitment to delivering exceptional products and customer experiences, his leadership has garnered GoShorty prestigious accolades, including the Insurance Times Awards Personal Lines Broker of the Year 2023 and the National Insurance Awards Personal Lines Broker of the Year 2024.
Through this exclusive interview, Andy looks into the transformative potential of electric vehicles, the importance of customer-centricity in business operations, and the evolving landscape of temporary car insurance.
TWB: Congratulations on GoShorty’s accolades! Can you share with us the journey that led to winning the Insurance Times Awards and the National Insurance Awards?
AM: Temporary insurance has existed for a few years, but I believed that there was a better way to do it which was much faster and slicker for customers, and which enabled drivers to get to where they needed to be quickly, affordably, and with the minimum of hassle. We’re almost 4 years old, and since we launched our mission has been to do just this. We’ve continually refined our proposition, expanded our market coverage, improved our website, optimized every aspect of our business, to ensure that GoShorty is the brand that customers turn to when they need to borrow a car or van, and we’re now one of the most popular short-term insurance brokers in the UK.
TWB: Temporary car insurance might be a new concept for some of our readers. Could you explain its benefits and when it’s most useful for drivers?
AM: Temporary car insurance is a great option for drivers looking to get on the road with ease and possibly at a moment’s notice. Our flexible and convenient service allows drivers to get insured in less than 2 minutes and is available from as little time as an hour through to 28 days.
One of the main benefits of temporary car insurance is the ability to borrow a car or even car share. It’s never been easier to get insured on a friend or family member’s vehicle if you plan to take a journey together, meaning drivers can share the load of driving, and split the costs of fuel. Car sharing also lowers the number of vehicles on the road, which is great for reducing traffic and good for the environment.
Our temporary learner insurance product is also a convenient option for those looking to get in some practice outside of their lessons. Due to the flexible nature of the insurance, this could mean a learner just insures – and pays – themself for a few hours to practice. Or, if they feel they need it, they can get insured for a week! It’s up to the driver.
Car owners don’t need to worry about their no-claims discount when someone gets temporarily insured on their vehicle either, as temporary insurance protects the owner’s no-claims bonus. This allows car owners to have peace of mind when someone else drives their car using our insurance.
Temporary car insurance can come in handy if you need to borrow a car because yours is unavailable. Or, it also presents an easy, cheap way of driving home a newly purchased vehicle, allowing you to insure the car for a short period before choosing an annual policy elsewhere.
TWB: What inspired you to establish GoShorty, and what sets it apart from traditional insurance providers?
AM: We wanted to provide drivers with a different approach to driving, not forcing them into long-term commitments, and letting them decide when they want to drive.
Annual policies aren’t for everyone. Whether someone only drives occasionally or doesn’t own a car but wants to use a family member’s from time to time, our temporary insurance provides these drivers with a flexible service that works around them. Our policies make car sharing, lending a vehicle, or learning to drive easy and affordable. Customer experience is at the top of our priorities, as we ensure everyone gets the best level of cover, at the best prices. Our customers’ behavior reflects this too, as 50% of repeat policies are purchased within two months of the first policy, telling us that customers are happy to use the service again soon after. We’re also proud of our excellent score on TrustPilot, with over 8,000 reviews.
TWB: Innovation seems to be a cornerstone of GoShorty’s success. Could you walk us through some of the innovative products or services GoShorty offers to its customers?
AM: Our temporary insurance product lets drivers get covered within minutes by just following a few simple steps on our website. There are no phone calls or back and forth with an insurer; you can get yourself insured in no time online, free to get on the road with no stress.
Our innovative service allows drivers to be insured for as little as one hour! This type of flexibility totally changes how drivers have to think about insurance. Before short-term insurance, drivers would have to commit to annual policies, locking them in for the year. While this approach to insurance is still the traditional way to get insured, our product provides a new, flexible approach.
The cost-of-living issue in the UK is also making drivers reassess their insurance options. The average monthly premium was £139.45 in 2023, compared to the price in 2022 which was £83.18. With insurance costs on the rise, UK drivers are considering the flexible option of temporary insurance more. For comparison, four weeks of GoShorty insurance costs an average of £76.64, making it a much cheaper option for drivers.
We are also a data-led business. We are constantly analyzing the efficiency of our site to ensure the user experience is the best it can be. Recently, we’ve invested in TikTok brand campaigns, traffic campaigns, and conversation campaigns to stay up to date with the latest platforms that provide us with fantastic, current data and insights into our audiences.
We also run regular testing to improve the user experience as much as possible. Constantly trialing various tweaks and additions online means we are able to see which versions & offerings appeal more to our customers. We work closely with an expert team on this, to ensure our products are the best fit for our customers and we are leading the way with innovation among competitors in an ever-changing insurance landscape.
TWB: Customer satisfaction is crucial in any industry. How does GoShorty prioritize delivering the best possible customer experience, and what strategies have you found most effective in achieving this?
AM: Our aim is to provide our customers with excellent short-term cover for a wide range of possibilities, whether they’re learning to drive or going on a road trip. We want our flexible insurance to be accessible to as many drivers as possible, at a competitive price.
One way we have prioritized the customer experience is through the method taken to acquire our short-term insurance. Our easy-to-use system allows drivers to insure themselves in minutes, with no need for long conversations with insurers. This system makes the experience smooth and fast, so drivers can get on the road in no time.
We also allow users to save their details, so if they ever want to take out another short-term policy, it’ll be even faster the second time around with their existing GoShorty profile.
If drivers do need any extra assistance, our excellent customer service is available to help with any queries, Monday to Friday, 9 am-5:30 pm via phone or email.
TWB: As a seasoned entrepreneur in the financial services sector, what advice would you give to aspiring business leaders looking to disrupt established markets, as you have with temporary car insurance?
AM: Be very clear about the problem that you’re trying to fix, and road-test your idea with as many people as you can to validate your assumptions and plans about why your idea will be better than what’s already out there. If you have to explain again and again what it is, your idea isn’t clear enough, and if your friends don’t get it, customers won’t. Be brave, be bold and don’t take no for an answer, but also ensure that you’ve got access to the best possible expertise to help you along the way. Don’t be afraid to make mistakes, and – critically – view absolutely everything through the lens of a customer. If it makes sense to them, and fixes a problem that they have, you’re well on the way.
TWB: In your experience, what are some common misconceptions people have about temporary car insurance, and how does GoShorty address these misconceptions?
AM: One misconception people may have about temporary insurance is that it can inflate future annual policies taken out by the driver. We want drivers to know that because this is a separate policy, it won’t impact annual insurance policies in the future.
Car owners may also fear that their no-claims bonus is at risk when lending a vehicle, but we want to assure car owners that temporary insurance policies will protect you from losing the bonus if anything happens to the car when someone with our policy is behind the wheel!
We are available to contact if customers are concerned or unsure. We also have a dedicated blog, where we upload expert commentary on all things driving and insurance and where customers can read more about our product and learn about driving in today’s world!
TWB: Safety is paramount when it comes to driving. Could you share some top tips for drivers to stay safe on the roads, especially those utilizing temporary insurance?
AM: An absolute for all drivers is to make sure you are insured. For annual policy holders, keep track of the date you need to renew your insurance, so you’re covered. For drivers using temporary insurance, it’s important to know exactly when the policy ends. Driving without insurance is illegal, endangers other drivers, and it also puts you at risk of receiving a serious fine or even a driving ban.
For those using a short-term policy on a friend or family member’s vehicle, it’s important you review the condition of the car before driving. Ensuring a vehicle is safe to drive beforehand will keep you and other drivers safe on the road. It will also remove the risk of you having an uncomfortable conversation with the owner if there does happen to be an underlying issue with the car that could come to light during your time with the vehicle.
Considering the weather conditions before driving is vital too, to avoid the possibility of a fine or points on your license. Driving in hot weather means you should stay hydrated, check the engine oil, try to keep the car in shade when possible, and consider your allergies before getting behind the wheel.
Cold weather can bring risks too, such as reduced visibility and less grip on road surfaces. There are many ways drivers can endanger themselves and others, as well as risk receiving fines and penalty points in the cold weather. Following the Highway Code is always the best idea if you are unsure.
Failure to follow the Highway Code can land drivers with penalty points, fines of up to £5000, or even a driving ban in extreme cases. If you are ever unsure, it’s a good idea to check the Highway Code before setting off, this will keep you safe, and reduce the risk of hurting your driving record.
Finally, following the rules of the road should keep you safe. Don’t speed, keep your distance, pay attention to road signs and drive carefully.
TWB: With the rapid advancements in technology, particularly in the automotive industry with the rise of electric and autonomous vehicles, how do you foresee these developments impacting the temporary car insurance market, and what opportunities do you believe they present for GoShorty and similar companies?
AM: While we don’t offer insurance for ALL electric vehicles, we are proud to provide insurance policies for mid-tier electric vehicles. We see this as a necessary evolution in regards to the market. Electric vehicles will one day take over as the most common type of vehicle driven. It may be some time off, but we are happy to offer insurance to electric vehicles right now.
The worldwide shift to electric vehicles (EVs) will continue apace, with Bloomberg New Energy Finance predicting EVs to account for 10% of all new car sales by 2025 and 58% by 2040. With several countries setting out to achieve net-zero emissions by 2050, it’s estimated that EVs will need to make up at least half of all new car sales by 2050. This will likely accelerate the adoption of EVs across various market segments, including commercial transportation – where efficient, eco-friendly options are in high demand. Initiatives like increasing battery efficiency (leading to extended driving ranges and faster charging times) and improving EV charging infrastructure will be required to facilitate the growth.
With the shift to EVs, vehicle insurers will need to consider a huge variety of factors. The total value of the vehicle, details of the driver, plus other aspects such as the potential cost of repairs for the vehicle will all impact insurance premiums. Insurers will need to find the right balance between a fair price for comprehensive cover and not disincentivizing consumers to choose an EV.
TWB: Looking ahead, what do you envision for the future of temporary car insurance, and how do you see GoShorty evolving to meet the changing needs of drivers?
Autonomous and Semi-Autonomous Vehicles Take Over
Advancements in the autonomous vehicle space have been incredible, but from an insurance perspective, there’s still a long way to go. Currently, insured autonomous vehicles can be covered for accidents occurring while the artificial intelligence is in control, but owners must have the correct insurance. If not properly insured, the owner is liable.
It’s estimated that by 2040 there will be 33 million autonomous (or self-driving) vehicles on the road, with the global autonomous vehicle market currently valued at $207.38 billion.
It will be some time before self-driving cars are common on our roads, and insurers in the UK will be carefully planning the insurance implications that they bring while keeping a close eye on the global insurance market for such models. Aside from insurance, autonomous vehicles have a PR problem to overcome before they win the trust of the public.
Connected Cars
Long gone are the days of scrabbling around the glove box for your favorite CD – connected cars represent an utterly intuitive driving experience. Syncing your tech with your car and no longer struggling for a signal will soon be the norm, whether you’re particularly tech-savvy or not. From an insurance perspective, ever-increasing amounts of valuable tech in cars could see prices start to increase, but equally having the potential to provide insurers with data about how well you drive could do the opposite.
This data could make our, and other insurers’, lives easier. Having solid data to use that lets us review a driver’s behavior should speed up the process of calculating the price of insurance for each individual. As we are already data-led, this is something we could incorporate into our process.
Vehicle Purchasing Moves Online
Whilst it’s an efficient approach to purchasing a car, consumers need to be mindful of sacrificing quality and peace of mind, to save time. From an insurance perspective, buyers need to make sure they’re aware of anything that could impact their insurance price when buying a car, such as any vehicle modifications, or where a model has expensive options fitted. It is more important than ever to properly do your research if you’re buying a car online or you could be in for a nasty (and expensive) shock.
Over 90% of car buyers undertake online research before a transaction, with more and more sales taking place completely online. In this way, the internet is radically affecting every part of the car-buying process – and posing a real threat to the traditional car dealer business model, with 83% of car customers stating that they wish they could save time by shopping online.
In terms of this impacting GoShorty, we will still be reviewing vehicles the same as ever. Drivers need to be aware of what modifications or accessories could impact their insurance prices, as some extras can drive up the cost of the car, and therefore their insurance!
Luxury Car Market Growth
The majority of auto manufacturers have experienced challenges over recent years, but high-end luxury brands have experienced a great deal of success, with the luxury car market predicted to grow up to 14% compound annual growth rate (CAGR). Rolls-Royce, Bentley, and Lamborghini have all seen record profits, whilst Tesla – a more affordable high-end brand – has seen registrations rise more than 65%.
Insuring high-end vehicles is an expensive business. With skyrocketing theft and increasing premiums, the cost of insuring a luxury car is becoming prohibitive for the vast majority of drivers… As the Insurance Times Personal Lines Broker of the Year 2023, we know first-hand that expensive, luxury vehicles can have some of the highest insurance premiums around, and increasing costs of repair are also impacting prices. Our advice is to borrow a friend’s car and temporarily insure it to get that luxury driving experience at an affordable cost.
⭐
“If you have to explain again and again what it is, your idea isn’t clear enough, and if your friends don’t get it, customers won’t.”
– Andy Moody
Useful Links
- GoShorty’s guide on how to be a safe driver: https://goshorty.co.uk/blog/how-to-be-a-safer-driver/
- GoShorty’s electric vehicle guide: https://goshorty.co.uk/blog/insurance-for-evs-guide/
- Website: https://goshorty.co.uk/temporary-car-insurance/
- LinkedIn: https://www.linkedin.com/in/andy-moody-a06480265/
Share Your Insights
We want to hear from you! After reading our exclusive interview with Andy Moody, Founder & Managing Director of GoShorty, share your thoughts and insights by commenting below. Here are three questions to get the discussion started:
- What aspect of Andy Moody’s vision for the future of temporary car insurance resonated with you the most?
- How do you think the rise of electric and autonomous vehicles will impact the insurance industry, based on Moody’s insights?
- As a driver, what innovative features or services would you like to see incorporated into temporary car insurance policies in the future?
Don’t miss out on the opportunity to contribute to the conversation and shape the future of driving insurance!
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I had no idea temporary insurance existed. How handy! I also loved the safety tips.
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This is new for me ❤️
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