Suncorp backs the future of mobility with Car Next Door investment

Suncorp backs the future of mobility with Car Next Door investment

Suncorp has taken a strategic stake in car-sharing platform Car Next Door in reaction to the evolving mobility sector.

The Queensland-based group will invest $1.5 million in the group as part of a $10 million funding round for the scale-up.

In addition to the investment, Suncorp will develop unique insurance products for the fast-growing sharing economy and engage in joint promotional activity for Car Next Door.

Suncorp Insurance CEO Gary Dransfield says the investment is a great opportunity to build a partnership that will strengthen the future of the motor insurance.

"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," says Dransfield.

"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."

"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."

Suncorp joins a strong stable of investors in Car Next Door like Hyundai which has invested $8.2 million in the group to date and Shark Tank "shark" and technology entrepreneur Steve Baxter.

Suncorp's investment in Car Next Door follows a similar investment made into competitor Carly.

The Carly subscription service last week signed an agreement with SG Fleet worth $2.2 million in investment plus 100 vehicles and additional cars to follow to meet increased demand.

Carly and SG Fleet will work together to accelerate the growth of Carly's car subscription demand channels while leveraging SG Fleet's significant experience and relationships in the business and government markets.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

A game changer? Aspiring to the new standard on workplace mental health
Partner Content
Work health and safety regulators have been more active in the area of mental health ri...
Aon
Advertisement

Related Stories

WA suspends planned quarantine-free travel bubble with Queensland

WA suspends planned quarantine-free travel bubble with Queensland

The proposed quarantine-free travel bubble between Queensland and W...

Start-ups ready for orbit aboard Space Machines Company’s first mission

Start-ups ready for orbit aboard Space Machines Company’s first mission

The start-up world is clamouring for its place in orbit with Austra...

South Australia’s first Netflix production adds momentum to booming film sector

South Australia’s first Netflix production adds momentum to booming film sector

South Australia has scored its first Netflix production, boosting t...

"Wake-up call" for the Gold Coast as rideshare driver tests positive to COVID-19

"Wake-up call" for the Gold Coast as rideshare driver tests positive to COVID-19

An unvaccinated Gold Coast-based rideshare driver in his 30s is rep...