Richard from Waterlooville has asked:
“I’m looking at taking a Polestar 2 for 6-months but I notice that some of the providers include insurance, some don’t. Is it worth me taking the insurance-inclusive car subscription?”
So should you opt for the insurance-inclusive subscription?
It is always difficult to compare car insurance quotes as policy prices are based on a number of factors including:
- Policy Type: eg. Fully Comprehensive, 3rd Party, etc
- Age
- Occupation
- Location
- Annual Mileage
- Driving History
- No-Claims Discount
- Where you park your car at night
- Make/Model of Vehicle
- Voluntary Excess
- Accidents and Driving Offences
.
Insurance Companies use this data to assess the lvel of risk involved to calculate your insurance premium costs.
For this study, we will look at 2 different car subscription providers who offer the Polestar 2 with Insurance and without, we will then take Richards details (with permission) to generate a car insurance quote using our Seopa Partner Insurance Comparison system to see if it works out more expensive or if it will save money.
Polestar 2 Deal
All of the information is correct at the time of publishing (21st August 2024) and is taken from our vehicle subscription feed and the relevant suppliers website:
Voltric
Polestar 2
Single Motor Long Range-
1,000 Miles Per Month
-
Min 1 Month Hire
-
£199 Signup Fee
-
Maintenance & Servicing
-
Voltric
Cocoon
Polestar 2
Single Motor Long Range (Plus)-
1,000 Miles Per Month
-
Min 6 Month Hire
-
£299 Doc Fee
-
Maintenance & Servicing
-
Cocoon
You can see that over the 6 month period, you are saving around £1124.00 with Cocoon over Voltric, but is it possible to insure the vehicle for less than this?
For the information of the article, we have used the following data to produce us a quote with Richards details:
£55,000
No - Lease Car
No - Lease Car
No
Private Driveway
Workplace Car Park
Social & Commuting
12,000 Miles
12,000 Miles
1979 (45 Years Old)
Married
1 Child
Waterlooville, Hampshire
Yes
Home Owner
Employed
Civil Servant
Local Government
UK Full
27 Years
No
No
No
No
No
No
Yes
1980 (44 Years Old)
Married
Spouse
Employed
Administration Assistant
Office Services
UK Full
Own Use Another Vehicle
20 Years
No
No
No
No
16th September 2024
Comprehensive
£500
0
Yes
Yes - Company Car inc. Social Use
5 years plus
Named on another person's policy
Richard
3 Vehicles
Monthly
No
Insurance Quote Results
The below quotes are based on 0 years no claims, the cheapest is Admiral but you do need a telematics box fitting which could be an issue due to it being a car subscription vehicle. Cocoon Vehicles does allow these to be fitted, but we’ll discount this.
So the next cheapest is Marshmallow Car Insurance at £99.60 per month.
With No Claims Discount
With 5 years no-claims discount and excluding Admiral that requires you to have a blackbox fitted, the next cheapest is Marshmallow again at £81.96 per month.
Conclusion
There are pro’s and con’s to each provider and the savings involved. By taking the Voltric car subscription it is hassle free, they provide your insurance and you have a £750 excess, however, you would need to pay extra to put Richard’s wife on to the vehicle. It is also unclear whether or not you can accumilate no claims discount.
With the Cocoon option you will still gain no claims discount but if you need to claim off the insurance, you will have to do this yourself. Also, the policy you take out you would need to take out a 12 month policy (cheapest way) and if you cancel early you may have to pay a cancellation or amendment fee, not too bad if you already have a policy or you are changing cars at the end of the subscription.
Overall, based on the details we have used for insurance quotes and the pricing as at the time of publishing the total cost with Cocoon is £6760.76 over the 6 month period vs. £7393.00 with Voltric, this is saving is around £630.00.
Over a 12 month period, the cost saving increases to over £1200 – Cocoon total over 12 months is £13096.52 vs. £14388 with Voltric.
Vehicle Subscriptions and Insurance is always down to personal circumstances and preferences. If you want the hassle free approach and for someone else to organise insurance, Voltric is the clear winner. If you want to be in control of your own insurance or you use a fleet policy, Cocoon is the winner.
Disclaimer
- The information on this website is intended for editorial purposes only and not intended as a recommendation or financial advice.
- Car Subscriptions is an Introducer Appointed Representative (IAR) of Seopa Ltd.
