Consequences
THE UK's FIRST PREMIUM CREDIT PROVIDER FOR MOTOR INSURANCE
DEPOSITS.
Dippa is a new and disruptive Fintech company that provides car insurance premium credit deposit finance for individuals and small businesses.
Dippa makes it easier for people to pay for their car insurance by:
01
Upfront Payment
Removing the need for a large upfront payment. Reducing the need for high-interest credit card debt.
02
Cash For Drivers
Freeing up cash for drivers
03
Safety Measure
Reducing the number of uninsured drivers on the road.
Need for Flexible Financing
Although 53% of customers pay for insurance via Direct Debit, they still need to pay the deposit upfront.
High Upfront Costs
The average deposit for motor insurance can range from £80-£500.
High Upfront Costs
The average deposit for motor insurance can range from £80-£500.
Financial Hardship
The high upfront costs of deposits can lead to financial hardship, as customers may need to cut back on other expenses or take on debt to afford the payments.
Uninsured Drivers
When unable to afford the deposit, some motorists may feel they have no choice but to drive uninsured, posing risks to themselves and others. Industry data shows millions are estimated to drive uninsured.
Obstacle to Mobility
Lacking affordable insurance deposit financing options obstructs car ownership and mobility for many people, preventing them from purchasing and legally driving vehicles.
Dippa Solutions Can Help.
Creating Possibilities With Dippa Resource
Dippa Provides The Required Upfront Deposits For People Who Pay Monthly By Direct Debit.
Dippa finances the initial deposit to activate the insurance policy. The driver then pays back the deposit over a 10-11 month period For Motor Insurance .
Dippa will work with leading Motor Insurers and Motor insurance providers to ensure the process works with renewals and new finance applications.
How It Works
Customer
The customer requests to finance their insurance policy(s)
Premium Finance Company
Underwrites the loan application
Provides all notification to parties involved to establish an interest in the policy premium
Advances the premium proceeds to the insurance carrier or its authorised agent
Receives notification from the premium finance company
Advances the deposit premium to the insurance company or its authorised agent
Prepares credit agreements for customer
Insurance Company
Receives the annual premium proceeds from the premium credit lender and receives deposit payment from Dippa.
Insurers/broker then activates the policy
Sends all associated documentation confirming policy to the customer.
30+ Years Of Experience
Robert has decades of experience in the car industry and car finance.
He started his career in the automotive industry in 1987 as a trainee sales executive. He left the car franchised dealership to open his own car dealership. He then opened his second dealership and his own finance company, which provided finance for prime and subprime customers.
Dippa Market
MARKET SIZE
The UK motor insurance market presents a considerable opportunity for Dippa to disrupt premium financing.
- £20.6 billion market by 2026, with 2.3% projected annual growth. (Global Data)
- 60% of SMEs use price comparison sites for insurance purchases. (Premium Credit)
- 53% of individuals opt to pay their premiums via direct debit. (Premium Credit)
- European premium credit market is valued at £8 billion annually.
With price comparison and direct debit payments gaining popularity, Dippa is positioned to provide tailored solutions to this digital-savvy market wanting more affordable and flexible options.
By focusing on this audience, Dippa can carve out a substantial share of the vast motor insurance sector through its innovative deposit financing model.
Business Model
Revenue Streams
Micro-loans (up to £500) for insurance deposits. Revenue comes from the monthly fees charged on these loans.
Credit Agreements
For Customers Who Pay Monthly By Direct Debit With Approved Partners.
Distribution Channels
Dippa Website
Price comparison websites
Direct integrations with 3rd Party platforms
There is no direct competition for Dippa's specialised offering in the premium credit market for motor insurance deposit.
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