RIYADH: Car rental platform Ejaro will offer renters customized insurance options after it partnered with Tawuniya to offer daily coverage plans.
Under the deal with the largest insurance firm in Saudi Arabia, users of Ejaro can avail protective coverage throughout their rental period, according to a statement.
Touted to be the first of its kind in the Kingdom, the insurance product is designed to match the duration of vehicle rentals, which is expected to provide flexibility and convenience to users.
The press statement added that this coverage will be available from the second quarter of this year, signifying a transformative shift in the insurance landscape of the car-sharing industry.
Mohammed Khashoggi, CEO of Ejaro, said: “We are thrilled to expand our partnership with Tawuniya to offer this ground-breaking product in the peer-to-peer car rental industry.”
He added: “We believe this product will significantly enhance our services and provide an excellent solution for our hosts and guests within the Ejaro platform.”
In a statement, the company said that its daily motor insurance product would utilize advanced technologies to determine insurance costs based on the car’s rental period, the driving behavior of the user, and accident history.
“This partnership with Ejaro aligns perfectly with Tawuniya’s commitment to innovation and customer-centric solutions. We are excited to join forces with Ejaro to introduce this revolutionary product, which will elevate the rental experience for customers and set a new standard in the Saudi Arabian insurance market,” said Mansour Abo Thnain, CEO of Motor Insurance at Tawuniya.
Established in 2019, Ejaro provides peer-to-peer car-sharing services to enable individuals to generate additional income.
In January, the firm concluded a pre-series A investment round, securing over SR12.3 million ($3.3 million) led by cooperative and angel investors.
Ejaro said that this reserve would be used to develop and expand the firm’s plans to strengthen its position in the car rental sector across the Middle East and North Africa region.
“Completing this funding round alongside our strategic partnerships reflects our commitment to innovation and meeting the needs of our customers,” said Khashoggi at the time.
Source: Arab News
