TREVO Malaysia and Allianz General Insurance Company (Malaysia) Bhd have collaborated to launch TREVO Shield – the first insurance plan in Malaysia designed to safeguard private car owners participating in peer-to-peer (P2P) car-sharing.
The plan was following feedback from those who hosted their vehicles via TREVO. They had requested more substantial coverage, relief, and benefits.
To help both the Hosts and TREVO scale sustainably, TREVO Shield was developed. It is a protection solution that pivots on the core Allianz General-underwritten P2P car-sharing coverage, notably with third-party liability insurance from Allianz General.
This allows for TREVO Hosts to be better protected.
TREVO Shield offers three plans – Shield 60, Shield 65 and Shield 75. This gives TREVO Hosts the flexibility to choose the level of protection they need.
With TREVO Shield, TREVO Hosts receive protection against third-party liability of up to RM3 million should Guests cause injury or damage to third parties while driving the Host’s car.
The additional options from TREVO include No Claims Discount (NCD) Relief, coverage for damage to the body, paint, and bumper of the Host’s car, protection against losses from fire and theft, towing, and roadside assistance.
TREVO Shield also covers Guests who opt for the Super Collision Damage Waiver (SCDW) protection, which limits a Guest’s liability for damage repairs to 10 per cent in case of accidents.
“Since TREVO launched in 2020, we have seen significant growth in the total number of our members and listings, which now exceed 5,000 cars, and more than 130 models currently on the TREVO platform,” said TREVO Malaysia general manager, Susan Teoh.
“From our initial coverage area in the Klang Valley and onwards to Penang, Kota Kinabalu, Johor Bahru, Ipoh, and Seremban (towards the end of March), more and more people have embraced the P2P car sharing marketplace.
“After more than 100,000 trips completed through TREVO, our industry-leading trust and safety framework has worked as designed. Now, supplemented with the offering of TREVO Shield, we will continue to make safety and partner confidence one of our top priorities,” she added.
Teoh said TREVO had previously collaborated with Allianz General to introduce insurance-related services for members, and the company decided to expand its partnership to meet market demand.
“The sharing economy has grown significantly in recent years, and we believe it is very challenging in terms of the regulatory requirements imposed by the authorities to address the needs of participants in this sector,” said Teoh.
“The insurance industry is nimble in addressing evolving risk factors and a changing economic landscape. It is no different when it comes to protecting parties involved in sharing assets and liabilities.”
Previously, TREVO collaborated with Allianz General for the TREVO Guard service, where members could sign up or renew their car insurance policies via the TREVO mobile application.
For TREVO Shield, the team at TREVO worked with Allianz General for over a year to develop and refine the plan.
Allianz Malaysia Bhd chief executive officer, Sean Wang, said as insurers, the company’s role in providing protection solutions continues to evolve with the changing needs and expectations of its customers.
“That also means identifying protection gaps and finding exciting new ways to develop and deliver products that can meet our customers’ evolving needs, and at the same time, elevate their insurance experience,” Wang said.
“Collaborations, like our partnership with TREVO Malaysia, work best when it is with like-minded partners that share a common goal – putting the customer first.
“We are thrilled to embark on the next chapter in our partnership with TREVO Malaysia and to deliver TREVO Shield, which provides TREVO Hosts and Guests, meaningful protection that align with their needs and offers tangible value for an overall smoother car sharing experience,” added Wang, who is also the chief executive officer of Allianz General.
