Lightyear 0 gets new car insurance via blockchain

Lightyear 0 insured via blockchain

Lightyear and insurer Interpolis joined forces and devised a new type of car insurance for the Lightyear 0, the Helmond start-up’s first production model. A first in this regard is that it is the first car insurance in the Netherlands to be recorded on blockchain. This is the technical basis also used by the well-known crypto currency Bitcoin.

Different way of insuring

That insurance via blockchain technology is completely different in design from traditional auto insurance. In fact, this technology allows insurance to be linked to the Lightyear 0 itself. The amount of the insurance premium is determined based on the object itself and the characteristics of the policyholder, such as his/her age and place of residence. That data is recorded in the blockchain. In addition, you insure your car directly with the manufacturer, with Interpolis in this case taking care of all matters surrounding the insurance.

The reason behind this new design is that the Lightyear 0, with its solar panels and electric motors in the wheels, contains a lot of complex technology. For insurers, this brings new, unknown risks and potential claims. This new car insurance policy is tailored specifically to that end.

Blockchain Advantages

By specifically tailoring car insurance, buyers of the Lightyear 0 need not worry that their extremely expensive car (€250,000!) will prove uninsurable. The customer also gets fully covered insurance that exactly matches the risks of the Lightyear 0. Beyond that, it’s a piece of convenience. Because Lightyear offers the insurance, the customer can handle all matters surrounding the car through a single point of contact.

The approximate cost of Lightyear and Interpolis’ new car insurance is not yet known. In any case, buyers of the Lightyear 0 will not have to wait long for their car: this fall Lightyear will deliver the first units.