At Dinghy we have revolutionised the way insurance payments work. No more credit agreements with high interest, and fixed monthly amounts. We only charge you for the insurance you use. It’s not a new concept - think of it like your household electricity meter or your mobile phone bill - but it is new to insurance.
Accurate pricing - to the second
We calculate your insurance premium per second; then at the end of the month we work out how many seconds you used your insurance, including whether you made any changes to your insurance during the month, and then charge you for that.
On our quote page we will show you the amount you pay in a 30 day month, so you have a good reference point. However at the end of the month, we will be accurately charging you per second.
You enter the quote information, arrive at the quote page and see your quoted price of £20 per 30 day month.
Behind the scenes we’ve actually calculated your premium as 0.000771605p per second (yes it’s that accurate).
So if you buy a policy at midday on the 15th January, then at 23:59:59 on the 31st January we calculate the number of seconds you’ve been on risk for and that’s your bill. (in this example, there are 1,425,599 seconds so you would be charged £11.00 for your insurance in January.)
After that you would have February. Assuming no leap year, there’s only 28 days, so the February bill would be £18.67. Then you would have a regular cycle of:
April - £20
May - £20.67
June - £20
Why do we charge per second?
We see this as the fairest way to charge anyone for anything. Why should you pay for something you don’t use? Monthly bills mean that in all the months less than 31 days you are paying more than your fair share. You can argue that over the course of a year it balances out; but that only works if you never make a change to your policy.
However, and more importantly, if you want to change your policy it means that we can calculate your premium to the second that you make that change. For example; you stop working and switch off your Public Liability. Why should you have to pay to the end of the month, or the end of the day? You stop working at midday on the 20th, then you shouldn’t have to pay for half a day you don’t need, or 10 days you don’t need With our billing system, you don’t have to.
Why doesn’t everyone do this?
A lot of companies do - your energy supplier, your phone provider. Even Amazon Web Services who we pay for our hosting. It’s just that insurance is behind the times. The old guard are slow to move and to be honest, they are just not as customer centric as we are. We are striving to make sure that every aspect of our insurance is fair to our customers. Accurate pricing, no fees, excellent coverage and super fast claims handling.
Welcome to the new way of insurance billing - that’s fair and flexible to how you work.