Car and van owners could see their premiums cut by up to 25% if they rent out their vehicles for 90 days

Zenith Insurance and EasyCar Club have entered into a deal to give policyholders a rebate for renting their car or van out through EasyCar.

In the sharing economy initiative, a member and Zenith customer that rents their car or van out for 90 days during the year will receive a rebate of up to 25% off their car insurance premium from Zenith, which is part of the Markerstudy Group.

The sharing economy, also known as the ‘peer economy’ or ‘collaborative consumption’, is a business model that sees people use specialist websites to rent out their personal assets – from homes to cars, sports equipment to power tools.

Markerstudy Group underwriting director Gary Humphreys said: “Zenith Insurance has been innovating in the insurance market since 1937 and this new offer is just another example of us looking to the future,”

“We are great advocates of the potential of the peer-to-peer model and have been working with EasyCar Club since their beginning. We’re keen to support our policyholders should they choose to embrace new models of vehicle ownership and usage.”

EasyCar Club chief executive Richard Laughton added: “We are really proud to be launching this offer. We believe that this is the first time anywhere in the world that a car or van owner will be able to generate this kind of saving on their insurance by renting out their vehicle through a peer-to-peer market place.

“This is another acknowledgement of the value of the sharing economy and how more intelligent use of assets can bring tangible benefits. The visionary approach of our partners at Zenith Insurance is absolutely integral to this offer.”