Car ownership as we know it is over, writes Darius Kumana. It is time to transform traditional car insurance
The language we use around cars and car usage is quickly becoming antiquated as the industry goes through one of its biggest transformations since the introduction of the Ford Model T. The phrase ‘going to a dealership to buy a car’ alone contains two anachronisms. Today, very few people ‘buy’ a car in the traditional sense. According to the Finance and Leasing Association, last year in the UK, 93% of new car transactions to private individuals were financed.