For the first time in Hungary, a company is looking to charge for car insurance based on how often car owners actually use their vehicles. When our car is parked, we are less at risk than when we are driving on the road. This is the principle behind the startup Cristo.
When the car is parked, a time-based fee is charged; for the time that the car is moving, there is an additional fee added on top of this. A telemetry device keeps track of the time a vehicle is in use; there is a daily fee for this device.
Venture capital fund Solus Capital will be the new owner of the startup, alongside the founders, a former investor and the startup mentor. The investment will allow for the further development of the application, providing car owners with even more convenient use of the system and introducing new non-insurance-related features. The funds will also be used to recruit new employees and expand in the region.