Norwich Union insurance releases Pay As You Drive cover
www.moneynews.co.uk > Insurance > Norwich Union insurance releases Pay As You Drive cover
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Norwich Union insurance releases Pay As You Drive cover
Wed 12th Jan 2005
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The new product targets drivers aged 18 to 21 and utilises cutting-edge, in-car technology to work out premiums based on when and how often they drive.
Journeys made between the "peak" hours of 23:00 to 06:00 are charged more, and motorists who make more journeys in this time receive a higher monthly premium.
“Government statistics show that this age group [18-21] is more likely to be killed or injured in road accidents between the hours of 23:00 and 06:00 - and this has been factored into tariffs for this product," said Robert Ledger, programme director for the Pay As You Drive insurance scheme.
He added: “Although the money-saving factor will probably be the main appeal for young drivers, I imagine the road safety aspect will appeal to their parents."
Norwich Union points out that along with reducing insurance premiums for the 18-21 age bracket, Pay As You Drive also encourages this age group from driving at night when the conditions are less safe.
The technology is based on a 'black box' style device, which tracks the car using a global positioning satellite. The information on where and when the car has been driven is transmitted to Norwich Union over a mobile phone network.
Along with the differing charges for 'peak' and 'off-peak' travel, Pay As You Drive insurance also offers a tariff per mile, with the rate personalised to each customer and dependent on the time of day the car is driven, the deal also includes 100 free off-peak miles a month.
There is an initial charge of £199 for the 'black box', but this is expected to cost less than the savings that can be made in premiums.
An added benefit of the system, is that the box has a built-in car locator - letting customers find their car in the case of an accident, breakdown or if it has been stolen.
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