Norwich Union car insurance pilots new scheme
www.moneynews.co.uk > Insurance > Norwich Union car insurance pilots new scheme
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Norwich Union car insurance pilots new scheme
Tue 5th Apr 2005
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The firm has been carrying out a two-year study that uses a Global Positioning Satellite (GPS) device, which logs the distance travelled by participants. The data is then collected by the insurance provider who can produce premium charges according to actual distance travelled.
Users who travelled short distances found that their premiums fell under the scheme, while those who racked up the miles would be better off with a traditional policy. Norwich Union also speculates that drivers under the age of 21, who have high premiums but record low mileages, would also be better off under the new scheme.
American firm Progressive Insurance has carried out similar studies, but as yet no date has been set for the launch of a pay-as-you-go system.
Related News : Insurance |
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Related News : Aviva |
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