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Britons suspicious of pay-as-you-drive cheap car insurance
Just how far British motorists are willing to go in order to get a cheap car insurance premium is coming under scrutiny with the introduction of Norwich Union's pay-as-you-drive motor insurance policies.
A pay-as-you-drive policy means that the customer will have a device fitted to their car which measures certain aspects of their driving, such as the distance travelled, location, speed and time of the journey. If these factors combine to show a driver is at a low risk of having an accident, they are likely to get a cheap car insurance deal.
However, research by moneysupermarket.com shows that this system is being viewed with suspicion by the British public, with more than one in four believing that it is an invasion of privacy and saying that they would refuse to fit one, no matter how cheap the car insurance rates.
The research also looked into just what percentage of savings the device will have to provide to gain the interest of UK drivers. It found that even a 30% cheaper motor insurance quote would only be enough to tempt one in ten motoring Britons into buying a pay-as-you-go policy, whilst one in five would be interested if it meant that their car insurance premium was chopped in half.
The director of insurance at moneysupermarket.com, Richard Mason, said of the revolutionary cheap car insurance policy:
"With the potential savings that can be made to the cost of insurance, I think there is no doubt that pay-as-you-drive insurance schemes and black-box technology will be a big part of the motoring future.
"However, it is evident that some drivers will need time to get used to these 'Big Brother' tactics. Our research shows that insurers could face the cold shoulder from the driving public as long as there is a significant number of motorists who feel they will never install this device in their cars."
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