Car insurance news
26/11/2008
Cheapest cover pay-as-you-drive scheme to launch
To purchase the cheapest car insurance rates, a new pay-as-you-drive insurance product is planned for launch in the UK early in the new year.
The device - called Coverbox - is designed to be installed in motor vehicles. By monitoring distance covered and time spent driving day or night, insurance is due to be charged for at off-peak, peak and super-peak periods.
Other insurers have previously trialled pay-as-you-drive schemes, notably Norwich Union - but the new electronic device scheme is said to be technologically better.
The firm rolling out the device, called Wunelli, said it is thoroughly tested. The system is also GPS-enabled and can track and locate the car if stolen.
Wunelli chairman Sandy Dunn said, "We believe both the consumer and the motor industry are ready for PAYD.
"Others have tried before with older generation technology but our solution is new-generation, highly-capable and based on integrated security solutions specified and proven by the leading car manufacturers in Europe and Japan."
The scheme offers an alternative way to obtain insurance for car drivers - customers advise the firm of the number of miles they are expected to travel and the time of day driving is expected to occur.
Based on this supplied information, the firm calculates a forecast of how much, per mile, that the insurance cover will cost. Then the device is fitted and, as they drive, motorists' mileage is recorded.
Refunds can be credited to accounts the following year if drivers do less mileage than predicted which could lead to the cheapest car insurance bills that motorists have ever paid.
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