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#99164 - 19th Jan 2005 4:59pm Pay-as-you-go car cover launches
Tony MK2 Offline
Forum Master

Registered: 2nd Dec 2003
Posts: 2943
Loc: Wirral
A pay-as-you-drive car insurance policy for younger drivers has been launched by Norwich Union.

An in-car "black box" style device calculates premiums based on when and how often the car is used.

The scheme is open to 18 to 21-year-olds and, as with mobile phone tariffs, drivers will pay more during "peak" times, between 11pm and 6am.

There is a one-off fee of 199 for the box, but Norwich says that this amounts to less than savings made on premiums.

"The scheme brings motor insurance into the 21st century by providing affordable comprehensive insurance for young drivers in return for driving at safer times," said Robert Ledger, programme director.

Pay-as-you-go generation

The policy works in a similar way to mobile phone tariffs.

Users pay a monthly fee for cover against fire and theft, and also a personalised rate for off-peak travel, which starts at 6p a mile.

Travel during peak times costs a flat rate 1 per mile.

The first 100 off-peak miles each month under the policy, known officially as "Pay-as-you-drive" will be free, Norwich Union said.

The insurer calculates that younger drivers could save up to 30% a year off the cost of their premiums.

"The concept closely follows the approach used by mobile phone companies," Mr Ledger told the BBC News website.

"The standing charge is very similar to line rental and having a peak and off-peak tariff is very similar to the approach on mobile phone charging. We have done it in that way because of the group of customers we are targeting"

The launch of the scheme for younger drivers is part of a wider initiative being developed by the insurer. In August, it launched a two-year pilot scheme to investigate driving patterns for the development of pay-as-you-drive pricing.

The insurer says it has been able to launch a scheme for younger drivers prematurely because it already knows that time of day is a major factor for younger drivers.

It said the higher tariff for hours between 11pm and 6am reflected accident statistics for 18 to 21-year-olds.

Young people are at a much greater risk of being killed or seriously injured in car accidents between 11pm and 6am.

HOW IT WORKS
A "black box" style device is fitted to the car
It uses Global Positioning Satellite (GPS) technology to record the journeys of the car
This information is then transmitted securely to Norwich Union via a mobile phone network


Thousands of motorists are road-testing a new pay-as-you-drive insurance scheme.

Up to 5,000 Norwich Union policyholders are having their cars fitted with a "black box" which tracks every completed journey they make.

The technology, similar to that used in mobile phones, will allow the insurer to bill motorists for each mile driven.

The two-year pilot scheme could help cut premiums for occasional car users, but may mean more expensive car insurance for high-mileage drivers.

Recorder

The black box is smaller in size than a DVD case and is installed either in the boot or passenger area of a policyholder's car.

The box records real-time vehicle usage and sends the data to Norwich Union securely using mobile technology.

A monthly insurance bill will then be sent to the policyholder based on an agreed insurance cost per mile.

The cost per mile will be based on a number of factors - such as insurance History, the age and sex of the policyholder as well as how the vehicle is being used.

"The interest in the pilot scheme has been phenomenal," Robert Ledger, director of the pay-as-you-drive scheme, told BBC News Online.

"We could have filled the pilot twice over with the amount of requests we've had from interested motorists, not just within the UK but from drivers around the world."

Progressive Insurance, the USA's fourth largest car insurer, has already piloted a pay-as-you-drive scheme across the Atlantic.

Norwich Union, the UK's largest car insurer, has exclusive rights to market the technology in UK and Europe.

If the pilot is successful the technology may become available to other Norwich Union customers.

Volunteer

Linda Jones, 45, from Chichester, a registered childminder, believes she will save on her 300 annual car insurance premium by being a pay-as-you-drive pilot volunteer.

"I only cover 6,000 miles a year, with a lot of short journeys, but with several children to ferry about my car is essential," Ms Jones told BBC News Online.

"Pay-as-you-drive seems such a good idea for a low-mileage driver like me."

However, Ms Jones acknowledged that paying for car insurance by the mile may not be right for everyone.

"My two eldest children drive cars and cover a large number of miles each year. They are not keen on the idea of a pay-as-you-drive scheme," she said.

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#99165 - 19th Jan 2005 5:26pm Re: Pay-as-you-go car cover launches
Cali_16v Offline
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Registered: 17th May 2004
Posts: 6261
Loc: Birkenhead
cool glad im 23
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#99166 - 19th Jan 2005 5:36pm Re: Pay-as-you-go car cover launches
Mark Online   Reading


Wiki Master

Registered: 9th Nov 2003
Posts: 20958
Loc: Wirral
Would be intresting to see the pro's n cons.

I think there gambling on members paying more and not realising, until to late.

But obviously a better way to judge you on miles and not a postcode.
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#99167 - 19th Jan 2005 5:40pm Re: Pay-as-you-go car cover launches
Anonymous
Unregistered


Thats a rip off, only be good for people who are 18. It would work out a lot more expensive for sum1 like me! you would have to really read up on it first!

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#99168 - 19th Jan 2005 5:42pm Re: Pay-as-you-go car cover launches
Anonymous
Unregistered


Hang on could a 18 year old driving a skyline pay the same as one in a 1.0 corsa as long as he does the same amount of miles?

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#99169 - 19th Jan 2005 5:48pm Re: Pay-as-you-go car cover launches
dj_russell_plays_trance Offline
Forum Addict

Registered: 18th Jun 2004
Posts: 2003
Loc: west mids
right turbo 4x4 calibra conversion!!!!!bet that nt true though!!!!!
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#99170 - 19th Jan 2005 11:27pm Re: Pay-as-you-go car cover launches
djrenegade Offline
Forum Addict

Registered: 12th Jan 2005
Posts: 1312
Loc: Eastham
might benefit me that, ill look in to it cos my cheapest quote for the metro is 900 and i am sure that pay as you drive wud be cheaper
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#99171 - 20th Jan 2005 3:05am Re: Pay-as-you-go car cover launches
aceritz Offline
Forum Addict

Registered: 11th Nov 2003
Posts: 2056
Loc: birkenhead
hang on if i drive 200000 miles a year at peak rate, isn't a tad dearer than the 900 insurance i pay now????

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#99172 - 20th Jan 2005 7:01am Re: Pay-as-you-go car cover launches
Tony MK2 Offline
Forum Master

Registered: 2nd Dec 2003
Posts: 2943
Loc: Wirral
I think that this would be a great device as it would hopefully keep the roads quite for us more experienced driver's happy

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#99173 - 22nd Jan 2005 12:34am Re: Pay-as-you-go car cover launches
Smiler198 Offline
Addict

Registered: 5th Jan 2005
Posts: 199
Loc: None
Im with norwich union, and they offered me this. But as i say 10,000 miles a year, but maybe do 12,000 - 14,000 depending on what im doing so therefore not worth it for me.

We all know that if we exceed the stated mileage we should ring them up to tell them... frown

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#99174 - 22nd Jan 2005 2:02am Re: Pay-as-you-go car cover launches
Basskiddanny Offline
Smartchild

Registered: 18th Oct 2004
Posts: 483
Loc: Ellesmere Port
Not useful atall unless you drive only a few miles per month!!!

I drive up to a few hundred in a week depending on what im doing! but usually about 12,000 a year, so say if only 10% of these miles are between 11pm and 6am then that is 1200 alone!! just for the off peak times....rip off!!!
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#99175 - 22nd Jan 2005 2:20am Re: Pay-as-you-go car cover launches
Smiler198 Offline
Addict

Registered: 5th Jan 2005
Posts: 199
Loc: None
I think its for those local drivers....and not us long haul people.

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#99176 - 22nd Jan 2005 2:32am Re: Pay-as-you-go car cover launches
Basskiddanny Offline
Smartchild

Registered: 18th Oct 2004
Posts: 483
Loc: Ellesmere Port
if you drove 20 miles a week, every week at the off peak times it works out just over a grand...i agree its more for local drivers...but you would have to drive pretty local to only clock up that little amount of miles....

I dunno if it will benefit anyone here though to be quite honest....But somebody will figure out a scam which will be figured out straight away by norwich union.....then another way to trick it will be thought up and so on and so forth....just my 2p smile
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1.8 Escort Si on an 'R' plate, 129bhp

GIVE IT TO ME BABY!

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#99177 - 22nd Jan 2005 2:33am Re: Pay-as-you-go car cover launches
Smiler198 Offline
Addict

Registered: 5th Jan 2005
Posts: 199
Loc: None
What happends when the car is stolen.? Are the miles charged to you.?

It would be a good tracker system tho.. smile

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#99178 - 22nd Jan 2005 2:43am Re: Pay-as-you-go car cover launches
Basskiddanny Offline
Smartchild

Registered: 18th Oct 2004
Posts: 483
Loc: Ellesmere Port
lol dont go giving them ideas to charge more lol. "For an extra 10p per mile if your car is stolen we will track it for you" smile

How long till somebody finds a way to scam the companies? lol. That would definately be cheapeer, although highly illegal and classed as driving without insurance maybe?

You could unplug the box, drive the car, if you are pulled over then just plug it back in?

Although they probably thought all of this through lol, and it would be wrong to cheat them.
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