Norwich Union may have had a crack at PAYG car insurance previously but pulled out again after failing to get it’s target of 100,000 customers signed up, deciding the two-year scheme wasn’t cost effective.
That doesn’t seem to have put off www.coverbox.co.uk who have announced their intention to launch a new Pay-As-You-Go car insurance scheme in January 2009.
Backed by vehicle data management company, Wunelli Limited, the scheme will make use of the technology supplied by vehicle security firm, Cobra.
Premiums will be calculated by monitoring policyholders’ driving habits and will be based on the distance driven, the time of day or night when the vehicle is in use, and even where vehicles are being used via a small tracking device fitted to the vehicle.
The “black box” that records the information takes around twenty minutes to fit and the technicians travel to the customer. There is expected to be a fee for provision of the box of around £30 which could more than be recouped in the first year by policyholders depending of course, on the extent of use of the vehicle.
Other benefits include:-
• Comprehensive cover from less than 1p per mile
• Theft tracing of your car via the GPS unit included in the coverbox
• Choice of high quality insurers
• A personal website portal for policyholders to review their driving and insurance
More information on the scheme can be found on their website at www.coverbox.co.uk
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