Pay-As-You-Go car insurance has resurrected itself in the UK following the launch by Coverbox of their new pay-as-you-drive insurance product.
Coverbox monitors their customer’s usage in terms of distance covered and the time of day or night a vehicle is used, and calculates its charges according to mileage covered in off-peak, peak or “super-peak” periods.
Coverbox technology means customers will also have the additional peace of mind that it can track and locate the car if it is stolen.
Coverbox treats the insurance cost like a utility bill. At certain times of the year you will drive more miles than forecast and at other times less, just like you use more water in the summer than in the winter. You can control your costs once they have installed the free coverbox device in your car, still paying for your insurance monthly or annually.
Sandy Dunn, Chairman of Wunelli Limited, the company behind Coverbox, says:
“We believe both the consumer and the motor industry are ready for pay-as-you-drive. 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 entire concept and system has been thoroughly tried and tested”.
When you take out a coverbox policy you pay an initial payment, including a £39 installation fee, the coverbox itself is free.
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