Coverbox to launch pay-as-you-drive policy
Vehicle data management company, Wunelli, is launching Coverbox, a new pay-as-you-drive car insurance, early next year.
Using technology supplied by vehicle security firm, Cobra, policyholders will have their driving habits monitored and their premium will be based on distance covered and the time of day or night when their vehicle is in use.
Account is taken of whether mileage is clocked up during “off-peak”, “peak” or “super-peak” periods.
The “box” that records the information takes around twenty minutes to fit and the technicians travel to the customer.
According to Sandy Dunn, chairman of Wunelli, Coverbox employs superior technology to that of earlier entrants into the pay-as-you-drive market.
As a result, if a policyholder’s car is stolen, it can be tracked and located through GPS technology.
In addition, Mr Dunn claims that a unique billing engine allows the company to translate the vehicle data into insurance cost, so that the policy is easy for customers to understand.
Coverbox will be launched in the UK with a small panel of high quality insurers and the company says it will provide a further update before the end of the month.
Norwich Union launched a “pay-as-you-drive” motor insurance scheme in 2006 but withdrew it in June of this year.
The policy was aimed at lowering accident rates among young motorists by charging high premium rates between 11pm and 6am, the period when motorists aged 24 and under are most likely to be involved in a serious accident.
Category: Car Insurance News, Companies News, Insurance News
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