[] Usage based car insurance from Norwich Union - kk
Has posted a new item, 'Usage based car insurance from Norwich Union'
Norwich Union Direct the UK's largest motor insurance provider as announced
it's new innovative "Pay As You Drive" cover, offering motorists the ability to
reduce their insurance premiums. Offering two new policies , the basis of which
are usage-based insurance premiums, Norwich Union is finally offering cover
after its initial pilot scheme, involving 5,000 motorists, was launched in 2004.
Norwich Union's researched showed that over two thirds of the UK motorists are
likely to welcome the initiative by which average savings are expected to be
around 33%. With the use of in-car GPS monitoring devices the UK's largest car
insurance provider is able to tailor make unique car insurance policies specific
to the policy holder - premiums being based on usage.A completely transparent
itemised billing system should allow drivers to finely tune there policies, yet
remaining flexible. Premiums will be based not merely on mileage but also on
other factors such as when,where and how often the policy holder drives.Premiums
can even be identified to each journey. Offering two distinct policies: 18-23
and 24-65 year old drivers Norwich Union is efficiently using its huge databank
of claims histories to pass on potential savings to the more discerned driver.
Using a combination of Norwich Unions own data together with statistics supplied
by ABI and the department of Transport the pilot scheme revealed :- 18-24 year
old drivers are at great risk during the early hours with this group accounting
for 46% of fatalities on the road between 11pm and 6am, and are 56% more likely
to suffer injury between 1am and 5am. This group is 10 times more likely to have
an accident at night and this rises to 14 times more likely on weekend nights.
Premiums will reflect these high risk periods and it is hoped will...
