Car Insurance Latest News
Car Insurance Revolution
Over the next 12 months the UK car insurance business is set for a revolution. The industry is set for a shake up that could see individuals' car insurance, also business car & van insurance, vastly change the way they choose to insure vehicles.
The trend was initially set by Norwich Union Insurance who tested their 'pay as you drive' scheme over two years before offering it to the car insurance market.
The new scheme uses the 'black box' tracking technology but unlike 'pay as you go' insurance, it also monitors your style and manner of driving. The new car insurance policy is based around driver behaviour and not just the miles and type of roads traveled.
This crucial difference in monitoring driver behaviour could herald a new era for safer driving, experts predict. Two big gun insurers, Zurich and Royal & Sun Alliance, have already given it their backing.
The new scheme monitors:
speed time a vehicle is driven acceleration braking number of hours driven
To enable all these driving factors to be monitored, a retrofitted sensor gives the additional information. This would be particularly useful to businesses car insurance.
Lloyd Latchford is the specialist broker behind the new policy. They will offer initial discounts and rebates up to fifteen percent after positive driver behaviour improvements are shown. This could save an average of £100 per driver per year for a business.
It is surely just a matter of time before this car insurance scheme is rolled out into personal cover policies and not just for businesses.
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