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Car Insurance -
Norwich Union: Pay-as-you-go is popular - 09/01/2008
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Car insurance provider Norwich Union claimed yesterday that its 'pay-as-you drive' product has proved "popular" with customers in its first year of operations.
A spokesman for the firm said that drivers who cover 8,000 miles per year, or less, could make savings on car insurance of about 30 per cent with the product.
Pay-as-you-drive works by installing a GPS box in the customer's vehicle and measuring how much the car is used: the lower the mileage, the lower the premium.
Erik Nelsen at Norwich Union said that the increased information given by the GPS box gave a "more accurate" car insurance premium.
"Because we know when you're driving and where you're driving, we can price accordingly - for most people, what we’re seeing is that they’re saving around 30 per cent on average," he added.
The Norwich Union representative also said that there were many other ways for drivers to save on their car insurance, such as buying online, taking out protection jointly with a partner and keeping the vehicle in the garage at all times.
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