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Co-operative launches "Pay How You Drive" car insurance

Article by Simon Christopher
Posted: 18/3/2011 - Last updated: -
Rating: 0.00 0.00 (1 votes)

A scheme that launched this week could mean significant insurance premium reductions for young drivers prepared to have their driving activity monitored.

The scheme, offered by Co-operative Insurance, involves a small "Smartbox" device being attached to the car, usually under the bonnet or dashboard, with the device transmitting data back to the insurer.

Premiums would then vary depending on driving behavior, taking into account braking and acceleration, cornering, speed and time of driving. There'd be discounts for those who drove within speed limits, cornered at sensible speeds and avoided night time driving.

The company says that on average starting premiums would be around £300 cheaper than rival policies. Premiums would then be reviewed every 90 days, with a potential further cut of up to 11% based on safe driving. The rules of the policy would mean persistent bad driving such as cornering at unsafe speeds could mean the premium rose to as much as 15% higher than its original level.

Drivers would be able to check their performance at any time. They'd also be warned about dangerous driving that could risk legal problems or even a loss of the insurance cover.

PLEASE NOTE: News items are intended for information only and should not be relied upon when making insurance decisions. Due to their nature, some of the information in news stories including any references to taxation, legislation, regulation, or other issues may no longer be current.

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