Norwich Union launches pay as you drive insurance
Published On 5 October 2006
Norwich Union has launched a new pay as you drive insurance policy, which is designed to satisfy the 67 per cent of motorists who are looking for innovation in their car insurance package.The insurer's pay as you drive policy is the first product designed to help motorists control the cost of their insurance by making informed choices about when, where and how often they use their car.
In-car GPS devices allow Norwich Union to build the insurance policy around each individual motorist. Customers will receive monthly bills based on car usage including the time of day, type of road and mileage undertaken.
Customers will also benefit from the option of itemised billing where the premiums for each journey will be calculated and totalled.
Norwich Union pay as you drive car insurance is broken down into two different customer groups, the fist being motorists aged 18-23 and the second being motorists aged 24-65.
Iain Napier, Norwich Union spokesman, said: "The launch of pay as you drive insurance will give motorists access to insurance that's specifically tailored to them and their driving habits, potentially rewarding them with cheaper premiums.
"We're confident that pay as you drive insurance is simply a fairer way of calculating premiums and gives customers greater control, flexibility and choice. That's why we expect the first ever pay as you drive insurance proposition in the UK to be a huge success with motorists."
