Saturday, 18 February 2012

Fair Pay – a radical new approach to motor insurance

Access to fair car insurance could be made easier with a radical new approach to calculating premiums announced today. 

Motaquote, the firm behind young driver insurance iKube, has teamed up with TomTom to launch         Fair Pay Insurance.  Fair Pay Insurance recognises drivers willing to be monitored and demonstrate how good a driver they are.   It gives the customer preferential insurance premiums bundled with sat nav technology to feedback their driving behaviour.  Just like your car’s MPG, the better the car is driven, the further your ‘insurance fuel’ will go.

Ideal for drivers who are paying, or expect to pay, more than £1,000 for their car insurance, and despite being good drivers, feel unfairly charged.

Nigel Lombard, Managing Director of Fair Pay Insurance explains: “If you genuinely believe you’re a good driver and are happy to have your driving behaviour monitored, we’ll believe you and we’ll even give you the benefit up front.” 

He continues:  “And our unique partnership with TomTom means that we are able to offer customers the very latest high-tech in-car TomTom navigation device with real-time driver feedback, enabling them to monitor and adapt their own driving behaviour on a day-to-day basis so they won’t get any nasty surprises as they go along or when it comes to renewal.” 

Fair Pay is designed for those who genuinely believe they are good drivers and feel they could be unfairly charged because of a so called risk factor that insurers use to calculate premiums such as postcode, gender, age, vehicle type or an isolated previous motoring conviction, which doesn’t impact on their ability to drive well. And to prove they’re good, they’re happy to have their driving behaviour monitored.

Thomas Schmidt, Managing Director of TomTom Business Solutions, said: “We are delighted to be working with Motaquote, who have recognised this potential in launching such a groundbreaking product.”

As motor insurance premiums continue to rise, Fair Pay Insurance really does offer a fairer deal to drivers.

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