Tired of having to pay the same insurance premium as those crazy drivers you find yourself silently shaking your fist at while driving home every evening? Well TomTom may have just the answer for you.
The SatNav manufacturer has teamed up with insurance broker Montague for the launch of Fair Pay Insurance, a product designed to reward good drivers with lower premiums.
The concept is based around using the data from your SatNav to monitor your driving ability and behaviour and in turn this will be reflected in the level of your insurance premium. This will replace the so-called risk factors traditionally used to determine your premium such as age, gender, postcode and vehicle type.
“We’ve dispensed with generalisations and said to our customers, if you believe you’re a good driver, we’ll believe you and we’ll even give you the benefit up front,” said Nigel Lombard, Managing Director of Fair Pay Insurance.
When you sign up for Fair Pay, you’ll be given a specially developed TomTom PRO 3100 which includes Active Driver Feedback and LIVE services. You will then be alerted when you have carried out risky “driving events” such as harsh cornering or sharp braking.
Drivers will also have a LINK tracking unit fitted to their cars allowing your driving behaviour and habits to be monitored remotely. The LINK unit will communicate via Bluetooth with the TomTom SatNav. This information can then be viewed by the policy-holder in their “Driver Dashboard”, an online tool that details journey and driver behaviour data – as well as getting regular emails.
Will you be signing up for this scheme? Let us know in the comments.
Source: Fair Pay Insurance