PAYD insurance - do you know what it is? Do you have it?

[malumbu]

Hopefully the title of this thread should have whetted you appetite.

Around 1% of drivers have pay as you drive insurance, where telematics (black box) monitor your driving techniques and safer driving is rewarded by lower premiums.

Always think that this is aimed at novice drivers, but perhaps it should be attractive to more more of us.

Views would be great.

[malumbu]

You pay water rates. There is an approximate assessment of your usage. You have a water meter fitted and pay for what you use.

This is a similar concept. What's not to like? Please tell me one way or the other. Otherwise I will have to do a poorly designed and annoying survey monkey survey. See my other thread that nobody has responded to.

[ruffers]

(A girl at work had it and her insurance went up.)

For my part I struggle with the concept a bit to be honest on how the device actually works. Bad driving causes accidents, poor observation does, lots of things I can't see how the box can track.

[DaveR]

Lots of companies are trying to persuade insurers and customers that it's the next big thing, but it's been slow to take off. Price wise it's not likely to be attractive to anyone who has a long no claims history, drives a boring car and is way too old for 'boy racer' type antics i.e. me and pretty much everyone else I know. Motor insurers are competing so hard for our business that even with very low claim rates, they're still making an underwriting loss.

I'll be looking into it more closely when the kids get nearer to driving age.