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New Pay How You Drive Motor Insurance Policy Could Help Reduce Accident Rates and Track Stolen Vehicles
An innovative Pay-How-You-Drive motor insurance policy known as PHYD has been launched by Acorn Insurance and Financial Services. PHYD is easy to understand and is based on one premise, the way a person drives impacts on the risk they pose to their insurer. In other words, better driving habits should earn a lower premium.
The policy is aimed at lowering accident rates among motorists by allowing them to actively view reports on their driving behaviour and adjust bad behaviour accordingly. It will initially be sold through Acorn Insurance’s call centre and plans are in hand to make the policy available on line.
Research by Acorn Insurance identified that existing pay-as-you-drive motor policies are very difficult to understand. They are generally based on a cost per mile driven and as a result it becomes impossible to predict how much insurance will ultimately cost. In response Acorn Insurance has adopted a unique approach based on charging an up front premium on a presumed level of risk that a driving style poses to the insurer.
“Total miles driven, is only one of four items Acorn considers when evaluating driving style. In the event of driving style not suiting the risk profile sought, then Acorn gives the driver a chance to amend driving style including paying a top-up fixed amount for additional mileage requirements (if needed),” commented Alan Keating of Acorn Insurance.
Using technology supplied by Airmax Remote, Acorn’s insurance product is built around a similar points system used by the DVLA. A driver gets points for breaching pre-defined limits (speed, night time driving and continuous driving). The points remain for two months before dropping off. If the driver accumulates twelve points at any one time the policy is cancelled with immediate effect.
The technology used can also substitute for a tracker device and so if a policyholder’s car is stolen, it can be located and hopefully retrieved regardless of where it is in the UK.
Points (if incurred) get allocated daily and policy holders can be advised of points incurred by email or SMS. The Acorn Insurance and Financial Services web site www.payhowyoudrive.co.uk also provides policy holders with their points score and other relevant driving data. This information is accessed through the use of a secure password log-in issued to the policyholder at start of the policy.
More Information
Alan Keating, Acorn Insurance and Financial Services Ltd, Tel. 01704831818
E-mail: alan@ckgroup.com, Web: www.payhowyoudrive.co.uk
36 Chapel Lane, Formby. Merseyside L37 4DU
Phil Gallagher, Airmax Group Ltd, Tel. +44(0)1932 504 320
E-mail: p.gallagher@airmaxgroup.com Web: www.airmaxgroup.com
High res image can be downloaded from: www.clickintopr.com/editors/articleDetail.asp?pjID=572
Notes for Editors
Acorn Insurance and Financial Services Ltd is an independent family run insurance brokers who were formed in 1982 and are authorised and regulated by the Financial Services Authority. The company provides all classes of non-life general insurance and source our products from some of the biggest names in the insurance world.
Airmax Group is one of Europe’s most successful innovators in the supply of telematics solutions to the commercial and business fleet markets. A recently highly commended runner up for the ‘Green Fleet’ IT Innovation Award, the company has in excess of 25,000 vehicles fitted with its telematics units providing data across a diverse range of applications such as fleet management, driver performance profiling, vehicle diagnostics and CO2 emissions.
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