Last car classic insurance News September 2005
Norwich Union Continue Black Box Pilot Trial
This company has been undertaking a 2 year pilot for its own pay as you drive car classic insurance scheme which is the first of its kind in the UK. The scheme involves over 5000 Norwich Union policyholdersТ cars being fitted with a "black box" which records every completed journey they make. The results reported so far have meant that they are sufficiently satisfied to be recruiting an extra 1500 young drivers between 18-23 years of age to extend the trial.
What is a Black Box?
car classic insurance
The principle is easy to follow. There is a standing car classic insurance premium which is based on your vehicle and where it is kept overnight etc. to cover the risk of the car being stolen or damaged when parked in its normal position. To this is added an amount calculated on how far you have driven, on which roads and at what time of the day. The rate per mile differs dependent on such things as the age and gender of the policyholder and their car classic insurance history as well as how the car is being used. Travel between 11.00 p.m. and 6.00 a.m. is being charged at a very high car classic insurance premium due to the higher propensity of car accidents during this time.
The "black box" uses similar technology to that used in mobile phones and is fitted either in the passenger area or in the car boot and will use GPS technology to send information back to the car classic insurance companyТs computer which can interpret this data into how far the car has been driven, the speed at which it travelled and what time the journey took place. This information produces the cost per mile element of your pay as you drive monthly car classic insurance premium which is notified and paid on a monthly basis.
This company has been undertaking a 2 year pilot for its own pay as you drive car classic insurance scheme which is the first of its kind in the UK. The scheme involves over 5000 Norwich Union policyholdersТ cars being fitted with a "black box" which records every completed journey they make. The results reported so far have meant that they are sufficiently satisfied to be recruiting an extra 1500 young drivers between 18-23 years of age to extend the trial.
What is a Black Box?
car classic insurance
The principle is easy to follow. There is a standing car classic insurance premium which is based on your vehicle and where it is kept overnight etc. to cover the risk of the car being stolen or damaged when parked in its normal position. To this is added an amount calculated on how far you have driven, on which roads and at what time of the day. The rate per mile differs dependent on such things as the age and gender of the policyholder and their car classic insurance history as well as how the car is being used. Travel between 11.00 p.m. and 6.00 a.m. is being charged at a very high car classic insurance premium due to the higher propensity of car accidents during this time.
The "black box" uses similar technology to that used in mobile phones and is fitted either in the passenger area or in the car boot and will use GPS technology to send information back to the car classic insurance companyТs computer which can interpret this data into how far the car has been driven, the speed at which it travelled and what time the journey took place. This information produces the cost per mile element of your pay as you drive monthly car classic insurance premium which is notified and paid on a monthly basis.
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