Insurance company Motaquote has teamed up with TomTom to provide 'high risk' drivers with a route to lower insurance premiums - Fair Pay Insurance. By using GPS telematics it records how you drive and adjusts your premium accordingly.
The cover is aimed at people who feel they are good drivers, but are unfairly penalised by the way insurance premiums are traditionally calculated. To qualify, participants must consent to having a GPS tracking unit fitted to their car to monitor where, when and how they drive. As an added incentive customers are also be provided with a TomTom navigation device.
As well as route planning and traffic information the TomTom provides real time feedback on your driving. Incidents of harsh cornering, heavy braking and speeding are flagged up. An online 'dashboard' provides more in depth data. The reporting is intended to encourage good behaviour and help customers reduce their premiums.
The insurance is aimed at drivers who pay, or expect to pay over £1,000 for cover. Fair Pay's Managing Director said, "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."
John Lambert - 9 Feb 2012