Catlin backs insurethebox - Per mile car cover for monitored new drivers to cut claims
14 Jun 2010
A Catlin-backed motor insurance for new-qualified drivers called insurethebox is now available, charging per mile driven and giving as many as 100 free extra miles a month for the safest drivers.
A small ‘ClearBox' in the car monitors exactly when and where the car goes and how it is driven. The idea is that drivers with good driving behavior save money. The ClearBox is provided by Octo Telematics, the international leader in insurance telematics data services. The technology measures fast acceleration and sharp braking and takes into account the speed on different categories of roads. Any sudden crashes also trigger an alarm.
Where the car registers a high g-force crash, such as 8 or more, the automatic alarm can also predict that serious injury is likely. If the customer cannot be contacted, insurethebox will call emergency services and give the precise location. The box also alerts the service centre about lower impact incidents reporting a g-force of 2.5 or more, indicating that there might be an accident. The insurethebox service centre will then contact the customer and organise help if needed. Customers have 24/7 access on the insurethebox website and can see how well they are driving compared to their peer group. The aim is to influence positive behaviour by giving good drivers incentives.
Typically the first 6,000 miles are included in the cover. Then drivers buy additional miles as needed automatically through their credit card or bank account or can earn bonus miles to top-up in a similar way to accounts for mobile phones.
Insurethebox has its own website selling direct and through consumer websites such as moneysupermarket.com, where it expects to show up cheapest in quote results for its target drivers.
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