Innovative Miles-Based Auto Insurance Program Introduced for U.K. Drivers
20 May 2010
"insurethebox" promises savings and value, particularly for younger and low-mileage drivers
Beginning this week a new variable-priced auto insurance program is being offered to U.K. drivers which promises to revolutionize the way you pay for car insurance. Global economic stressors and other factors have been steadily driving up the cost of buying and owning a car.[i] Insurance is generally considered a fixed cost with respect to vehicle use and according to data published by the Victoria Transport Policy Institute, typically the third largest ownership expense, after depreciation and fuel.[ii]
Going beyond traditional auto insurance pricing and subscription models, "insurethebox" provides a customized online Customer Portal displaying detailed driving behaviour data through a state-of-the-art "Clear Box" with GPS-based mileage reporting. Aimed at rewarding drivers for good behaviour, the new program promises considerable savings and value, particularly for younger and low-mileage drivers.
Services provided through the insurethebox policy include an integrated online "ShoppingBox" Reward Miles program and the opportunity for drivers to buy Top-Up Miles and earn Bonus Miles based on driving history. Outside of 6,000 base miles included per year, any additional unused miles roll over to the following year. There is no penalty in the policy for "bad driving," but "safe driving" earns up to 100 Bonus Miles each month.
Using the Customer Portal drivers can view how many miles they have used and how many remain, buy more miles, make changes to policy records, and purchase items online to earn rewards. The portal also allows drivers to access individualized feedback on their driving, including tips on how to improve and save. The feedback is based on data collected from a telematics device provided through Octo Telematics, S.p.A., which has already connected over a million vehicles for service delivery to more than 50 insurance companies, including all of the top five European Insurance Groups.
The installed Clear Box device (slightly bigger than a mobile phone) monitors and reports driving related factors such as mileage, speed and the time of day. It records the types of road used, as well as any sudden impacts on the vehicle, monitoring any heavy breaking and providing automatic incident alerting. It is installed professionally and the cost is included in the policy, even if the driver changes cars or the box needs to be repaired or replaced.
Andy Haynes, Joint CEO, noted the consumer website is now live at www.insurethebox.com. "Testing should conclude by the 24th of May," said Haynes, "when we will go fully live with a leading insurance price comparison on the website." "We are pleased to partner with insurethebox for this important program," said Harald Trautsch, Executive Vice President and CMO of Octo Telematics S.p.A. "Insurance telematics programs have gained widespread acceptance across Europe, with Octo recently adding an average of over 1,000 new customers each day. This new direct-to-consumer option for U.K. drivers from insurethebox provides potential for subscribers to save money and increase safety and security."
Vehicle theft tracking is inclusively provided with all insurethebox policies. This is enabled by integrated GPS-based location capability which can help to recover a vehicle if it is stolen. Vehicle tracking enables quicker emergency assistance in the event of a car accident as well. In this circumstance a program support representative is automatically alerted and if the car is stationary they call the subscriber on their mobile phone to ensure they are okay and offer assistance to get back on the move.
In the event the subscriber can't be reached and the crash alert data is consistent with possible injury, they can assess the circumstances relating to the reported incident, such as the location, time of day and force of the impact, and can take additional measures and attempt to contact emergency services. The insurethebox program provides a comprehensive host of benefits designed to keep drivers safe as well as improve individual driving behaviour and save money on the cost of car insurance.
About insurethebox
insurethebox is the trading style of InsureTheBox Ltd., a wholly owned subsidiary of Box Innovation Ltd which is incorporated in Gibraltar (Company Number: 102344) and whose registered office is: Montagu Pavilion, 8-10 Queensway, Gibraltar. InsureTheBox Ltd is incorporated in Gibraltar (Company Number: 102568) and whose registered office is: Montagu Pavilion, 8-10 Queensway, Gibraltar. InsureTheBox Ltd is authorised by the Gibraltar Financial Services Commission registered number: FSC01082B and authorised and subject to limited regulation by the Financial Services Authority. Details about the extent of our authorisation and regulation by the Financial Services Authority are available from us on request, or can be found on the Financial Services Authority website at www.fsa.gov.uk/register.
For additional press information about insurethebox, contact Mark Baylis - 07775 693994 (Office hours) or Parm Evans - 07501 462045 (24 Hours), or email us at pressandmedia@insurethebox.com.
About Octo Telematics
Octo Telematics S.p.A. is a MetaSystem Group company specializing in the provision of telematics systems and services for the insurance and automotive market, with a particular focus on sustainable mobility sector. Founded in Rome in 2002, Octo Telematics has over a million customers, with subsidiaries and partners in Europe, USA, South America, and Asia. Through the largest telematics fleet in Europe for the number of active clients and a database of the most complete figures and statistics globally, Octo Telematics represents a best practices scenario within the global panorama of vehicle telematics and infomobility. For further information, please visit: www.octotelematics.com.
For press information about Octo Telematics, contact Antonella Basile - Head of Communications at MetaSystem Group. Email: antonella.basile@metasystem.it, phone: +39 335 7698072.
[i] http://www.telegraph.co.uk/motoring/news/7652609/Britons-turning-back-on-car-ownership-as-cost-of-motoring-soars.html
[ii] http://www.vtpi.org/tdm/tdm82.htm
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