Thursday 5th October 2006
Motorists are being encouraged to compare car insurance costs to see if they could save under Norwich Unions new pay as you drive policy.
The company has launched two new policies which reward drivers who use their cars at off-peak times and over short distances.
For the over-24s peak time includes the high-risk morning rush hour, with driving at other times insured from 1p per mile on motorways to 4p in urban areas.
According to research conducted by the company, under-24s are far more likely to be involved in an accident at night. As a result it charges those policy holders £1 per mile between 23:00 BST and 06:00 BST.
Kay Martin, head of the new product at Norwich Union, said the insurance "provides an innovative solution for young drivers while also appealing to a broad range of motorists who see the benefits of paying for insurance based on actual vehicle usage".
"The future of insurance is tailored products to suit peoples lifestyle," she added.
Mileage is recorded using GPS technology and customers will receive a monthly bill which may be itemised. Norwich Union notes that a transparent approach to insurance enables drivers to manage costs more effectively than has previously been possible.
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