PRESS RELEASE
COVERBOX.CO.UK
PAY-AS-YOU-DRIVE INSURANCE
September 21, 2010.
YOUNG DRIVERS AT NIGHT: THE TECHNOLOGY IS IN PLACE
www.coverbox.co.uk
The technology to monitor and potentially restrict young drivers’ late-night driving is already being used by parents.
Mums and dads of under-23s are using a pay-as-you-drive car insurance pre-set cost curfew to track and control the safety of their offspring when they’re driving at night.
Coverbox pay-as-you-drive insurance uses GPS technology to monitor the distance covered and times driven, plus speed and violent braking, and charges drivers by the mile for peak and off-peak use – but under-23s are automatically charged a higher “super-peak” rate after 11pm.
“The vehicle’s speed, any violent braking or acceleration, even whether seatbelts are being worn, wipers and lights being used and any number of other parameters can be monitored, more so in more modern cars, which are basically computers on wheels,” said a spokesperson for Coverbox.
“In many instances, parents simply do not have an insight as to how their son or daughter’s car is being driven, but we log a vast array of data – this was originally intended to enable us to assess driving style for future insurance quotes, but we can also use it to analyse the frequency and detail of near-misses and accidents.
“Parents often end up paying the insurance premium for their son or daughter’s car usage – but pay-as-you-go is not just likely to be cheaper than traditional insurance, but also gives parents the opportunity to control late night car usage when the roads are at their most dangerous for younger drivers.
“If under-23s use their own car, then driving between 11pm and 5am at weekends can be very expensive – we charge a super-peak rate because younger drives are statistically far more likely to be involved in an accident during those periods, and more than twice as likely to be involved in a fatal accident at weekends.
“This is despite traffic density being around 90% lower after 11pm than during the rush hour periods when most accidents involving the general population happen.
“But if they’re driving their parents’ car, and the insurance is with Coverbox, then parents can monitor the time of day or night their son or daughter is driving and the mileage they’ve covered and ensure they make a contribution to the cost.
“Believe me, the cost of 50 miles of pointless cruising around at up to 45p a mile between 11pm and 5am – depending upon the car, the driver and the location - soon gets their attention. They may feel indestructible, but they cannot predict the potentially lethal actions of others on the road at that time.”
Coverbox pay-as-you-drive (PAYD) insurance allows drivers to take out comprehensive cover that is paid for by the mile, with the price per mile varying according to the time of the day or night: off-peak, peak or “super-peak” times.
Over-23s are charged according to rush hour (Mon to Fri 730am – 930am & 430pm to 600pm excluding public holidays) or off-peak use, but under-23s are also subject to a “super-peak” charging structure: Friday, Saturday and Sunday 1100pm to 500am, and public holidays 1100pm to 500am. However, under-23s will also receive a bonus of 200 free off-peak miles every three months if they stay claim and conviction free.
The technology behind Coverbox - provided by Cobra, one of Europe ’s leading automotive security companies, and based on proven equipment specified as original equipment by several major car makers - means customers will also have the additional peace of mind of theft tracking: in virtually all cases, Coverbox can track and locate the car if it is stolen.
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07788 978800
Background:
Customers log on to www.coverbox.co.uk to apply for insurance, and receive a selection of quotes and varying features from Coverbox’ insurance company partners including The Co-operative, Allianz Insurance, Equity Red Star and Groupama Insurances. Insurance will ultimately be offered by six big insurance brand names, with the remaining two insurers to be confirmed shortly.
“The customers tell us how many miles they expect to drive, based on established driving habits and what times they tend to drive them, we then forecast how much - on a per-mile basis - their insurance will cost,” said Penny Searles.
“We then fit the ‘Coverbox’ to their car which confirms the mileage they cover and the times they drive; it should take less than an hour to fit by technicians who travel to the customer – more than 100 fitters are in place around the country.
“Some months customers may do a little more mileage than planned and other months they may not; over the year it may well even out, but if they cover fewer miles than estimated then they can have a refund or we credit their insurance bill for the following year.
“In summary, it will work very much like a monthly utility bill – the key difference, though, is that low risk drivers who use their cars little and in off-peak periods are not penalised by the actions of or accidents suffered by higher risk drivers driving at higher risk times.
“We believe a significant number of Coverbox customers will save a great deal of money compared to the cost of ‘traditional’ car insurance premiums.”
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