Hi, my name is Adam Stewart, Debt Collection Expert and owner of ADC Legal Litigation Lawyers.
One thing I love is a good discount. Car insurance can be a huge annual expense, especially if you are a young driver or drive a custom or sports vehicle. So when I hear about insurers offering discounts, I like to find out what they are offering. I consider myself a good driver and I drive less than 5,000 km per year, so what are the options for me to get a cheaper rate?
Is there an insurer that will reward me for low kms?
So far, I only found one online company to offer by-the-km motor insurance. This is Pay As You Drive Insurance, which is under the Real Insurance banner. They advertise that they offer all the benefits of comprehensive cover for a competitive price because you only pay for the kilometres that you plan to drive.
Lots of insurers also offer a “no claim discount”, which is a reduction on your premium if you do not lodge a claim during the previous policy period, so this is nothing new.
What about a reward if you are a good driver with low kms?
One insurer that does reward good drivers with low kms, is QBE.
The Insurance Box will assess your driving based on four main criteria. speed consistency, acceleration, braking and night driving. It will also take into account the km travelled to then calculate a fair insurance premium, rather than some arbitrary amount determined by your limited personal info.
If you are eligible, all you need is to download the app, no actual “box”. Otherwise, they will send you a box that is very easy to install.
The device or app both work to track motions in your car that indicate the four criteria mentioned above.
These motions combined with real-time data about your speed, distance travelled and time driven are all stored in the device to create your insurance pricing.
Craig Cooley, Manager of Claims and Telematics at QBE’s Insurance Box, says,
“Apart from the 4 four weighted criteria, we also take into account the usage of the car and the environment in which it is being driven. We check that the car is kept in the location you said it would be, as well as the kilometres you drove over the year. This will ensure that you are given premium based on how your car is being driven and not a price based on how cars are typically driven by people of your age, who live where you do and who drives a car like yours. That approach to pricing insurance can be like looking through a rear view mirror to understand the likelihood of a collision in front of you! It doesn’t always reflect your driving skill or style.”
Another big bonus. If you have the Insurance Box device fitted, it also works for theft-tracking, so in the event of your car being stolen, they can then seek to locate the car to advise the police to recover it and your personal items for you. It’s also backed and underwritten by QBE, so you have peace of mind in terms of payouts and claims.
For more information, visit the website of Insurance Box.
ADC Legal Litigation Lawyers is a legal practice specialising in commercial advice and litigation, debt recovery and insurance claims recovery disputes. For more information, email us at email@example.com or call 1300 799 820. Talk to us about your litigation or dispute concerns via Skype at adclegal.