insurethebox enters car insurance market
The launch of insurethebox is set to change the face of car insurance for many consumers who want to reduce the price of their premiums, says moneysupermarket.com.
New motor insurer insurethebox launches today with revolutionary new behaviour-based technology, similar to telemetry normally found in a Formula 1 racing car. A small box is installed for free inside your car which monitors when and where you drive, and how well the car is driven. Uniquely, insurethebox policy holders are charged by the mile meaning costs can be monitored, and therefore kept to a minimum. When taking out the policy, motorists initially pay for 6,000 miles, and once these are used up they can buy more miles as they need them, in a similar way to topping up a mobile phone, becoming a ‘pay as you drive' scheme. In addition, policy holders are incentivised to drive safely and will be rewarded with ‘free' miles depending on how well they drive.
insurethebox users can also access their account online to monitor their miles and driving habits.
Steve Sweeney, head of car insurance at moneysupermarket.com, said: "insurethebox is one of the most innovative car insurance propositions we have seen for a long time - the industry has been crying out for a new concept that really works. ‘ClearBox' technology certainly isn't new, but insurethebox is more sophisticated in its design, making it a more sustainable scheme.
"It caters for low-mileage drivers by only charging them for the miles they drive, which is a great way to keep costs down. Similarly, it will suit younger drivers who struggle to find competitive insurance quotes. For parents who often pay for their children's car insurance insurethebox will also relieve their concerns as they will be able to keep an eye on where their children are driving and how safely too.
"As with all insurance products though, insurethebox is certainly not a ‘one-size-fits-all' policy; it won't be suitable for everyone. People who drive for a living, for example, may find that being charged per mile is not cost effective, and motorists living in rural areas who rely on their cars much more may find traditional providers offer better value."
The insurethebox technology also alerts the main service centre when a driver has been involved in an incident, meaning help can be organised extremely quickly in the event of an accident.
Steve Sweeney continued: "The benefits of insurethebox are clear and I believe this insurer could really help keep motoring costs down and successfully promote safer driving. At moneysupermarket.com, we are delighted to offer it exclusively through the site to our customers."