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Pay by how you drive
Page 9
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SPF.CI A LIST CV INSURANCE broker Lloyd Latchford has launched a 'pay by how you drive' scheme. Premiums for this scheme, which is said to be the first of its kind in the UK, are calculated by building up a driver profile taking into account behaviour such as rapid acceleration, harsh braking, speeding, overall mileage and drivers' hours.
This information is read from the vehicle's engine management system and transmitted via GSM/ GPRS.
A spokesman for the brokersays: "Initially you need a reasonable period of time to draw meaningful conclusions on driver behaviour,as opposed to capturing a couple of one-off 'blips'. [But] as behaviour patterns become established, automatic updates show in graphic chart format the specific criteria related to driving style.
should add that analysis is completely automated and key performance indicators are flagged up with fleets and insurers as 'exception' reports.
The spokesman suggests this type of insurance can cut premiums, because drivers who know they are being monitored are more likely to be more careful on the roads.
The Data Protection Act prohibits any third party accessing this data.