Pay as you go Insurance
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Pay As You Go Insurance For Brokers

BIBA The British Insurance Brokers Association is to join Norwich Union and Alliances More Than product in the launch of a pay as you go insurance cover. The insurance trade association is looking to provide a product for its broker network that rivals that of the two direct insurer giants who launched their pay as you go products in 2006.

This pay as you go initiative system works with the installation of a black box in the consumers vehicle and has been hailed as revolutionary method of insurance particularly for new and inexperienced drivers who often face the brunt of massive premiums for annual car insurance.

By this method drivers pay only for usage and risk premium are assessed on the driving habits of the individuals. The whole process of pay as you go in its current guise does how ever have some drawbacks at the moment particularly from the technology perspective. There will need to be some consistency in the black box technology in order for choice of insurer to be available to the consumer.

BIBA simply want to ensure that brokers are given a level ground of competition with the big direct players. We will follow the developments of this proposal over the next few weeks and hopefully we will see a working car insurance product available this year.

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