Norwich Union Pay as you drive car insurance withdrawn.

http://news.bbc.co.uk/1/hi/programmes/moneybox/7453546.stm

:mad: :mad: :mad: I'm so disappointed in this. Had my box fitted about 2 months ago and am loving it.

What annoyed me though was the fact that I read about it first on the internet and not in a letter from Norwich Union.

Maybe if they didn't get the uptake they wanted, they should have advertised it more??? :mad: :mad: :mad:

I gather that it was abandoned due to low take up. I always thought from the start that such a system would provide an insurer with a deluge of information about how people use their car, but processing the sheer volume of information to gain an underwriting advantage would be nigh on impossible. The situation may change in the future, but for now I think a normally underwritten pool of 100,000 cars will always outperform a pay as you go pool of about 10,000 with the associated technology and administrative costs - they could not acheive anywhere near the economies of scale required to make it a viable proposition. Still, all credit to them for giving it a go.

I never wanted to ever go for this as I prefer night driving to day driving and they charge a hell of a lot for after 11. Considering, I work until 11 or 12pm it wouldn't be good. Plus going to and from university I tend to drive at night, as well as shopping (24 hours Asda woo) at night as well.

I did think it was an ok idea but the thought of not getting insurance payout for going 35mph in a 30 or whatever did worry me.

The late night thing is just because of 17 year old chavs who just passed their test, fill their small Sh!troen Saxos with mates and "birds", go for a drive at night trying to show off, then ploughing the car into a tree etc.

I personally think the black box should have had a camera facing at the driver and have somone rate how chavvy they are, how many mates are in the car, etc etc as that's their risk of crashing IMO.