Insurance company launches ‘Pay as you drive’ initiative

2 years ago

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Good driving will be rewarded by IronRock Insurance Company’s Pay As You Drive (PAYD) initiative, which was launched online on Tuesday.

The reward will be done through a scoring system and at the end of each year. The score will be based on less driving, accelerating suddenly, driving at nights and speeding.

Drivers will be assessed using telematics insurance technology that will include GPS and motion sensors with drivers who tally over 95 per cent getting 25 per cent off their premium and those getting 80-94 per cent receiving a reduction of 10 per cent. Those who get under 80 per cent will receive nothing.

According to IronRock’s General Manager Christian Watt, the company is the first to offer technology-based insurance on the island, which will be done through a partnership with Guardsman Security Company.

He said the technology will be fitted to the motor vehicle, with Guardsman storing the data, but sending reports to IronRock for assessment and when necessary rewards granted.

Meanwhile, Guardsman’s Commercial Manager Damion Ayton said the app that will monitor drivers’ habits have been around for some time and will provide other benefits such as tracking, immobilisation and geofencing.

Ayton said the app could also notify drivers when they are speeding and when the vehicle is moving.

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