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9 March 2012

Telematics-based insurance from TomTom

TomTom is the latest high-profile telematics company to launch an insurance-related product. The company has announced a system called Fair Pay Insurance, which aims to reward good drivers with lower insurance premiums.

TomTom has developed the product in association with Motaquote, a leading insurance broker based in South Wales, and says it expects shortly to announce details of a second customer in the insurance sector.

The scheme aims to give drivers control over their own policy by using driving ability and behaviour to allocate premiums, rather than what it describes as "so-called risk factors" such as postcode, gender, and age or vehicle type.

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In the words of Nigel Lombard, managing director of the system: "We’ve dispensed with generalisations and said to our customers, if you believe you’re a good driver, we’ll believe you and we’ll even give you the benefit up front."

He adds: "This is unlike some other telematics-based schemes where you may have to prove your ability over a number of months. If you think of your insurance as your car’s MPG, the better you drive, the longer your fuel will last. It’s the same with Fair Pay Insurance. Good drivers get more for their money and in that sense they will ultimately pay less."

Drivers who sign up for Fair Pay will benefit from a specially-developed TomTom PRO 3100 navigation device, which includes Active Driver Feedback and LIVE Services. This means policy-holders can be alerted to driving events such as harsh cornering and sharp breaking, and benefit from accurate traffic information updated every two minutes.

 

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