The largest insurer in the UK, Norwich Union, has suspended what had been described as a ground breaking form of car insurance that used a black box to track every journey.
The idea was to set premiums based on the risks faced by drivers. This would mean that drivers avoiding rush hour or late night driving would pay less for their car insurance. Norwich Union cited a slow take up of the idea and too few customers as the key factors for withdrawing the car insurance scheme.
There has also been a certain amount of mistrust from drivers regarding the black box. Having every journey monitored is not what Britain is about and there could be situations where a drivers Norwich Union car insurance policy could be negated if a vehicle was seen to be speeding at any time, or even have the data passed to the police. All in all most people feel the withdrawal of the black box idea is a good result and hope that it will not see the light of day again.
Instead of punishments for not going green the government should use incentives instead says Tesco Finance.
Research carried out shows that around 2 million people already drive an eco friendly vehicle but that is dwarfed by the 21 million who would seriously consider such an option if it was made easier to do so. Tesco Finance found that the cost of buying such a vehicle was prohibitive to many.
The Tesco Finance study also found that those aged 55 and over are the most likely to have gone eco friendly, with 8 percent having a green car. This contrasts with the 34 and under age group where those with an ecologically friendly car is just 4 percent. A Tesco representative saw the research as proof that the nation is happy to embrace green transport as long as it is financially possible for them.
Direct Line are asking all van owners to make sure they have the correct insurance cover otherwise they could find themselves out of pocket in the case of a claim.
Most van drivers use their vehicles for commercial purposes so it is vital that they get the correct van insurance that covers business use. Another aspect that many drivers of vans fail to appreciate is that it is classified as a place of work and so the smoking ban is in force. Drivers can be fined up to GBP2,500 for this warn Direct Line.
Van insurance has become much more competitive in recent years, with companies such as Direct Line recognising the increased demand for cover and therefore developing their products accordingly.
