Tunnel vision
Pay as you drive schemes appear to be in a continual stage of development, both in terms of the technology available and policy design, causing many insurers to hold back. Liz Booth explains that the industry's perception of this product needs to change in a bid to explore alternative routes to market
Road tolls, a drive towards greener transport and low mileage, and insureds complaining of subsidising others - no wonder there are calls for alternatives to the traditional motor policy. Add to this the aggressive competition in the UK motor market and, again, it is no surprise that insurers are looking to gain an edge. Pay as you drive (PAYD) schemes have been at the conceptual stage for a long time, so it is astonishing, given all the increasing pressures on insurers, that so far only two
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