Norwich Union launches the «Pay as you drive» insurance policy

Norwich Union has launched the innovative “pay-as-you-drive” insurance policy which consists of a satellite-monitored system. Launched in 2004 among a sample of 5000 motorists, the project led to the adoption of a plan involving the driver in the calculation of insurance premium. Developed by the American Progressive Casualty Insurance of Mayfield, the scheme outlines a detailed monthly invoicing. The premium is calculated according to the time, place and the conditions pertaining to the use of the vehicle, which would cut it down by 33%. The scheme is equally proposed to young drivers labelled to be a high-risk population.

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