From This is Money:
Car insurer More Than has pledged to continue fitting satellite trackers in customers’ vehicles, despite rival Norwich Union abandoning the idea last week. Both insurers have been trying to reinvent motor cover, using the technology to link premiums to when and where a car is driven.
Norwich Union last week wrote to more than 10,000 customers saying it was ending its pay-as-you-drive cover. The insurer pioneered the concept with two policies, one for younger drivers and the other for low-mileage motorists.
These customers face higher premiums as they will be forced to rearrange their insurance over the next three months.
Norwich Union says the cost of offering pay-as-you-go cover, including installing satellite trackers in each car, is no longer sustainable. The company announced 1,800 job losses this month.
But More Than spokesman Nick Dear says: ‘The technology is working for us and we have no plans to withdraw it.’
More Than’s ‘drive time’ package, aimed at young drivers,…
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