Sunday, August 2, 2009

Pay As You Drive car insurance can save you $$$

In these tough economic times, hard-pressed Australian consumers now have access to a car insurance product which could significantly reduce their annual car insurance premiums. Pay As You Drive from Real Insurance, is the first insurance product of its kind in Australia whereby qualified motorists pay only for the kilometres they plan to travel.

Says Real Insurance CEO Roger Grobler: "Current car insurance pricing is inefficient and unfair. Drivers who are similar in respect of age, gender, location and driving safety record and who use their cars sparingly should not have to pay the same as their neighbour who may be driving four or five times the distance.

"The way the current car insurance system is structured means that low-mileage drivers are simply subsidizing insurance costs for high-mileage drivers.

"Motorists are changing their travel patterns to accommodate the rising cost of petrol, increased traffic congestion and strained household budgets. Environmentally conscious motorists are also cutting down on driving their cars in response to climate concerns.

"It was against this background, that we felt the time was right to offer a robust, comprehensive motor insurance product for which they pay only for the kilometres they plan to travel."

Grobler points out that Pay As You Drive is not for everyone.

Says Grobler: "Pay As You Drive works for people who drive less than average. Motorists who drive a lot are actually being subsidised by traditional car insurance, and Pay As You Drive won’t work for them.

"Pay As You Drive is ideally suited for people who drive to and from the train station, or work close to home, and maybe use their car a bit on the weekend or for those who have a second or third car.

"Anyone driving less than the average for people with their same insurance profile will pay less than ‘traditional’ comprehensive car insurance.

"We want to give these people a fair go. Pay As You Drive reflects large scale changes in motoring habits and in so doing, accommodates the changing needs of motorists," says Grobler.

Recognising that these changing motoring habits also reflect people wishing to lower their carbon footprint, Pay As You Drive has partnered with Greenfleet, a government approved greenhouse gas reduction initiative to offer motorists the option to offset their car emissions with a one off tax deductible donation which will assist in the planting of trees.

Similar insurance products overseas require their policy holders to have their cars equipped with car monitoring devices. Pay As You Drive in Australia relies on the customer reporting the odometer reading of the car insured.

Car owners should call 13PAYD (which is 13 72 93), or log onto http://www.payasyoudrive.com.au to find out more and how much you may be able to save

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