Product to his market in January 2009
Coverbox, a new pay-as-you-drive insurance product, is being launched to the UK consumer market in January 2009.
Coverbox uses proven technology provided by Cobra, one of Europe’s leading automotive security companies, and is headed by some of the UK’s most respected insurance industry personalities.
Coverbox monitors customers’ usage in terms of distance covered and time of day or night a vehicle is in use, and charges according to mileage covered in off-peak, peak or “super-peak” periods.
Coverbox technology means customers will also have the additional peace of mind of theft tracking – in virtually all cases, Coverbox can track and locate the car if it is stolen.
Sandy Dunn, chairman of Wunelli, the company behind Coverbox, said: “We believe both the consumer and the motor industry are ready for pay-as-you-drive. Others, such as Norwich Union, have tried before with older generation technology and without any real success, but our technology is new-generation, highly-capable and based on integrated security solutions specified and proven by Europe’s and Japan’s leading car manufacturers.
“The entire concept and system has been thoroughly tried and tested. As well as fundamental features such as monitoring time and location of vehicle use, the Coverbox system enables tracking and location of stolen vehicles through GPS technology – a major added bonus for our customers.
“We have also created a billing engine which allows us to translate the vehicle data into insurance cost. A simple car insurance policy which is easy for customers to understand has been developed in partnership with our insurers to ensure a successful launch.
“We are aware of speculation as to the identities of the insurers on our panel, but will be confirming our partners before the end of November 2008.”
