Cheaper insurance with TomTom?
TomTom - that'd be the company that makes satnavs - have joined up with insurance broker Motaquote to launch a new car insurance product that will monitor your driving behaviour and reward you with lower insurance premiums.
You'll have to sign-up with the Fair Pay Insurance service, where you'll be issued with a TomTom Pro 3100 navigation device that will alert you when you're doing things behind the wheel that may result in an accident. So if you're prone to late breaking or flying 'round corners, you'll get nagged by your satnav. The policy will also require you car to be fitted with a Link tracking unit which will monitor your driving habits which will then be displayed on your dashboard, as well as in reports in a regular email.
Worth it for cheaper insurance?
Of course, you'll start off with lower premiums, but they could feasibly rocket if you have bad driving habits... but then again, it'd be your own fault, right? This is all dependent of course, on how fair the system in place actually is.
"We've dispensed with generalisations and said to our customers, if you believe you're a good driver, we'll believe you and we'll even give you the benefit up front," says Nigel Lombard, Managing Director of Fair Pay Insurance. "This is unlike some other telematics-based schemes where you may have to prove your ability over a number of months. So if you think of your insurance as your car's MPG – the better you drive, the longer your fuel will last. It's the same with Fair Pay Insurance, good drivers get more for their money and in that sense they will pay ultimately less."
There is a catch. You'll have to pay for the TomTom device and tracking kit yourself.