Pay-as-you-go motor insurance
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According to research, nine in ten people say they would prefer their motor insurance to reflect usage of their car and the type of trips they make - with the majority favouring 'pay as you go' systems similar to those offered by gas and electricity suppliers. Which is where Norwich Union's Pay As You Drive comes in: the British insurance company will be able to collect real-time vehicle data using a 'black box' device installed in its customers' vehicles. Insurance payments will be calculated based on how often, when and where customers use their vehicle. The black box measures vehicle…
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