Chubb Launches Simple New PAYD Cover
Chubb has announced the launch of MY Smart Car Insurance for drivers for low mileage. Doesn't appear to be IoT or telematics enabled and includes three different plans offering cover within the annual mileage limits of 5,000km, 7,000km and 10,000km. It seems to works a bit like an insurance voucher and customers can top up before reaching their mileage threshold. Don't know exactly how they validate km's...I expect they just get the customer to take a photo on the mobile and send it through. One thing that seems really neat is if you do not exceed the km's by the end of the policy period then up to 2,000 km of unused mileage can be carried forward to the following year upon renewal, at no additional cost. That is like the rollover from unused data on Mobile Phones. Looks like a good way to test customer appetite for a usage based solutions without all the 'tech' stuff!
