peter
Business Reporter
A NEW vehicle insurance product has been developed by Cassava Smartech’s insurance service provider, Moovah, that allows motorists to pay premiums based on their driving behaviour.
The Pay As You Drive (PAYD) insurance product gives motorists control to lower their premium costs through model, examplary driving, said Mr Givemore Jojo, Cassava’s chief commercial officer.
“Moovah PAYD allows vehicle owners to pay premiums based on their driving behaviour, including mileage, speed, acceleration, braking or negotiating corners, time of driving, age and gender, among other things,” he said.
Mr Jojo said motorists’ driving behaviour would be traced through a GPS-enabled device that records vehicle movement information, tracks the distance travelled and generates reports about vehicle health or driving patterns of the policyholder.
He said the telematics device is fitted to the car as the insurance policy becomes active and must be kept throughout the policy period.
The device also comes with a motion sensor and generates fuel-saving reports, apart from monitoring hard-braking, night-time driving and acceleration and monitoring fuel slippage and dangerous driving habits.
Most motor vehicle insurance premiums in Zimbabwe are fixed and do not take into consideration several factors, such as age of the driver or whether the vehicle is parked at home or at the office most of the time.
Mr Jojo said that the shift towards pay-as-you-drive insurance makes sense during uncertain time when unnecessary journeys are discouraged as organisations and employees alike discover the benefits of working from home.
“Data privacy and security remains a priority for us. Your driving data remains confidential and will not be availed to any third party without your consent nor be used for other purposes besides to determine your insurance premiums,” he said.
Online Reporter