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  • Usage-based insurance (PAYD, PHYD) set for major growth

    The usage-based insurance (UBI) market is expected to grow at a compound annual growth rate of more than 17% between 2018 and 2024, according to a new report by consulting firm Global Market Insights.

    One of the major factors driving the growth is the increased production of vehicles embedded with telematics or using external tracking systems to capture data about vehicle health and driver behavior, according to Global Market Insights. The systems allow insurance companies to calculate premiums for clients in accordance with the usage rate of the vehicle and the behavior of the driver.

  • What's Black Box Insurance or PAYD/PHYD? Pros and cons?

    Pay how you drive insurance is a special type of motor vehicle insurance that takes  into consideration how you drive. This simply means your driving habits dictate your premiums i.e. speeding, braking, parking, positioning, stops e.t.c. If you happen to be a rough driver who speeds, breaks suddenly and positions themselves near obstacles/objects, you will obviously pay higher premiums compared to the careful driver who breaks gradually and leaves enough space between the car and objects.