OUTsurance recently expanded their product offering to include Safe_Driver@OUT, a brand-new addition to the OUTsurance car insurance product range that adjusts clients' premiums based on their specific driving habits and mileage.
"This product provides a new spin on an already-familiar concept in the South African car insurance market," says Ernst Gouws, Chief Executive of OUTsurance. "Traditionally, a tracking device will be fitted to your car to provide the insurer with a report on a few select indicators such as the distance you travel or your average driving speed.
"Although these factors are certainly very important, it proves to be somewhat limited in its application. In light of this, we've decided to differentiate our product offering by recording as much data as possible to ensure that drivers who've adopted a conservative driving style and who keep to the rules of the road , will see a direct and significant benefit in their insurance premium. In fact, safe drivers can expect a saving of up to 20% on their insurance costs."
"We have also been able to negotiate really affordable prices on tracking options for OUTsurance clients by cutting out commissions, redundant features and by using our buying power," he adds.
A Tracker Skytrax tracking device will be fitted to your vehicle to provide OUTsurance with detailed data on the number of kilometres you travel on a daily basis; the position of your vehicle; your driving speed; whether or not you accelerate or brake harshly; the speed at which you take corners; as well as the time of day or night you're on the road.
The scores measured for an insured driver over a twelve month period are used to determine what adjustment should be made to his or her premium. In the case that this person is considered a very safe driver based on these metrics, his or her premium will be decreased at the anniversary of the facility.
Safe_Driver@OUT clients will also be able to monitor their driving behaviour by logging in on the OUTsurance website.
In closing, Gouws comments that "although our short-term goal is to incentivise drivers to practise defensive driving and to keep to the rules of the road, we hope that this product will ultimately reduce the large number of road accidents and fatalities that are caused by the countless instances of speeding and reckless driving on our roads".
11 April 2011
OUTsurance recently expanded their product offering to include Safe_Driver@OUT, this adjusts clients' premiums based on their specific driving habits and mileage.