New company aims at providing cheaper car insurance for infrequent and younger drivers
EMB founder Mike Brockman has finally launched his pay-as-you-drive (PAYD) insurance company.
He has claimed that the Gibraltar-based Insure the Box is backed by well-known capacity providers, although no names have yet been disclosed.
The new company is expected to provide cheaper premiums for younger motorists who drive responsibly, and infrequent drivers, such as school mums.
Annual cover includes 6,000 miles to start, with extra miles sold in blocks of 250. The cost for these will depend on the customer’s original premium.
Aviva pioneered the PAYD concept in 2005, attracting more than 10,000 drivers, but dropped it three years later after deciding it was too expensive to install mileage trackers in cars.
Since then, broker Coverbox set up to offer PAYD, backed by insurers including Allianz, Co-operative and Groupama.
Brockman established EMB in 1993, establishing it as a premier insurer, actuarial and consulting firm.