- PAYD uses telematics to reward good drivers, cut premium costs
HARARE – Insurance provider Moovah has introduced a new vehicle insurance product that allows motorists to pay premiums based on their driving behaviour.
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 Givemore Jojo, Chief Commercial Officer at Moovah’s parent company Cassava Smartech Zimbabwe, said the Pay As You Drive (PAYD) insurance product gives motorists control to lower their premium costs through model, examplary driving.
“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.
He added that 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. The telematics device is fitted to the car as the insurance policy becomes active and must be kept throughout the policy period.
He said 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.
Mr Jojo said the tracker was for free to motorists that renew (buy) any Moovah motor vehicle insurance product, including a third-party cover.
“The insurance company will also pay the monthly subscription fees. If your vehicle has a tracker already, there is no need for you to change your tracking service provider. All you need to do is to notify our underwriting team and they will arrange to get your monthly tracking bill.
“Moovah will also take care of the vehicle tracking bill for your corporate fleet, including installation if your company vehicles have no tracker,” he said.
Mr Jojo noted that the shift towards pay-as-you-drive insurance makes sense in this uncertain time when unnecessary journeys are discouraged and organisations and employees alike are discovering the benefits of working from home.
In the case of accidents, motorists who sign up for Moovah PAYD will be taken to hospital by MARS ambulance services, while the insurance firm will provide towing services free of charge for a radius of 25 kilometres from the nearest city or town.
Mr Jojo said Cassava Smartech, which uses technology to offer convenience to millions of people in Zimbabwe, keeps its client information confidential, and does not share its clients’ data with third parties.
“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