Copying MyWay’s MyDriveStyle: Fitting your car with a monitoring device

When quoting you for car insurance premiums, your insurance company will determine how much of a risk you are of claiming on your policy. Traditionally insurance companies have assessed this risk based on statistics related to driver demographics. For example, men under the age of 25 statistically make more claims than women of the same age. Drivers of sports vehicles, too, statistically make larger claims than drivers of cheaper, less sporty vehicles.

It goes without saying that assuming all drivers of one demographic drive the same, does not make for a very accurate risk profile. To eliminate this MyWay have introduced the MyDriveStyle tracking device which is fitted to their car insurance clients’ vehicles. This tracking device by MyWay monitors each individual driver’s driving habits, namely: average speed, number of kilometres spent on the road, how hard one brakes and how quickly one pulls off. These figures will allow MyWay to determine whether someone is a safe or risky driver and calculate premiums accordingly. This means that safer dviers save money by means of individual risk profile.

My-Way’s tracking device not only gives insureds the opportunity to reduce how much they pay on monthly premiums, but, by means of such an incentive, encourages drivers to drive responsibly. As a result, other insurance companies have cottoned on.

OUTsurance Safe Driver@OUT

Available to OUTsurance clients, the Safe Drive@OUT policy sees your vehicle fitted with a monitoring device which similarly tracks the driver’s speed, acceleration, braking and average distance travelled per month. As with My-Way’s MyDriveStyle, the Safe Driver@OUT has an individual risk profile and lower premiums as its only benefit.

Discovery VitalityDrive™

A similar tracking device may be fitted to the policyholders of the Discovery car insurance product, which also measures driving speeds, braking, accelerating and distance travelled. While the product does provide a more specific risk profile, the benefits of safe driving can also help earn members Vitality points. Each driver with the monitoring device allocates Driving Quotient (DQ) points for good driving. These points accumulate to go towards your VitalityDrive™ status which in turn awards clients savings on fuel, local accommodation and Discovery card cash.

Hollard Pay As You Drive

Although it bases premiums on individual risk, the Pay As You Drive product by Hollard does not monitor speed, acceleration and braking. In fact, a precursor to MyWay’s MyDriveStyel, Pay As You Go charges car insurance premiums based on the number of kilometres driven each month. Given that the more mileage one does, the more chance there is of accident, the Pay As You Drive provides cheaper premiums for drivers who drive less.

For a car insurance quote based on your individual risk profile, fill in our online form and wait for an insurance representative to contact you. He or she will be able to tell you whether your premiums will be lower with these or other insurance companies.