Bringing Car Insurance Into the 21st Century - PAYD

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The 'Pay-As-You-Go' mobile phone generation is now being offered a "Pay As You Go Car Insurance" scheme by the UK-based eCar Insurance.

The insurance model works in a very similar way to the 'Pay-As-You-Go' (PAYG) tariff model that was famously developed by the mobile phone company 'Vodafone Ireland’ in the 1990s. Drivers can purchase cover as and when they need it - and then switch it off when it is not required.

Although it is being argued by some that there should be a limit to how much premiums should be individually tailored (thereby undermining one of the basic principles of insurance: pooled risk) the initial results of the 'Pay-As-You-Go' car insurance model look positive for infrequent drivers in the younger age-group.

Some other car insurance companies have warned that mileage represents only a small element of what constitutes premiums - but initial results show that motorists who don't use their car very often could save a significant amount of money on their insurance policies.