With the highly publicised launch of our sister brand – Fair Pay Insurance we felt it important to talk a little about the differences between Fair Pay and iKube as they are two quite different forms of telematics car insurance (or “black box insurance”) that will suit different people.
Let’s take a quick look at Fair Pay Insurance.
Fair Pay Insurance is what’s known in the press and media as “pay as you drive” car insurance. Whilst this is the case to an extent, there is still a lot more to it than just that.
It has essentially taken basic telematics car insurance and optimised it further by giving the customer even more control over their premiums.
But how has this been done?
To start with – if you tell Fair Pay you are a good driver it will believe you and reward you up-front. So you get given a pot of mileage points as well as the bonus mileage points when your policy starts. However, Fair Pay can offer the functionality to top up mileage points on your account as well if you want or need it through its Dashboard.
Fair Pay, like iKube, monitors and tracks the way in which you, the policy holder, drives. It measures elements such as speed, harsh braking, time and location, G-Force impact, Cornering and the routes and types of roads used. The TomTom navigation device that is bundled with the Fair Pay product will alert you to any incidents you may have whilst out on the road – these can be monitored both in real-time and once you get home via your computer.
Using this information, as long as you have driven safely and well, you could be due a considerable discount at renewal.
Who is Fair Pay For?
Unlike iKube, for example, Fair Pay is aimed at a broader market – i.e. older drivers (over 25s), female drivers and anyone who thinks they pay too much for their car insurance (i.e. over £1,000) and don’t deserve to be penalised.
Now Let’s Take A Look At iKube
iKube’s black box insurance is quite different to Fair Pay. It’s a usage based car insurance product specifically aimed at 17 – 25 year old full licensed drivers and those learning to drive. iKube doesn’t restrict on mileage but does ask that you avoid driving between the hours of 11pm – 5am.
If you are found to be driving late at night then you will incur a £100 fee for driving at that time (iKube of course make exceptions for those people simply moving their car less than 100 yards to let someone else move their vehicle).
In much the same way as Fair Pay the black box device installed in the car will monitor elements such as speed, time of day the car is driven, harsh braking and cornering, etc. This can be viewed on your online dashboard that is provided when you take the iKube policy out.
As long as you have been a good, careful driver during the term of your policy then you could be due a significant discount at renewal (in some cases up to 40%).
Who is iKube For?
iKube is solely aimed at young and learner drivers between the ages of 17 – 25 who feel that they are penalised due to their age and inexperience on the road.