Real Insurance won the best general insurance product at the ABF awards for Pay As You Drive. We're very pleased about this, particularly because the product was only recently launched. It is quite an honour to win the award against all other general insurance products in a very competitive market, and I think it recognises the fact that the product is truly innovative and a great deal for consumers.
Channel 9's Extra program has also filmed a segment on Real's PAYD over the last few days. Extra is Channel 9's Queensland based lifestyle program. The segment is expected to go to air over the next few weeks.
An excerpt from the press release following the award below:
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Pay As You Drive from Real Insurance, the first insurance product of its kind in Australia whereby qualified motorists pay only for the kilometres they travel, has won The Best General Insurance Product category at the Australian Banking and Finance Magazine Telstra Insurance awards.
Says Real Insurance CEO Roger Grobler: "Pay As You Drive gives people a fair go on their car insurance. We wanted to offer Australians a product which reflects large scale changes in their motoring habits and one which would accommodate these changing needs.
"We recognised that current car insurance is unfair to people who use their cars sparingly. The result is that Pay As You Drive offers people who drive less than the average for their age, gender and area to pay only for the kilometres they drive."
Grobler says that the way the current car insurance system is structured means that low-mileage drivers are simply subsidizing insurance costs for high-mileage drivers.
"We wanted to change that so if for example you drive to and from the train station, or work close to home, or you use your car a bit on the weekend, or you have a second or third car, it is likely that Pay As You Drive will save, in some cases quite dramatically, on your car insurance premiums," says Grobler.
The awards were mediated by a panel of leading insurance industry experts including former Suncorp Insurance boss, Diana Eilert, senior Moody's analyst, Wing Chew and top UBS analyst, Ralph Butterworth.
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