Shopping on line can be easy, simple and save you lots of money. It can also take a lot of your time, frustrate you, and result in unwanted purchases. Now the same can be said for regular high street shopping, but with the vast opportunity presented by the Internet it will pay you to spend a few minutes reading this and understanding how to better optimize your Payd shopping experience:
1. Compare - without doubt the biggest advantage that the Payd offers shoppers today is the ability to compare thousands of Payd at a time. This is a great thing, but not necessarily all the time! Too much can be daunting at times so take advantage of the great comparison sites and where possible let them do the hard work for you.
2. Research - if it has been said it will be on the internet. Ignorance is no longer a justifiable reason for buying the wrong thing. Take the time to research in detail everything that you could possible want to know about
3. Testimonials - don't know anybody that has bought a Payd? Wrong! If the Payd is good the internet will let you know. Use the Internet as a friend and get testimonials before you buy.
4. Questions - Got a question about Payd then search the Forums, FAQ's, Blogs etc. Don't be afraid to ask .....
5. Reputation - Never heard of the company selling Payd? Don't worry, no reason why you should know every company in the world, but you know someone that does! Use the internet to find out what people are saying about Payd and build up a picture of their reputation for sales, returns, customer service, delivery etc.
6. Returns - still worried that even after all of the above your Payd wont be what you want? Check out the returns policy. There is so much competition now that someone, somewhere is bound to offer the terms that you are comfortable with.
7. Feedback - happy with your Payd then let people know, after all you are depending on others people input in your buying decision, so why not give a little back.
8. Security - check for the yellow padlock on the Payd site before you buy, and the s after http:/ /i.e. https:// = a secure site
9. Contact - got a question about Payd, or want to leave a comment then check out the sites contact page. Reputable companies have them and respond.
10. Payment - ready to pay for your Payd, then use your credit card or PayPal! Be aware of companies that don't accept them, there may be genuine reasons but given the huge amount of choice you have when buying online there is no reason at all not to buy via credit card or PayPal.
PAYD (or
Pay As You Drive™) is a type of telematic
automobile insurance whereby the costs of motoring including motor insurance and road pricing are dependent upon vehicle usage, particularly distance travelled. Pay As You Drive™ is a
trademark of
Norwich Union.
Economic and environmental impact
In economic terms, PAYD can be regarded as a form of [Differentiated service (design pattern).
PAYD has been strongly promoted by environmental and transport groups, mostly as a way of encouraging people to use their cars less.
However, some transport planners have suggested that PAYD could be seen instead as a way of generating funds for building additional roads .
PAYD insurance
Concept
The simplest form of Pay As You Drive bases the insurance costs simply on the number of miles driven. However, the general concept of Pay As You Drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where and when you drive.
Pay as you drive (PAYD) means that the insurance premium is calculated dynamically, typically according to the amount you drive. Driving is monitored using a secure black-box device in the vehicle, linked to a national network of satellites and data recorders. The formula can be a simple function of the number of miles you drive, or can vary according to the type of driving or the identity of the driver. Once the basic scheme is in place, it is possible to add further details, such as an extra risk premium if someone drives too long without a break, uses their mobile phone while driving, or travels at an excessive speed.
Insurance companies have always tried to differentiate and reward "safe" drivers, giving them lower premiums and/or a no-claims bonus. However, conventional differentiation is a reflection of past history rather than present patterns of behaviour. This means that it may take a long time before safer (or more reckless) patterns of driving and lifestyle feed through into premiums.
PAYD provides a much more immediate feedback loop to the driver, by changing the cost of insurance dynamically with a change of risk, and this means drivers have a stronger incentive to adopt safer practices. For example if a commuter switches to public transport or working at home, this immediately reduces the risk of rush-hour accidents. With PAYD, this reduction would be immediately reflected in the cost of car insurance for that month.
Potential benefits
- Commercial benefits to the insurance company from better alignment of insurance with actual risk. Improved customer segmentation.
- Potential cost-savings for responsible customers.
- Social and environmental benefits from more responsible and less unnecessary driving.
- Due to the 24/7 aspects of vehicle location, it enhances security
Potential drawbacks
- The system recognises only codified, rather than actual, risk. A speeder, for example, would be heavily penalised in comparison with someone who drove in observance of the speed limit. This would not take into account the circumstances involved, eg if the speeding driver in question was driving in an otherwise safe manner, or if the slower driver was changing lanes abruptly, or driving in an unattentive or careless manner.
- Charges would be very high for young drivers, especially at night, and as such would strongly discourage them from driving socially. In many areas public transport is non-existent at night, and such high charges could have a strong negative impact on their quality of life.
- GPS tracking of vehicles, 24 hours a day, could be seen by many people as an unacceptable infringement on their right to privacy.
- The potential of PAYD systems for automated traffic law enforcement could result in a reduction of the use of human traffic police as has been reported since the widespread introduction of speed cameras. This could result in reduced detection of drunk driving and other dangerous offences.
Commercial products
Insurance companies offering various forms of PAYD either as fully commercial products or at least on a trial basis include Norwich Union in the UK,
Hollard Insurance in South Africa,
AIOI Insurance Company in Japan and
Aviva in Canada.
Progressive Insurance
TripSense is the vehicle insurance discount Program (management) developed by
Progressive Corporation. It is currently being evaluated in trial programs in Michigan, Minnesota, and
Oregon.
The program allows policyholders to earn a discount on their
insurance premium by having their driving data collected by an on-board TripSense device. Collected data is reviewed by the policyholder before it is shared with the insurance company. The policy holder is told how much of a discount, if any, he or she qualifies for based on their data. Policy holders can then choose to share the data with the insurance company and earn the discount, or withhold the data and pay the normal premium. The amount of discount is based on maximum speeds, numbers of miles driven, and times of day driven. Acceleration and braking data is also collected, but is not used in the calculation of the discount.
The TripSense device connects to a car's OnBoard Diagnostic (OBD-II) port. (All automobiles built after
1996 have an OBD-II.) The device records information about the duration of a trip, the mile driven, the rate of
accelerations and acceleration, and speed. There is no GPS in the TripSensor device. No location information is collected.
The TripSensor device is based on the Davis Instrument's CarChip. The CarChip is normally sold as a means for parents to monitor their children's driving behavior. Users may directly view their data by connecting the device to their computer's USB port.
Tests
A number of tests of telematic auto insurance are currently underway or recently completed. These tests are being conducted in many different countries. They include:
- King County, Washington: 5000 person trial by General Casualty Insurance with US$ 1.9 million in US federal funding "King County gets $1.9 million to test drive innovative statewide car insurance program", March 27, 2007
Patents
There are several issued patents Nowotarski, Mark, "Progressive Builds a Fortress of Patent Protection", Insurance IP Bulletin, October 15, 2004 and pending patent applications that have been filed worldwide on various inventions related to telematic auto insurance. These include:
- “Individual evaluation system for motorcar risk”
- "Motor vehicle monitoring system for determining a cost of insurance" Progressive auto insurance
- "Vehicular Insurance Bill Calculating System, On-Vehicle Device, and Server Device" Toyota
- "Insurance Fee Calculation Device, Insurance Fee Calculation Program, Insurance Fee Calculation Method, and Insurance Fee Calculation System", AIOI Insurance Company.
These patents are controversial. Many see them as hindering development of the technology as opposed to incubating the development of the technology.
See also
References
External links
- Cents Per Mile organization
- Environmental Defense
- New American Dream
- Pay-As-You-Drive Vehicle Insurance
- "Insurer launches per-mile cover" BBC News Report (October 5 2006)
- "Motorists 'must pay for road use' BBC News Report (December 1 2006)
- Pay As You Drive Car Insurance
- TripSense Official website
- Texas Driving Research Study
- TripSense Sample Report
- National ODB Clearinghouse
- Big Brother in the Back Seat, Electronic Design Magazine, Sept. 06, 2004
- Davis Instruments CarChip product literature
- Software requirements from Progressive's FAQ
PAYD (or
Pay As You Drive™) is a type of telematic
automobile insurance whereby the costs of motoring including motor insurance and
road pricing are dependent upon vehicle usage, particularly distance travelled. Pay As You Drive™ is a
trademark of Norwich Union.
Economic and environmental impact
In economic terms, PAYD can be regarded as a form of [Differentiated service (design pattern).
PAYD has been strongly promoted by environmental and transport groups, mostly as a way of encouraging people to use their cars less.
However, some transport planners have suggested that PAYD could be seen instead as a way of generating funds for building additional roads .
PAYD insurance
Concept
The simplest form of Pay As You Drive bases the insurance costs simply on the number of miles driven. However, the general concept of Pay As You Drive includes any scheme where the insurance costs may depend not just on how much you drive but how, where and when you drive.
Pay as you drive (PAYD) means that the insurance premium is calculated dynamically, typically according to the amount you drive. Driving is monitored using a secure black-box device in the vehicle, linked to a national network of satellites and data recorders. The formula can be a simple function of the number of miles you drive, or can vary according to the type of driving or the identity of the driver. Once the basic scheme is in place, it is possible to add further details, such as an extra risk premium if someone drives too long without a break, uses their mobile phone while driving, or travels at an excessive speed.
Insurance companies have always tried to differentiate and reward "safe" drivers, giving them lower premiums and/or a no-claims bonus. However, conventional differentiation is a reflection of past history rather than present patterns of behaviour. This means that it may take a long time before safer (or more reckless) patterns of driving and lifestyle feed through into premiums.
PAYD provides a much more immediate feedback loop to the driver, by changing the cost of insurance dynamically with a change of risk, and this means drivers have a stronger incentive to adopt safer practices. For example if a commuter switches to public transport or working at home, this immediately reduces the risk of rush-hour accidents. With PAYD, this reduction would be immediately reflected in the cost of car insurance for that month.
Potential benefits
- Commercial benefits to the insurance company from better alignment of insurance with actual risk. Improved customer segmentation.
- Potential cost-savings for responsible customers.
- Social and environmental benefits from more responsible and less unnecessary driving.
- Due to the 24/7 aspects of vehicle location, it enhances security
Potential drawbacks
- The system recognises only codified, rather than actual, risk. A speeder, for example, would be heavily penalised in comparison with someone who drove in observance of the speed limit. This would not take into account the circumstances involved, eg if the speeding driver in question was driving in an otherwise safe manner, or if the slower driver was changing lanes abruptly, or driving in an unattentive or careless manner.
- Charges would be very high for young drivers, especially at night, and as such would strongly discourage them from driving socially. In many areas public transport is non-existent at night, and such high charges could have a strong negative impact on their quality of life.
- GPS tracking of vehicles, 24 hours a day, could be seen by many people as an unacceptable infringement on their right to privacy.
- The potential of PAYD systems for automated traffic law enforcement could result in a reduction of the use of human traffic police as has been reported since the widespread introduction of speed cameras. This could result in reduced detection of drunk driving and other dangerous offences.
Commercial products
Insurance companies offering various forms of PAYD either as fully commercial products or at least on a trial basis include
Norwich Union in the UK,
Hollard Insurance in South Africa,
AIOI Insurance Company in Japan and
Aviva in Canada.
Progressive Insurance
TripSense is the vehicle insurance
discount Program (management) developed by
Progressive Corporation. It is currently being evaluated in trial programs in
Michigan, Minnesota, and
Oregon.
The program allows policyholders to earn a discount on their
insurance premium by having their driving data collected by an on-board TripSense device. Collected data is reviewed by the policyholder before it is shared with the insurance company. The policy holder is told how much of a discount, if any, he or she qualifies for based on their data. Policy holders can then choose to share the data with the insurance company and earn the discount, or withhold the data and pay the normal premium. The amount of discount is based on maximum speeds, numbers of miles driven, and times of day driven. Acceleration and braking data is also collected, but is not used in the calculation of the discount.
The TripSense device connects to a car's OnBoard Diagnostic (OBD-II) port. (All automobiles built after 1996 have an OBD-II.) The device records information about the
duration of a trip, the
mile driven, the rate of accelerations and
acceleration, and speed. There is no GPS in the TripSensor device. No location information is collected.
The TripSensor device is based on the
Davis Instrument's CarChip. The CarChip is normally sold as a means for parents to monitor their children's driving behavior. Users may directly view their data by connecting the device to their computer's USB port.
Tests
A number of tests of telematic auto insurance are currently underway or recently completed. These tests are being conducted in many different countries. They include:
- King County, Washington: 5000 person trial by General Casualty Insurance with US$ 1.9 million in US federal funding "King County gets $1.9 million to test drive innovative statewide car insurance program", March 27, 2007
Patents
There are several issued patents Nowotarski, Mark, "Progressive Builds a Fortress of Patent Protection", Insurance IP Bulletin, October 15, 2004 and pending
patent applications that have been filed worldwide on various inventions related to telematic auto insurance. These include:
- “Individual evaluation system for motorcar risk”
- "Motor vehicle monitoring system for determining a cost of insurance" Progressive auto insurance
- "Vehicular Insurance Bill Calculating System, On-Vehicle Device, and Server Device" Toyota
- "Insurance Fee Calculation Device, Insurance Fee Calculation Program, Insurance Fee Calculation Method, and Insurance Fee Calculation System", AIOI Insurance Company.
These patents are controversial. Many see them as hindering development of the technology as opposed to incubating the development of the technology.
See also
- Road Pricing
- Insurance patent
- Auto insurance risk selection
References
External links
- Cents Per Mile organization
- Environmental Defense
- New American Dream
- Pay-As-You-Drive Vehicle Insurance
- "Insurer launches per-mile cover" BBC News Report (October 5 2006)
- "Motorists 'must pay for road use' BBC News Report (December 1 2006)
- Pay As You Drive Car Insurance
- TripSense Official website
- Texas Driving Research Study
- TripSense Sample Report
- National ODB Clearinghouse
- Big Brother in the Back Seat, Electronic Design Magazine, Sept. 06, 2004
- Davis Instruments CarChip product literature
- Software requirements from Progressive's FAQ
PAYD - Definition by AcronymFinder
What does PAYD stand for?
PAYD - Wikipedia, the free encyclopedia
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