New player dips its toes in PAYD waters

A new pay-as-you-drive (PAYD) insurance product called Coverbox will launch in January. Currently, there is only one other such product available in the UK, following the recent discontinuation of Norwich Union's (NU) PAYD scheme.

Wunelli, the company behind Coverbox, said the market was better suited for this product now than it was a few years ago and that it would have more advanced technology and simpler rate determination criteria than other PAYD schemes.

Wunelli managing director, Paul Stace