Reduced Car Insurance Rates for Day-Off Drivers
Starting from December, Car Insurance will be provided at reduced rates for four-day drivers. Four-day drivers are those who are involved in the campaign to keep their cars idle one working day during the course of a week. On Wednesday, the Financial Services Commission and the Financial Supervisory Service said that they are putting the final touches to the discount program and are set to implement the program as a test in the fourth quarter. According to their expectations, the program will be become completely active from December.
An insurance industry official revealed that only cars that have an on-board diagnostic (OBD) system will be able to enjoy the discounts on car insurance and that the discount percent is till not finalized. According to the official the discount percent should fall between 5 to 10 percent. The OBD system records driving information. With the OBD system, a drivers’ participation in the four-day campaign can be ascertained with ease.
However, it will not be possible to install the OBD system in cars that are introduced to the market before 2000. The FSS is considering different options like installing black boxes in an attempt to account for this handicap. From 2012, a program will be introduced that employs driving distance as the yardstick to allocate graded insurance premiums for the drivers. If the educed rates for four-day drivers prove to be effective, this program will be introduced in 2011 itself.
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