Real Insurance, which launched Pay As You Drive™ car insurance into the Australian market this year, has been awarded Australia’s Cheapest Car Insurance award by Money Magazine.
Every year Money Magazine selects the Best of the Best financial products with research conducted by independent research company, Cannex. In judging the car insurance category,Cannex took into account average premiums on 3 different makes and models of vehicle priced between $40,000 and $70,000, and used male and female drivers between the ages of 30-40 across five states.
A spokesperson from Money magazine said: "In these tough times consumers need to reduce costs wherever they can and shopping around for car insurance is a must.
"Money magazine is pleased to be able to recognise and reward the best products and services – particularly at a time where it's so critical for consumers to rein in their spending."
Says Roger Grobler, CEO of Real Insurance: "We wanted to give Australian’s a fairer go when it came to insuring their motor vehicles. Why should motorists who travel less than the average for their age, gender and area have to pay the same as motorists travelling two, three or four times as much".
"For example, someone travelling to the train station and back everyday should pay less than those travelling into the city and back everyday - they are less of an accident risk, they cause less wear and tear on our roads and their emission footprint is lower. These motorists should have access to an alternative way of insuring their cars while still maintaining the same level of comprehensive cover".
"Pay As You Drive™ offers a robust, comprehensive motor insurance product but motorists only pay for the kilometres they plan to travel".
"It’s ideally suited for people who drive to and from the train station, work close to home, and maybe use their car a bit on the weekend or for those who have a second or third car".
"Anyone driving less than the average for people with the same insurance profile could pay less than ‘traditional’ comprehensive car insurance."
Pay As You Drive™ has partnered with Greenfleet, a government approved greenhouse gas reduction initiative to offer motorists the option to offset their car emissions with a one off tax deductible donation which will assist in the planting of trees.