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My Policy car insurance

My Policy is a telematics insurance company that provides ‘pay as you drive’ insurance for younger drivers.

How good is My Policy car insurance?

Fairer Finance: 3/5 stars

There’s a three-star rating (out of five) for My Policy car insurance offering from Fairer Finance.

Trustpilot: 4.7/5 stars

TrustPilot has given My Policy a rating of 4.6 out of five based on 7,030 reviews.

About My Policy insurance

My Policy Ltd are based in Halesowen, West Midlands, and have been operating since 1995. The company owns subsidiary Measured Miles, another telematics insurance provider.

The company specialises in new and young people’s insurance. When you take out cover with My Policy, a telematics smart box is fitted to your vehicle that monitors how you drive. The aim is to help you become a safer driver, so you pay less. 

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My Policy launched a ‘pay as you drive’ mileage-based policy in 2019. You select the miles you think you need, and this will be reflected in the price you pay. If you go over your limit, you can top up your miles at any time.

You can also log into your online dashboard 24/7 to get feedback on your driving and tips for improvement. Drivers are given a score out of 10 and this translates into lower prices for mileage top ups and renewals. 

As the GPS tracker shows the location of your car, it can be located if it is stolen as long as the smart box is intact.

My Policy car insurance policies

My Policy offers policies with a number of insurance providers such as Axa, Aviva, Equity Red Star, Highway and Ageas.

Most provide three types of cover:

  • Comprehensive car insurance

  • Third party, fire and theft

  • Third party

My Policy does not offer a multi-car insurance discount.

Taking out a multi-car insurance policy can help reduce your insurance costs: 

  • if you own more than one car

  • if you’re a family with more than one driver

  • if you’re a couple with more than one vehicle 

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My Policy does not offer temporary insurance.

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With a mileage-based policy you decide on your mileage allowance when you get a quote. You can track your miles online and purchase any additional miles you may need, and savings will be reflected in the price you will pay if you've been driving safety.

My Policy comprehensive policies

My Policy (AXA) coverage includes the following features:

My Policy will pay up to £15,000 if the policyholder or any passengers are accidentally killed travelling, entering or exiting their car, or any other private car. It will pay £10,000 for you and your family members normally living with you if injury leads to loss of sight or limbs.

My Policy will pay for the repair or replacement of glass in windows or windscreens (including panoramic windscreens) in your car and scratching of the bodywork caused by the glass breaking. If this is the only damage you claim for, your no claim discount will not be affected.

You are covered for up to £300 for loss or damage to personal belongings carried in your car following an accident, fire, lightning, explosion, theft or attempted theft.

You have child seat replacement cover up to £300 in the event of an accident in your car.

My Policy provides 93 days cover in any one year for travelling abroad.

This policy covers your legal fees and expenses if the insurer provides its written permission.

You will not have to pay an excess and your no claims discount will not be affected in the event that you are involved in a non-fault accident with an uninsured driver and you are able to capture the registration mark of that vehicle.

What is My Policy car insurance best for?

  • if you are a new driver

  • if you like the idea of a rewards scheme

  • if you are a younger driver

  • if you want a mileage-based policy

My Policy Insurance in the news

Pay as you drive car insurance

My Policy hit the news when it launched its pay-as-you-drive car insurance policy that calculates charges by the mile based on where, when and how its customers are driving.

The top-up system will mimic the way many customers once paid for calls and texts on mobile phones.

The insurance is paid for by regular top-ups, and a monthly deposit. “It will be an on-demand model,” said Roger Ramsden, chief executive of My Policy.

False readings on telematics boxes

Chief executive Roger Ramsden of My Policy Group was also interviewed about the downside of using a telematics box last year. He said that common reason for telematics devices getting it wrong is that they do not record all the time a car is being driven, and instead sends back information at intervals. 

If a GPS system loses signal then gaps in data flow can lead to important information not being recorded, or the insurer getting the wrong impression of driving ability.

He added that boxes can also give false readings if a car drives on a road where other nearby highways have different speed limits. “If you drove on a motorway and went over a 30mph road, you can be registered as doing 70mph in a 30mph zone,” Mr Ramsden said.

Complaints data

The Financial Ombudsman Service received fewer than 10 complaints about My Policy motor insurance in the first half of 2020. To put that in context, 67 firms had 10 or more complaints each and those totalled 4,550 complaints. Nearly 200 firms had fewer than 10 each, sharing just 479 complaints between them.

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