Fairer Finance: 3/5 stars
There’s a three-star rating (out of five) for My Policy car insurance offering from Fairer Finance.
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.
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 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.
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.
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.