1/22/2005Aussie Insurance Firm To Ignore SpeedCam Points
Australian insurance company considers ignoring speed camera points.
Australian Insurance Holdings Ltd. is considering offering insurance coverage to motorists that ignores points from speed camera fines. Instead of raising rates significantly like other insurance companies, AIH intends to attract customers who realize that speed cameras have little to do with safety. According to the company's president, cameras focus on the collection of money "and it tends to muddy the water". The company already offers "Cashback" insurance where a driver who stays with the company 4 years without an accident will receive a year's premium refund. Both ideas are a great way to cherry pick good drivers.
"We entered the market with the intention of shaking up a lazy local industry
more focused on raising premiums than meeting drivers' needs," [company chief executive Michael] Weston said