The growing value of non-annualised policies (NAPs)

A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces; and increased public concern about the environment are altering the way many UK consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

• Temporary policies that may offer cover for periods ranging from a few hours to many weeks;
• Subscription policies designed to meet specific needs, renewed on a rolling basis each month as needed
• Pay-as-you-go policies. This is car insurance that you pay as you go per mile driven/used or pay upfront for a fixed amount of miles. 

In response to demand from insurance providers, LexisNexis Risk Solutions is leading an effort to improve the collection and analysis of data related to NAPs.

We partnered with Consumer Intelligence to survey more than 2,000 UK consumers, to assess levels of awareness and understanding of different types of NAPs, reasons for their use; and consumers’ experiences when applying for and using these products.

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