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Co-op Car Insurance 'Smartbox' telematics saves young drivers money*Update 4 May 2012: Most under 25s could save up to £586 based on online independent research by Consumer Intelligence during March 2012.Co-op 'Smartbox' young drivers car insurance25 Mar 2011 by Donald MacKenzie We've been talking about the need for wider use of telematics here for some time, including in our 'young drivers' series (link) and our industry report, The Road Ahead. We have also reported that several major car insurance providers are looking into providing telematics related 'pay as you drive' car insurance policies and we welcome the fact that the Co-op has launched its telematics 'Smartbox' car insurance policy that could save young drivers under 25 years of age over £500*. The Co-op car insurance Smartbox measures speed, location, and braking or cornering G-forces. It will know if the car is speeding, when it is being driven, and how it is being driven. The smartbox data is relayed automatically back to the Co-op and is used to calculate the appropriate premium on a 3-monthly basis. While the Co-op car insurance smartbox could save young drivers over £500*, if the young person is driving recklessly, the premium would go up rather than down. The system has the advantage that it will encourage young drivers to drive safely in order to avoid an increase in the cost of their car insurance. The Co-op car insurance is an award-winning brand that has been recommended by Which? Magazine. Their smartbox telematics system requires that a small box is installed in the engine compartment, to monitor the driving and send data back to the Co-op. The Co-op smartbox car insurance policy is likely to prove attractive to all drivers under 25 and you can find out more via this link (which takes you directly to the Co-op car insurance website). |
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