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Telematics car insurance helping young drivers24 Nov 2011 / updated 2 Feb 2012David Neave, director of general insurance at the Co-op reports that their telematics car insurance policy for young drivers is on track for an uptake of 10,000 by the end of the year. Telematics, by measuring how the car is being driven, can reward safer driving with lower premiums and Neave states that 97% of men and 92% of women that have signed up fo the Co-op young drivers 'smartbox' car insurance policy have been able to reduce their premium by demonstrating consistently safe driving. According to the Co-op's data, most under 25s could save up to £566 (based on online independent research by Consumer Intelligence during January 2012). Neave believes that more widespread uptake of telematics could, by modifying the way that young people drive, have a significant impact on rendering young drivers safer on our roads, so reducing deaths and injuries to these young people and their passengers. Several other car insurance companies are entering into use of telematics, a move that the ABI director-general Otto Thoresen wants to see more of in addition to various other measures that will render young drivers safer on our roads. Certainly, with young drivers typically often paying over £4,000 for their first car insurance policy - a premium that pays for the high risk posed by a minority of more reckless young drivers - telematics is an obvious solution. When young women drivers lose their gender advantage in relation to the cost of their car insurance premium which will occur in December 2012 as a result of an ECJ ruling, telematics will be an especially attractive solution for them as they will otherwise be grouped with more dangerous males in the calculation of thier premium. The Co-op telematics car insurance policy can be reviewed via the link (under 'Co-op Car Insurance') below. |
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