As spiralling motor car insurance costs may have priced many younger motorists right out from behind the wheel, new research reveals that ‘black box’ telematics technology can still provide discount car insurance for young drivers.
According to insurethebox, one of several car insurance companies that offer telematics cover, their renewal figures indicate more than two out of every three younger motorists saw their annual car insurance rates decline by as much as 22 per cent after spending a year with a telematics device fitted under their bonnet. A black box insurance policy keeps track of several different kinds of data, such as how they drive, what time of day they get behind the wheel, and how many miles they put on the car during the duration of the cover, and since every move a driver makes is recorded, it encourages responsible driving when safe drivers are rewarded by lower premiums.
insurethebox customers purchase cover for an initial 6,000 miles, with their performance evaluated in five distinct ways. Motorists who drive carefully can look forward to a 100 mile bonus every month from the insurer.
With the overall insurance marketplace experiencing massive premium prices, ‘black box’ telematics insurance is rapidly growing more popular as drivers look for the best way to cut the cost of their cover without sacrificing quality. Young drivers stand to save especially well by switching to telematics, as the typical cost of cover for a 17 year old is more than £4,400, yet telematics policies can range from as little as £3,100 to as much as £3,663 for the same level of cover.