One new motor car insurance provider, founded by former footballer Gary Lineker and devoted to providing discount car insurance for young drivers, launched on 7 December to much fanfare, industry experts recently reported.
INGENIE, which was also founded by British Airways chairman Sir Martin Broughton and former RSA Insurance Group managing director Steve Broughton, says that younger British motorists are nearly priced out of the insurance market in the UK as far too many car insurance companies charge this class of drivers annual premium prices of nearly £2,500 on average. This, combined with increased petrol prices and the costs of motoring tests and purchasing a first car, make it nearly impossible for many of the nation’s younger drivers to get behind the wheel of their own car, experts say.
The newly-minted insurance provider said that INGENIE is different because they do not follow the industry standard by applying the method of collective risk assumption. Instead, they plan to reward safe motorists – and punish unsafe ones – through the use of telematics technology, a growing trend among many innovative insurers looking to control costs.
Co-founder Richard King commented on the new company’s launch, remarking that it was high time that young motorists were given a chance to secure insurance policies that were priced reasonably instead of being priced off the road by unfair and often inaccurate assumptions about how responsible they are behind the wheel. Mr King said that INGENIE can help foster a community comprised of more responsible drivers by rewarding younger motorists for driving more safely, not to mention build a business that will scale quite easily and successfully.