While the word ‘espionage’ brings connotations of underhandedness and skulking about, fitting a spy in your car can lead to discount car insurance for young drivers, one major insurance provider recently remarked.
Co-operative Insurance, one of the largest car insurance companies currently operating in the UK, announced that its own research has discovered that using telematics boxes in young drivers’ cars to monitor their motoring habits leads to a 20 per cent reduction in accident rates. Not only will this reduction work towards saving the lives of hundreds but could also lead to cheaper car insurance as a result of reduced insurance costs, the Co-op said, based on its analysis of 15,000 of its Smartbox insurance cover customers.
Those with the Smartbox telematics device fitted to their cars were found to get into accidents 20 per cent less than those without the device, the insurer found. Additionally, those that did have some involvement in accidents were in less serious ones overall, and injury and damage costs were nearly one third less expensive
Co-op motor insurance head, Grant Mitchell, commented on the research findings, stating that while the Smartbox cover is still in its infancy, the signs exist that motorists choosing the particular brand of cover are demonstrating a gradual improvement in their motoring habits. The insurer will be publishing further research details shortly, and industry experts predict that the results of the research study will act as further impetus for those who argue that fitting cars with the satnav-based technological devices is an excellent way to reduce motoring costs for younger drivers.