With the price of keeping a car going up at a rate that can make even the most phegmatic Brit’s eyes water, younger motorists have been teetering on the edge of being priced off the road, but new research says that it’s both safer and cheaper for young drivers to take up motor car insurance cover based on telematics technology.
The Co-operative Insurance, one of the largest car insurance companies to adopt telematics-based cover, recently remarked that using the satnav-based technology can lead to not only cheaper cover but also heightened levels of road safety as well. Their telematics data says that drivers that fit their vehicles with one of their ‘smart boxes’ experience a 20 per cent drop in the number of serious accidents and car crashes over those without the technology, and even the accidents that still do occur are 30 per cent less costly when it comes to damaged vehicles and property.
The Co-op’s telematics systems gather information regarding how drivers operate their vehicles, recording the time of day they drive, how quickly they brake and accelerate, how aggressive the driver takes corners, and the speed the vehicle travels. Motorists who drive responsibly benefit from reduced premiums for being less of an insurance risk, and with widespread adoption leading to significant numbers of motorists driving with more care and attention, insurers’ costs go down from a reduction in the number of accident claims made.
Young drivers, who have traditionally been considered high risk by insurers due to their inexperience and tendency to drive recklessly, can reduce the cost of their insurance by a significant margin by actively proving their worth to their insurer through telematics cover, experts say.