Motor car insurance industry experts have said that insurance firms are expected to push for a wider and more accelerated adoption of telematics-based technology in order to both control insurance costs and make the roads safer as well, it has been recently said.
The Government has been pushing hard to back the black-box tech, where information regarding a motorist’s cornering forces, acceleration, and speed is used to create motoring profiles that are used in risk assessments for car insurance companies. This new type of cover has been marketed heavily with an eye towards younger motorists, as it paves a way for them to access cheaper car insurance by demonstrating that they can be responsible behind the wheel in defiance of the ‘boy racer’ stereotype.
Ministers met with consumer groups, brokers, and insurers last week in order to go over various ways to bring down the cost of insurance for all drivers, though the needs of younger motorists took precedence; young men between the ages of 17 and 22 were found to be paying an eye-watering £3,515 a year for comprehensive cover, according to the AA – a figure that has practically doubled over the course of the past three years. Female drivers of the same age were not nearly as unlucky as their male counterparts, but still faced average quotes of £2,330, the AA said.
The chair of the meeting, Transport Secretary Justine Greening, supports telematics technology and would like to see it adopted by a wider range of insurers in order to provide a larger selection of choices to younger drivers.