In a recent survey of UK motorists it was found that around half wouldn’t mind sharing their driving data with car insurance companies.
Regular readers of this blog will be only too aware that I talk a lot about telematics technology, which allows many of the top car insurance companies to record the data of their customers and then use that data to give more accurate quotes.
Who Else Wants The Cheapest Car Insurance?
It just makes sense if you ask me, and it seems that 50% of drivers in the UK agree. At the end of the day, who doesn’t want to get the cheapest quotes possible, especially in a time when the cost of motoring is getting more expensive? You should be doing everything possible to save money.
There are those that argue technology such as telematics is an invasion of privacy, but to those people I would say…”what have you got to hide?” These are no doubt the kind of drivers who break the laws of the road on a regular basis, and if they shared their data with car insurance companies their policies would probably become more expensive.
So what else did these recent motoring survey tell us? Interestingly, it went on to predict how much telematics style insurance policies could be worth in Europe by 2020, giving an estimate of around £12 Billion Pounds. That is certainly a lot of money, which I’m sure many of the insurance companies want to get in on.
Italy Leads The Way in Telematics
The survey also went on to add that Italy is the number one country that is currently embracing telematics, with the UK second, followed closely by France, Germany, and Spain.
Right now there are 4.5 million insurance policies in Italy that have telematics included, compared to only 450,000 in the UK.
However, when you consider that 50% of drivers in the UK said they would be prepared to share their data, then I don’t think it will be long until we start to catch up with the Italians. It’s simply a matter of time.
The main point I think car insurance companies really need to get through to the British public is just how easy telematics really is.
I’m sure that many people might have the idea of it all being complicated to share your driving data, but in fact it’s really easy, and can even be done with an App on your smartphone.
What I do know is that companies are investing millions of pounds in telematics as we speak, so you can expect to be hearing a lot more about it.
In the meantime, you can contact your current car insurance company to ask about telematics, or if you you are looking to compare quotes by filling in an online application form then make sure to mention you would be prepared to share driver data if asked.