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Telematics insurance: a benefit to all driversBack

Ahead of Road Safety Week 2018, new analysis of the latest UK road casualty statistics by LexisNexis Risk Solutions has revealed that the number of 17-19 year old drivers who have been killed or seriously injured in road traffic accidents has fallen by 35%, since 2011, compared to 16% for the driving population as a whole.

This reduction highlights the important role of telematics car insurance and the part it plays in cutting road casualties amongst the most vulnerable drivers. However, it is not just young drivers that can benefit from the technology, it has been proven that drivers of all ages can also reap the benefits.

Telematics, or Blackbox technology, records and analyses individuals’ driving styles to determine how safe they are on the roads, and therefore how likely they are to make a claim. This data is then used to generate a score which informs pricing, rewarding safer driving with cheaper premiums.

With 4 out of 5 young drivers estimated to have a telematics policy today, it is clear there are a host of benefits for car-owners, but this type of insurance doesn’t just exclusively benefit young drivers, there are lots of older drivers who may also be better off switching to a telematics policy. .

Graham Gordon, Director, Global Telematics, LexisNexis Risk Solutions comments; “The analysis is exciting because it provides evidence that telematics has had a real impact on the safety of young drivers and the potential it therefore offers to improve road safety standards for all motorists . It comes at a time when the cost of offering telematics is falling dramatically for the insurance sector – we estimate by as much as 50% since 2013. At the same time, analysis of motor insurance premiums shows telematics policies frequently come out as some of the most competitive insurance policies when consumers shop for cover.

Motorists who are currently paying more than £650 a year in car insurance could potentially save roughly 20 percent with telematics insurance, with good drivers saving even more. Blackbox policies also help drivers become safer on the roads, rewarding them with further savings.

For example, drivers who are over 50 who are taking out telematics policies has increased by 300 per cent over the past three years with nearly one in three (29 percent) of drivers over 50 saving £350 or more upon renewal of their policies.

The amount of married drivers becoming insured on the same policy as a spouse in the last 3 years has increased by 100 per cent. Married drivers are statistically safer on the roads, and can therefore make big savings with blackbox insurance.

Drivers with convictions for past driving offences can also benefit from Blackbox policies. They can help previously convicted drivers to reform their driving styles and reduce the cost of premiums by proving they are safer on the roads.

Gordon added; “We also know from our own research that 4 out of 5 consumers are comfortable with the idea of telematics insurance. This all paves the way for more drivers outside of the youngest age group to benefit from new, customer friendly telematics policies with the promise of fair premiums. ”

 

Posted by Leana Kell on 14/11/2018