Traditionally favoured by younger drivers, blackbox (or telematics) insurance is now becoming increasingly popular across all demographics, especially with the over 40s.
New customer research from blackbox insurance leaders, Coverbox, shows how much the demographic has changed in the last two years. In 2015 only 10% of telematics policyholders were over 40, but today this figure is more than 30%. In the same period, the proportion of policyholders under 30 years old has fallen from 73% to just 43%.
Not only has the average age of telematics policyholders changed, the distribution of these policies across the UK is also changing. While the majority of policies are in big cities, with the Birmingham postcode leading the way, the postcodes where the number of policies is growing the fastest are in the rural areas in the North and Scotland.
Top Ten Postcodes
- SE London
In addition to blackbox policyholders being older and more likely to live in urban areas, the proportion of married policyholders has also increased in the past two years (from 23% to 39%).
This trend seems to indicate an increase in drivers of all ages adopting this technology, with Coverbox seeing year on year growth across all demographics for blackbox policies amongst its customer base.
More motorists are taking advantage of all the benefits blackbox insurance has to offer, which extend beyond just reducing premium costs. These types of policies can help locate stolen vehicles, streamline the claims process, and help drivers become safer on the road by reviewing their own driving data. The latest technology can even identify the events leading up to and immediately after an accident.
Howard Collinge, Director at Coverbox, added:
“As driving is becoming more expensive, it is no surprise that more and more road users are looking to technological options to reduce their premiums. The technology is generally misunderstood, and rather than it being a penalty for drivers, it can track your car if stolen, report incidents accurately, and increase the speed of the claims process.”