Every driver wants to save on their car insurance these days, but older drivers have discovered that the black box – traditionally favoured by younger drivers – is a great way to cut costs as it tracks, and rewards, careful drivers. Telematics is now becoming increasingly popular across all demographics, especially with over 50s. Any driver spending over £650 a year on insuring their car could potentially save a substantial amount.
How much? Well for those who drive well the savings can add up at renewal time; 29% of Coverbox customers aged over 50yrs, who saved at renewal, cut more than £350 from their annual car insurance premium.
New customer research from blackbox insurance leaders, Coverbox, shows how much the demographic has changed in the last two years. In 2015 only 4% of telematics policyholders were over 50, but today this figure is more than 14%.
In addition to blackbox policyholders being older, the proportion of married policyholders has also increased in the past two years (from 23% to 39%). Those who are in a relationship and share a vehicle, can easily track the exact location of the car while their partner is using it.
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. Many older drivers also own a classic vehicle and fitting a telematics box is a very useful anti-theft and tracking device.
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 whole claims process, all the while rewarding safe driving with lower costs.”