Coverbox Research Finds Telematics Can Help All Drivers Get Cheaper Insurance

New customer research from blackbox car insurance specialist, Coverbox, has revealed the wide-reaching benefits of telematics policies for female, married, older, and even previously convicted drivers.

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. Drivers are given a driving score, which informs pricing and rewards safer drivers with cheaper premiums.

New Coverbox data shows that drivers from a range of backgrounds can benefit from telematics policies, as listed below.

Over 50s drivers

There has been an increase of more than 300 percent in the proportion of telematics customers aged over 50 in the past three years. More experienced drivers are generally safer and so will have higher driving scores. Nearly one in three (29 percent) of Coverbox drivers over 50 saved £350 or more upon renewal of their policies.

Married drivers

Coverbox has seen more than a 100 percent increase in drivers being insured on the same policy as a spouse in the last 3 years. Married drivers are statistically safer on the roads, and can make big savings with blackboxes. In addition to the number of shared policies more than doubling, the proportion of telematics drivers who are married has increased by 69 percent.

Female drivers

Although European legislation prevents policy pricing based on gender, statistically women are 37 percent less likely to be involved in an accident and this safer driving translates to lower premiums. As the overall proportion of female drivers increase, women are saving a huge amount on their total car insurance expenditure with telematics.

Previously married drivers

The proportion of divorced and widowed drivers with blackboxes has more than tripled in the last three years as previously married drivers switch to telematics to save money on their car insurance. Married couples are often on the same policy and the unnamed driver may lose their no claims discount when their circumstances change, which can cause premiums to skyrocket.

Drivers in difficult postcodes

Many insurance policies hike up prices in certain areas deemed to be at higher risk of being claim hotspots. Coverbox use driver score data alongside location to determine the cost of a policy, so safer drivers can benefit from lower premium costs even if they live in claim hotspots. Drivers in Birmingham are leading the way, with a rate of telematics use 76 percent greater than the UK average.

Cheaper Insurance for Drivers with convictions 

Blackbox policies can help previously convicted drivers to reform their driving styles, and help them significantly reduce the cost of their premiums if they prove they are safe on the roads. 44 percent of policyholders convicted of drink driving who then took out blackbox policies saved nearly 50 percent on their premiums at renewal.

Motorists from all driving backgrounds are taking advantage of the benefits blackbox insurance has to offer, which extend beyond simply 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, said: “There are a wide range of drivers that stand to benefit from telematics insurance, not only younger drivers with high premiums. Anyone paying over £650 a year could potentially save roughly 20 percent, with good drivers saving even more. Blackbox policies also help drivers become safer on the roads, rewarding them with further savings.”

 

 

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