Cost of Living Making Drivers Choosy on Car Insurance

Trakm8, the recognised leader in technology solutions for insurance telematics, connected car data and fleet management, has commissioned a new national driver survey to gain insights into how the cost of living, technology and other factors are impacting how drivers purchase insurance. 

The survey highlighted the main reasons drivers change insurers; with the lack of a competitive renewal rate topping the list with nearly half, (46%) stating this had caused them to look for a new provider. Closely following renewal rates were bad customer service (36%), difficult to contact insurer urgently (30%) and not being rewarded for good driving (27%).  

These results highlight that many insurers could increase retention rates by adopting tech solutions such as a driver app that rewards good driving habits and give customers easy access to documents, information and a simple way to get in touch. In fact, nearly a fifth of drivers (19%) said they have moved insurers because they didn’t offer an easy-to-use driver app and a further 13% said they had moved to a provider that offered a Pay as You Drive (PAYD) policy. 

Trakm8 works with some of the UK’s leading insurers, providing telematics policies that utilise advanced tech, drive efficiencies and increase revenues. The full end-to-end solution includes a market-leading portal that provides instant driver and vehicle insights such as journey information, driver scoring/alerts and vehicle health and a cutting-edge app that gives drivers an easy-to-use interface with an overview of their driver data and scoring. 

Adam Gooch, Managing Director for Insurance at Trakm8, added, “As we can see from our driver survey many of the reasons customers are moving insurers could easily be fixed by adopting the right tech solution.  More drivers than ever want insurers to offer telematics policies and driver apps as it allows them to control insurance costs and get rewarded for driving safely and reducing mileage.  

Our enhanced driver and vehicle insights are part of our comprehensive end-to-end insurance telematics solutions that are designed to give insurers a unique opportunity to help personalise policies based on a customer’s habits and requirements.” 

For more information on Trakm8, please visit: 

About alastair walker 11398 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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