Despite Fuel Price Hikes, Car Is Usage Increasing

Despite the organised price hike in diesel and petrol over the last year, plus the introduction of ULEZ and CAZ charges, drivers are looking to cover more miles in 2023, says a new survey. Here’s the word;

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 that the vast majority of drivers (69%) not only expect to drive more miles in 2023 than last year but 7 out of 10 drivers (70%) expect their mileage to be higher than pre-pandemic levels. The survey also showed that very few households (9%) will be reducing the number of insured cars due to the cost of living.

These results highlight that the number of insured cars and mileage isn’t anticipated to be as impacted by the cost of living as much as previously expected. As car usage and mileage increase, it is not surprising that more drivers are considering a telematics insurance policy to reduce costs with 58% of all drivers surveyed stating they would be happy to have their driving recorded if it was going to save them money.

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,

“The results from our driver survey are fairly surprising with the cost of living not expected to impact the number of insured vehicles on the road and total mileage expected to rise in 2023.  

It is really positive to see so many more drivers receptive to a telematics policy to reduce costs and reward good driving. Our comprehensive end-to-end insurance telematics solutions 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: www.trakm8.com