It’s always interesting to see how drivers in other countries are buying insurance, so this survey by Trakm8 offers some useful insights. Interesting that the annual rise in premiums of 10% is listed, compared to over 40% in the UK. The average premium is less too, although France has an 18% tax on insurance, plus 5 euro per policy terrorism surcharge. Here’s the word;
Trakm8, a pioneering connected data insurtech for European insurers and brokers, has published an extensive national driver survey to gain insights into how French drivers are currently purchasing insurance, how the cost of insurance has changed over the last twelve months and what they expect from future policies.
The survey has highlighted that insurance policies across France have increased by more than 10% in the last 12 months with the average policy now costing drivers €564 a year which is a trend that is being seen across many European countries. The results also showed that over two-thirds (68%) of French drivers would be happy to adopt a telematics policy such as a Pay as You Drive (PAYD) or Usage Based Insurance (UBI) solution but less than 1 in 5 (18%) have been offered this option by their current insurer.
Some background on rising car insurance rates in the UK from Trakm8 here by the way.
Only 6% of drivers are currently utilising telematics policies but with the average amount of kilometres driven only 6787km according to the survey and more than a third (35%) driving under 5000km every year millions more drivers could benefit from a usage-based policy as driving less along with driving safely can help reduce insurance costs significantly. This trend has already been seen in the UK, especially since the pandemic with a huge percentage of drivers who have lower annual mileage utilising telematics to manage their insurance costs.
Trakm8 has a proven track record of delivering a market-leading connected insurance solution that incorporates an AI and big data interface and award-winning connected devices. This gives insurers access to a range of big data insights including our portfolio of connected vehicle services and data analytics to give a detailed understanding of customer driving habits and vehicle health, so they can manage policies and risk profiles on an individual basis.
Adam Gooch, Managing Director for Insurance at Trakm8, added, “As our national survey has shown the cost of car insurance is increasing for drivers across France and currently the country has one of the lowest adoptions of telematics policies in Europe. However, the results have highlighted that millions of drivers would be happy to consider a UBI or PAYD policy if it helped them take control of their policy costs.
Our comprehensive connected telematics solutions are designed to give insurers a unique opportunity to help personalise policies based on a customer’s habits and tailor costs accordingly.”
For more information on Trakm8, please visit: www.trakm8.com
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