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Formula One Technology Helping Bring Down The Cost Of Car Insurance For Riskier Drivers

CHESTER, England, May 7, 2013 /PRNewswire/ --

  • Telematics policyholders could save £201 on their car insurance premiums compared to standard policies
  • 17-19 year old females are offered telematics policies the most

Young drivers stand to save an extra £201 (12.5 per cent) on the cost of their car insurance premiums if they opt for a telematics policy, according to analysis by MoneySupermarket.com [ 1 ].

The UK's number one comparison site analysed 16.9 million car insurance quotes and found an increase in telematics policies being offered to younger drivers. The analysis found that 29 per cent of motorists in the 17-19 age bracket were likely to be offered the choice to opt for a telematics policy, followed by 18 per cent of 20-24 year olds. The analysis also revealed that by opting for a telematics policy, drivers could save just over £200 [ 2 ]compared to standard car cover.

The research also found that females aged 17-19 were the most quoted group for telematics policies, making up almost a third (30 per cent) of all telematics quotes.

Telematics policies serve to make motorists more aware of how they drive which in turn can make premiums cheaper. A small black box device is fitted to the vehicle that is able to monitor a number of factors, such as the times of day you drive, how you accelerate and break as well as monitoring what types of road you use. The driver is then able to monitor their progress online and can make any adjustments to their driving style accordingly. There may be restrictions however, such as to the times in the day that you are able to drive.

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