Trackers and telemetric devices are on the up!
More evidence has recently come to light that there has been a huge increase in the take-up of telematics based motor insurance with close to ½ million people now using technology to monitor driving skills in exchange for cheaper premiums. The price comparison website Gocompare has commented that the average saving a driver can now make is £750. Those mainly taking up the insurance are in the 17-25 bracket.
With the Road Safety Foundation throwing out statistics about young drivers and the high instances of accidents, insurance premiums are at an all time high for young people who are increasingly struggling to find affordable cover. Those with no driving history or no claims bonus can be paying up to £2,400 on insurance premiums.
What is Black Box technology?
The insurer will install a black box in your car, a spy so to speak, which will record and transmit data about your driving habits such as acceleration, braking and cornering information back to your insurer. The data can also be used to reconstruct crashes to determine fault and also protect policyholders from false accusations being made against them. This data is given to underwriters, who can make a more accurate assessment of the young driver’s ability. It’s hoped that the black box technology will promote good driving habits and reduce in novice drivers. Some even send driving feedback every 10 days further helping drivers become aware of their habits as well as reviewing the insurance policy every quarter with the possibility of further savings.
Kits-n-Bits have been installing trackers and telemetric devices for insurance companies and private individuals for several years. If you’d like more information please call us 01446 334005