Car Insurance Site Tiger.co.uk Sees Sales of Telematics Policies Grow
(PRWEB UK) 8 June 2012
Despite a slight respite in the well recorded rise in car insurance prices, recent reports show that many younger motorists are still finding themselves almost priced out of the market when it comes to traditional car insurance for young drivers. However, good news could be around the corner in the form of telematics based car insurance. Car insurance comparison site Tiger.co.uk is reporting a dramatic rise in sales of telematics car insurance policies, which are often aimed at younger drivers. Sales figures from Tiger.co.uk for the first four months of the year show that there has been a 25% rise in sales of telematics insurance since January. In fact, more than one in seven policies sold through Tiger.co.uk in April was a telematics based policy and that figure is expected to rise as the year progresses.
Telematics policies, sometimes known as “pay as you drive” or “black box” policies, involve a tracker being installed in the car to record a motorist’s driving habits. Depending on the insurer this information could include: The time of day when a car is driven; the speed at which a car is driven; and annual mileage. Armed with this data the insurer is then able to adjust how much the driver will have to pay based on their insurance risk. Careful driving is rewarded but drivers with habits such as hard braking and aggressive acceleration are considered more risky. Because of these factors, telematics based car insurance can be a more affordable option for safe young drivers than standard car insurance but, as evidenced by telematics statistics published by Tiger.co.uk earlier this year, these products are popular with older age groups too.
Andrew Goulborn, Commercial Director for Tiger.co.uk said: “We’re very pleased to see an increase in telematics sales. It shows that our customers are starting to understand that the use of this new technology in insurance could save them money. Tiger.co.uk currently has four telematics insurers on its panel, some of which have a particular focus on young drivers’ car insurance and we are in discussions with more telematics insurers. As a result we hope to see an even larger rise in sales in the latter part of the year.
Our sales figures show that we are selling a good proportion of these policies to younger drivers but the group of drivers buying the most policies are actually those aged between 25-34.”
About Tiger.co.uk:
Tiger.co.uk is a trading name of Call Connection Ltd. Tiger.co.uk is a UK based, independent motor insurance comparison site, offering insurance quotes from over 150 insurance brands. Call Connection Ltd is authorised and regulated by the Financial Services Authority (number 308374).
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