UK sees 40% rise in black box telematics car insurance policies
Close to half a million motorists in the UK now have a telematics box fitted in their car as part of their insurance policy
The number of motorists choosing an insurance policy that includes a telematics device to monitor their driving has risen by 40 per cent in the last year alone, a new study by the British Insurance Broker’s Association (BIBA) reveals.
There are now almost 455,000 drivers in the UK with a telematics 'black box' fitted in their car, compared to 323,000 motorists at the end of 2014. The ‘Big Brother ‘ insurance policy is becoming an increasingly popular choice for motorists, especially young drivers, with many seeing savings of up to 25 per cent on their insurance premiums. As a result, the number of motorists with a black box fitted in their car has soared from 12,000 in 2009 to over 450,000 today.
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The black box device is fitted by the insurer and monitors things like speed, acceleration, braking and the time of the journey whilst driving and builds a risk profile based on the results. The safest and most careful drivers will receive discounts on their policy.
Graeme Trudgill, Executive Director at BIBA, said: “Telematics is becoming the motor insurance solution of choice among young drivers as they can take control of their own premiums by electing to have their driving behaviour monitored. Industry statistics show there is a 40% drop in crash risk when a new driver has a telematics policy. Telematics equipment also helps reduce theft claims, many doubling as vehicle tracker devices.”
He added: “We are delighted to see these figures increasing, the benefits of a greater take-up of telematics technology are many: more affordable premiums, safer roads, reduced uninsured driving and increase personal safely because some even operate as breakdown locator.”
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