Insurers increase use of telematics

Young woman drivingThe use of telematics is becoming increasingly widespread amongst UK insurers, with a number of firms now offering customers the option of having one of these all-seeing boxes fitted to their vehicles.

The introduction of telematic technology is driving down the cost of insurance for many of Britain’s better drivers. The clever little box records detailed information, which is then sent directly to the insurer so they can analyse how safely the car is driven. This information is then used to create a unique insurance premium based solely on the risk you represent, rather than on a presumption of the risk derived from other drivers within your demographic.

One of the groups most likely to benefit are young drivers, who are currently subject to excessively high premiums due to the level of risk they represent. By installing telematics technology in their vehicles, young drivers will be encouraged to drive safely, with their reward being a cut in the cost of their premium.

The data relating to driver activity is captured in real-time, with key statistics relating to the safety of the driving fed back to insurers via their websites. The data captured by the telematics technology focuses on key elements of an individual’s driving, including where they have travelled, how the car is being driven, when the car is most regularly in use and for how long.

Of the 65,000 customers already opting to have telematics fitted to their vehicles, the biggest benefits are being experienced by those who drive well, at responsible speeds and who take regular breaks when travelling long distances.

The fact that the information is transmitted in real-time is also helping van insurance companies and other vehicle insurers to improve their service levels. One customer reported that she was contacted by her insurer an hour after an accident to check if she was ok and discuss whether she wanted to make a claim, before she’d even had the chance to report the accident.

Another method of driving down the cost of your van insurance is to use ConstructaQuote’s ‘Find a Quote’ service. We will scour the UK’s leading insurers on your behalf to find you the very best price on your van insurance.

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About ElWood

Hi readers, Elwood here, business guru and founder of ConstructaQuote.com. I have created this blog to keep my readers up to date with the latest business news, information and advice.
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