Research from the British Insurance Brokers’ Association (BIBA) shows that ‘black box’ motor insurance sales have increased five fold in the last two years, and are set to snowball to around 500,000 in the next two years. BIBA says that the telematics technology can offer savings on motor insurance of around 2530 per cent and some young drivers can save up to US$1,554.
Research from the 6204 British Insurance Brokers’ Association (BIBA) shows that ‘black box’ motor insurance sales have increased five fold in the last two years, and are set to snowball to around 500,000 in the next two years.
BIBA says that the telematics technology can offer savings on motor insurance of around 2530 per cent and some young drivers can save up to US$1,554.
The technology works by recording journeys or driving behaviour so that premiums can be accurately applied to a driver’s exact risk profile.
“The dramatic increase in black box technology follows the rising cost of premiums for young drivers, the decreasing cost of technology, and new product availability from insurance brokers,” says Leighann Forsyth, BIBA’s head of communications.
BIBA also says that women, who are likely to see an increase in motor premiums later this year due to the European gender rating ban, could benefit from reduced premiums from telematics.
BIBA’s research can be downloaded from this link.
BIBA says that the telematics technology can offer savings on motor insurance of around 2530 per cent and some young drivers can save up to US$1,554.
The technology works by recording journeys or driving behaviour so that premiums can be accurately applied to a driver’s exact risk profile.
“The dramatic increase in black box technology follows the rising cost of premiums for young drivers, the decreasing cost of technology, and new product availability from insurance brokers,” says Leighann Forsyth, BIBA’s head of communications.
BIBA also says that women, who are likely to see an increase in motor premiums later this year due to the European gender rating ban, could benefit from reduced premiums from telematics.
BIBA’s research can be downloaded from this link.
