Telematics car insurance, also known as “black box” motor insurance could be beneficial for quite a lot of young motorists based upon research by Consumer Intelligence.
Many young motorists may benefit financially by arranging a telematics car insurance policy.
According to Consumer Intelligence, those insurers providing telematics cover provided the least expensive quotes for motorists who are less than 25 years of age in 56% of cases in November 2016. Three years ago, the percentage figure was 33%. On that basis, telematics insurance is proving beneficial to many young drivers that, considering such motorists tend to pay some of the largest premiums, has got to be welcomed.
Apparently, the average premium for a standard car insurance policy in November of this year was £3,373 per annum for the younger motorist yet, for a telematics policy, the average premium was £2,540 per annum for such a motorist.
It is interesting that, back in March 2016, a number of drivers were asked what the main reason was that they did not take out telematics car insurance and many young drivers felt it was because they did not like being watched. In fact, 62% of drivers aged between 18 to 24 felt this was the main reason. This would appear to be potentially unfortunate for quite a lot of young motorists as many could be missing out on arranging their car insurance more cheaply by taking out a telematics car insurance policy rather than a standard car insurance policy.
There has been an increasing number of motor insurers that have started to offer “black box” cover so it is probably worth doing some research and shopping around to try to find a competitive quote that can also be compared with a quote for standard motor insurance. Based upon the above research, there would appear to be the possibility of many young drivers making a significant saving in their car insurance premiums that surely, if that were to be the case, would be well received.
