Many of you will have heard of telematics car insurance that is also often referred to as black box cover. An increasing number of insurers have progressively introduced this form of cover in the last few years. It was originally brought in for the younger motorist as a potential way of lowering the premiums they had to pay to insure their cars.
These potential lower premiums were achieved for many young drivers by having a black box fitted to the dashboard in the car with this technology being used by insurance companies to monitor such things as when and where the vehicle was being driven and how safely the car was being driven.
Over a period of time, some insurers have made telematics cover available to older motorists. However, some interesting data has been published by MoneySuperMarket.com that is a well-known price comparison website back in October 2019 that makes for interesting reading – in particular for motorists aged 30 plus.
The above price comparison website used some data covering the period July to September 2019 that compared the average premiums for both telematics cover and non-telematics cover: –
For instance, a driver aged 17 to 19 paid an average premium of £2,079 per annum for a non-telematics car insurance policy but only paid an average of £1,224 per annum for telematics cover. A driver aged 25 to 29 paid an average premium of £845 per annum for a non-telematics car insurance policy but only paid an average of £825 per annum for telematics cover. However, a motorist aged 30 to 39 paid an average of £590 per annum for a non-telematics car insurance policy whereas he or she would have paid an average of £717 per annum for telematics cover. A 40 to 49 year old driver paid an average of £435 per annum for a non-telematics car insurance policy but was charged an average of £634 per annum for telematics cover. A 50 to 64 year old driver paid an average of £318 per annum for a non-telematics car insurance policy but would have paid an average of £544 per annum for telematics cover. Those motorists 65 plus paid an average of £296 per annum for a non-telematics car insurance policy but would have paid an average of £525 per annum for telematics cover.
As you can see, based upon the above data, the average cost of telematics cover was greater than normal car insurance for motorists aged 30 plus.
If you are looking for car insurance then you may wish to do your own research and shop around to find competitive cover.
