Telematics saving young drivers money

According to money experts MoneySuperMarket.com, young drivers can save up to £438 each year on their car insurance by adopting telematics.

A study was used consisting of 12.2 million car insurance quotes from the site over a 12 month period. The results showed that young drivers aged 17-19 were set to make the largest saving if they had a black box installed into their vehicle.

The results also showed that young drivers are the most likely candidates to be offered a telematics scheme followed by drivers aged 20-24.

In the young driver category (ages 17-19), women were more likely to be quoted for a telematics scheme making up 24.1% of all quotes.

The purpose of the telematics scheme is to make drivers more aware of their behavior behind the wheel and if safe, can lead to cheaper insurance. The box itself records a number of factors such as the times of day that you driver, your acceleration and braking rate and also what kinds of roads you tend to use.

This information becomes available to the driver online where they can asses their driving and make changes accordingly.

A car insurance expert from MoneySuperMarket.com was quoted saying, "Telematics technology, similar to that found on Formula One racing cars, is now becoming mainstream within the insurance industry, and is playing a key part in the future of motoring. The financial benefits of using telematics are obvious for drivers who are considered a higher insurance risk: installing a black box device in your car can save around £212 on the price of a policy compared to standard car insurance."

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