New figures show that the popularity of black box car insurance is forever on the increase with young drivers in particular reaping the benefits of this insurance type. Where many have scrutinised this cover type for encouraging a feeling of suffocation it seems that the younger generation think otherwise, going to great lengths to find competitively-prices premiums to get them on the road.
What does a black box record?
With an aim to provide a clear window into people’s driving style the black box monitors speed, braking, cornering, milage, the number of journeys you take, the time of day you drive as well as how many rest stops you take on the motorway.
“There is increasing acceptance of telematics and genuine benefits for drivers and insurers to use it in terms of safer driving and better pricing,” said Ian Hughes, chief executive of Consumer Intelligence
“[but] there is still a long way to go for the motor insurance market before there is mainstream adoption of such policies. Insurers need to look at developing policies that address the needs of different age groups and reflect what they want and would value from telematics.”
The benefits of telematics insurance
Although not an option many feel comfortable with the positives of having a black box policy arguably outweigh the negatives, with there being many advantages to telematics insurance including:
- Cut-price premiums
- Encouraging safer driving
- Allowing insurers to see your driving style
- Encouraging cheap renewal rates
- And much more.
Imran Ahmed of High Gear insurance says:
‘We offer various different types of policies here at High Gear, however, in 2015 we have seem a 60% increase in people asking for telematics cover compared to 2014.’
Let us know what you think, would you opt for black box car insurance? Leave your comments below.