UK telematics insurance sales increased five fold in the last two years

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.
July 16, 2012 Read time: 1 min
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.
Location Based Systems

For more information on companies in this article

Related Content

  • Will driverless cars increase reliance on roads?
    February 29, 2016
    Researchers warn that driverless vehicles could intensify car use, reducing or even eliminating promised energy savings and environmental benefits. Development of autonomous driving systems has accelerated rapidly since the unveiling of Google’s driverless car in 2012, and energy efficiency due to improved traffic flow has been touted as one of the technology’s key advantages. However, new research by scientists from the University of Leeds, University of Washington and Oak Ridge National Laboratory,
    Read More
  • Satellite navigation 'has made drivers lazy'
    October 30, 2014
    A majority of UK drivers have no idea of how to read a map and are likely to find themselves hopelessly lost without their satellite navigation (satnav) system. That's the shocking finding of a UK vehicle leasing company which has found that people rely on their electronic devices so heavily that they often have no idea of the route they've taken to reach their destination. In addition, Flexed.co.uk has found that virtually everybody who has used a satellite navigation device has found themselves lost
    Read More
  • ‘Risky tailgating and speeding rife on UK motorways’
    May 22, 2014
    Six in ten UK drivers own up to risky tailgating (57 per cent) and a similar proportion break the limit by 10mph or more (60 per cent) on motorways and 70mph dual carriageways, with men by far the worst offenders, a survey by Brake and insurance company Direct Line reveals. Almost all drivers say they worry about other drivers tailgating on motorways: 95 per cent are at least occasionally concerned about vehicles too close behind them; more than four in ten (44 per cent) are concerned every, or most, tim
    Read More
  • The challenging European road to carbon neutrality and the need for distance-based charging
    November 1, 2023
    Fuel taxes are falling and EVs have the potential to create social equity issues. The answer may lie in expanding the use of technology which has successfully been used for two decades with trucks
    Read More

Highlighted Content