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

  • Integrate systems to reduce roadside infrastructure
    January 27, 2012
    David Crawford reviews promising current developments. Instrumentation of the road infrastructure has grown to become one of the most dynamic sectors of the ITS industry. Drivers for its deployment include global concerns over the commercial and environmental pressures of traffic congestion, the importance of keeping drivers informed throughout their journeys, and the need to reduce accident rates and promote the safety of all road users, for example by enforcing traffic safety rules.
    Read More
  • Low-carbon mobility, one village at a time
    July 15, 2024
    Shantha Bloemen of Mobility for Africa, winner of this year's Movmi Empower Women in Shared Mobility Award, talks to Beate Kubitz about creative and practical solutions for transportation in the world’s rural areas – and why investment is still needed
    Read More
  • Johnson Controls says US consumers are interested in start-stop systems
    May 18, 2012
    New consumer research conducted by Johnson Controls claims that 97 per cent of Americans are ready for new start-stop technology that improves the fuel economy of their vehicle. The research was conducted to gain understanding of how consumers view fuel-saving power train technologies based on attributes such as purchase price, fuel economy, annual fuel cost and performance. Focus groups across US major metropolitan areas, along with 1,200 survey respondents, provided feedback on efficient vehicle technolog
    Read More
  • Driver of cloned car escapes speeding fine thanks to in-car telematics device
    March 10, 2016
    A UK motorist has escaped a fine and points on his licence after anti-motor fraud specialist, Asset Protection Unit (APU), was able to prove his innocence by analysing the vehicle’s telematics data. The driver, from Wembley, London was accused of speeding in Lincoln in November last year even though the vehicle thought to be involved, a BMW 2 Series, was actually still in Wembley. Police issued the fine of £100 and three penalty points when a vehicle was caught by a fixed speed camera in Lincoln trave
    Read More

Highlighted Content