Telematics: The Solution for Young Drivers
January 16, 2024
By: Hannah-Rebecca Eldritch
Costs increase year-on-year for young drivers, but their available funds don’t.
In the news this week, we’re seeing reports that young drivers are facing the highest car insurance costs on record. With premiums reaching a record £3000, price comparison firm Confused.com say 17-20 year olds are seeing an average rise of £1000 from the same time last year, or 58%. With these increased costs, many drivers are turning to telematics to keep them moving.
During the pandemic the insurance industry saw an unprecedented reduction in claims and costs. Fewer drivers means fewer incidents, accidents and repairs. Since the pandemic, we’re seeing an increase in the frequency of claims. We’re all back on the roads and young drivers are traditionally high risk to insure.
Post-pandemic costs have increased, but a gradual change in the second hand market means overall costs are higher. Long gone are the days when a replacement wing mirror was under £100 all-in, the prevalence of electronics across all parts and increase in smart features (sensors, alerts), means that vehicle replacement on the whole costs more. The value of second hand cars tend to be higher and hold their value.
Keeping young drivers on the move
High costs aside, young drivers still need to drive. We have work, jobs, schools, college – places to get to. Sharing the driving with a more experienced driver can bring costs down, but not everyone can do that. The best option? Telematics. A ‘pay how you drive’ system, the use of in-vehicle technology to monitor how the car is driven, rewards safe driving and set premiums accordingly. RAC research shows that 62% of drivers felt the technology made them safer on the roads, and modern black box insurance policies do not have a curfew. though you’ll typically achieve better discounts if you avoid night driving (when most accidents occur). Lots of telematics tech come with companion smartphone apps – giving you feedback on your driving and keeping you safe on the road.
Alongside insurance black box installations, we offer vehicle trackers, ghost immobilisers and dash cam installations. You can protect your vehicle and reduce your costs with us. Request a quote and you’ll be contacted by one of our experienced team who can offer a vehicle solution for you.
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