The Co-operative Insurance today welcomes the launch of the AA's telematics car insurance.
This follows in the footsteps of The Co-operative's own ‘Young Driver', launched last March, which uses telematics to calculate insurance costs based on driving performance.
Grant Mitchell, Head of Motor Insurance at The Co-operative Insurance, said:
"We're delighted that another major insurer has stepped forward with a telematics solution. The cost of insurance has hit an all time high and more and more people will be looking at ways to bring their premiums down, especially young drivers who are the hardest hit. Telematics is the best way for people to demonstrate that they can drive safely and allows people to pay a fair and personalised price for their cover.
"Thousands of motorists are already seeing the benefits of opting for telematics with our Young Driver insurance and we have been able to reward around 90% of our customers with discounts for driving safely. Not only that, but the ‘carrot' rather than ‘stick' approach is having a noticeable affect on driving behaviours and could ultimately lead to better safety on Britain's roads.
"With more insurers launching similar initiatives we expect that telematics will grow massively in popularity over the next few years - and particularly among women. Many young women are going to see their premium jump at the end of the year when the European Court of Justice gender ruling comes in to force, and unless they consider alternative types of insurance, it is likely they will get an unfair deal by having to subsidise statistically riskier young men.
"We think more insurers should now follow suit and offer similar schemes so that as an industry we can avoid creating an uninsurable generation of young people who cannot afford to drive."
|
