Friday, 13 July 2012

180,000 'black box' car insurance policies were sold in the UK in H1 2012

"Sales of telematic, or ‘black-box’, car insurance will reach 500,000 in the next two years, according to the British Insurance Brokers’ Association (Biba).
The trade body for the insurance industry has recorded a five-fold increase in this type of motor insurance in the past two years.
The use of telematic technology is proving popular because it can reduce the cost of motor insurance, especially for young drivers who are often faced with unaffordable quotes.
Biba’s research shows a steady increase in the take-up of telematics policies, from 12,000 in 2009 to 180,000 in the first six months of 2012.
When the technology was launched it was offered mainly by Coverbox and ikube, but a wide range of insurers now offer this option including mainstream insurers such as the Co-op, Swinton, and the AA.
The technology may benefit female drivers when a European ban on using gender to assess risk comes into force later this year.
This is expected to lead to a significant increase in the cost of insurance for female drivers who have previously been considered a lower risk group."

No comments: