How much you pay for your insurance can seem like a mystery. After all, most of the time, you send off your details to an insurer or a broker, and get back a price. While you can choose which price you receive to go with, you don’t have much influence over the price itself. That is, unless you have a black-box fitted to your car. Having a telematics device on your car gives you an influence on how much you are likely to pay.
Relative Unpopularity
Despite this, relatively few people actually want a black-box fitting to their car. Only 14% of people said that they would be likely to choose a policy with telematics when their insurance renews. The average amount a telematics device could save drivers on their policies is £482. This indicates how surprising it is that so few people are in favour of having such a device themselves.
Savings at all Ages
Younger drivers in particular, could save much more money through using a black-box. On average, a driver between the ages of 17 and 20 could save £1,451. People between the ages of 40 and 49 could still save £516 on average though. This illustrates the difficulties that providers of black-boxes are having. People assume, that because young drivers save so much, that older drivers will not save anything. In reality, they still save significant amounts.
Improving Telematics
Drivers might be more positive towards black-boxes if they were transferable between cars and insurance policies – almost as if they were a form of no claims bonus. This might make telematics more popular with drivers. Insurers are keen to spread such devices, as they make it easier to understand the reality of how people actually drive.
At Alternative Insurance Brokers, we build our insurance policies for you. That means that we get to know you, and your history. Where a black-box takes records of your driving history, we ask you what you want your insurance to do for you. Insurance policies from Alternative Insurance Brokers, whether they be for cars, properties or businesses, are all built for you.
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