Save Money as a Young or Inexperienced Driver
- August 7, 2018
- by Chris
Car insurance premiums can be seen as an annoyance every time your policy is due for renewal. Renewal quotes from your current provider are usually higher. it is strongly recommended that you compare different quotes in order to get the best price.
Although there has been a small drop on average insurance premiums, there are still large variations when looking at other risk factors such as a driver’s age and location. Many drivers who stay ‘loyal’ to the same insurer are paying more year on year. A recent study claims that many drivers could save hundreds of pounds each year by selecting a telematics based insurance policy.
Data driven insurance
A telematics based car insurance policy is commonly referred to as ‘black box insurance’. Black box insurance will allow drivers who prioritise safe driving to reduce their insurance premium. A black box is a device that collects data, it’s fitted to your car and will monitor your driving behaviour. This may be especially useful for inexperienced or young drivers. There are a number of major insurance providers who offer this type of policy such as Aviva, Admiral, and Direct Line. Here are a few different things the black box will monitor:
• How you are accelerating
• How you are braking
• How you are cornering
• Location driven from and to
• Amount of mileage
• The time of day / night you drive
The above information is then used to tailor the policy premium costs for the individual driver, this method rewards safe drivers. Black box insurance cover is not only available to younger drivers. If you have previously had an accident or had to make a claim or someone else has made a claim against you, it may also be worth considering a black box policy as this could help you save money.
Comparing the premiums
Price comparison website data has indicated that nearly 50% of 17 to 24 year olds could reduce their insurance premium by more than £350 by selecting a black box policy. Chris Richards, the founder of price comparison website Utility Saving Expert has said that
“Young drivers still pay a much larger amount compared to other age groups.’ There is evidence to support this argument, as a higher number of personal injury claims still come from accidents involving young or inexperienced drivers.”
Telematics insurance policies (black box insurance) offer a solution for many inexperienced or young motorists to help them cut their annual premium. As well as saving them money, they have a much more important benefit, they encourage responsible driving and make our roads safer. It’s a good idea to see how much black box cover could save you in the future when you are next due for renewal. Remember that some policies may place their own restrictions and have specific exclusions. It is highly recommended that you read the full terms and conditions of any policy before you decide to buy.
Utility Saving Expert compares all the leading car insurance providers to help you find the most competitive price. It’s quick and simple to get an online quote within minutes.