sales of telematics-based car insurance policies have continued to grow
(PRWEB UK) 25 June 2012
Highly regarded for helping UK drivers to easily compare car insurance quotes, Tiger.co.uk, has today revealed that sales of telematics-based car insurance policies have continued to grow and now account for some 15% of polices sold via the site.
Telematics insurance involves the fitting of a small box (about the size of a mobile phone) to a car and using this to monitor a drivers’ performance and habits. Data collected can include miles driven, time of day, braking and accelerating. This data is then used as the basis for pricing insurance policies. Telematics policies are proving especially popular for young drivers’ car insurance, where premiums have historically been much higher than those for older drivers.
The figures from Tiger.co.uk, which hosts four telematics insurance products on its site and expects this number to double in the next few months as more companies develop products in this sector, show that sales have increased from around 12% of policies sold in January to 15% of policies sold in May.
Commenting on this sales growth, Andrew Goulborn, the site’s Commercial Director, reflected: “We’ve seen a steady but significant growth in sales of telematics-based insurance products this year and the launch of more products, some from major insurance brands, will undoubtedly sustain this growth in the future. For many people using the Tiger.co.uk site, especially those looking for car insurance for young drivers, telematics policies provide better value than ‘standard’ policies. Drivers buying them appreciate the fact that their insurance prices are based on real rather than assumed driving behaviour and careful, safer drivers tend to benefit from this.
The additional benefits from having a telematics box installed are also attractive. The boxes act as a tracker in the event of a car being stolen and can also be used to alert emergency services when the kind of severe deceleration associated with a crash is detected.
We forecast that by the end of 2012, with more suppliers and the introduction of smartphone-based solutions, one in five policies sold on Tiger.co.uk will be a telematics product”.
About Tiger.co.uk:
Tiger.co.uk, a trading name of Call Connection Ltd, is a UK based, independent motor insurance comparison site, offering insurance quotes from over 150 insurance brands. Call Connection Ltd is authorised and regulated by the Financial Services Authority (number 308374).
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