Young Drivers Benefit from Telematics
New research has suggested that black box technology, or telematics is helping to cut car insurance premiums for young drivers while older motorists are seeing thier costs rise.
The flip side to this is that motorists aged over 50 have seen their premiums rise by 8.6%.
This have been helped by telematics technology, which measures and monitors your driving patterns so your insurer can get a comprehensive impression of your driving habits and charge you accordingly.
Ian Hughes, chief executive of Consumer Intelligence, said this innovation was reversing the "massive increases" in premiums for young drivers seen at the turn of the decade.
"Older drivers are to an extent helping fund premium reductions for younger motorists and need to ensure they are receiving the best value for money from their insurer," he said.
It’s no secret that young drivers pay a premium when it comes to car insurance. The average annual premium for drivers aged under 25 is €2280 and €350 for motorists aged over 50.
According to research by Autosaint, premiums can do down by as much as 70 per cent over a year. Added to this, data has indicated that those who drive with a blackbox are safer on the roads while accident rates are reduced by 35 to 40%.
Alex Todd Brand Manager at BoxyMo commented "With BoxyMo we'll help you get the right fully comprehensive telematic car insurance at the right price."
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