Black Box Insurance
Have you ever heard of the Black Box Insurance?
Lets take a look at what is all about.
Would it be to your advantage to help keep your premiums down?
“Telematics Insurance is known by many different terms including Black Box Insurance, GPS Car Insurance, Smartbox Insurance, Pay As You Drive and Usage Based Insurance (UBI). It is designed to be driver centred and premiums are based on you as a driver, not how you fit into statistical evidence.
It also allows insurance companies to makes charges on a driver’s behaviour, not on how he claims to drive and goes a long way to protecting good drivers from costs to the industry from false claims from dishonest claimants.It allows drivers flexibility to choose how they drive in order to reduce premiums.
Telematics insurance relies on a databox the size of a mobile phone which is installed by the insurance company into your car. The box does not damage the car and will not affect the warranty; it uses less energy than a car radio so should not drain your car battery.”
I do believe that at 17/18 years old it is extremely expensive to insure your car.
So perhaps this could be the way to reduce the cost of insurance for new drivers.
Perhaps it would help to collect up to date and realistic statistics, to base up to date and relative premiums on?