Car insurance policies based on telematics have been widely publicised as a way for young drivers to get affordable car insurance quotes
but it seems that it is not just young people who are benefiting from the new technology. Tiger.co.uk has revealed that other drivers are catching on too.
Sales data from compare car insurance
site Tiger.co.uk shows that telematics insurance policies are growing in popularity. For the three months up to February 2012, sales of insurance policies based on telematics accounted for almost 14 per cent of all policies sold via the site, compared to 12% a year earlier.
Far from being a product simply for younger drivers, the group of drivers buying the most policies is those aged between 25-34.
Whilst sales of telematics insurance to younger drivers is strong, with 17-20 year olds being 71% more likely to purchase a product compared with the UK population as a whole, it is more mature drivers who are buying the most telematics policies. Almost three quarters of the sales of these products through Tiger.co.uk were to drivers between the ages of 25-54.
Andrew Goulborn, Commercial Director for Tiger.co.uk commented: “This type of insurance product is rapidly growing in popularity and the industry is predicting that this trend will continue. We’re seeing a growth in the number of these products entering the market and we are now able to provide quotes from four telematics insurance providers online at Tiger.co.uk – with more to follow. It has been well documented that young drivers and those who have low annual mileage can get good value for money from these products but it is interesting to see from our sales data that they have the potential to become mainstream. If you are considering taking out a product like this make sure that you check the policy details as they are structured in different ways with varying restrictions.”