Telematics Car Insurance Attractive to a Broad Audience
According to sales figures from car insurance comparison site Tiger.co.uk, telematics insurance policies are growing in popularity among drivers aged 24 and under.
Whilst it is evident that telematics motor insurance products appeal to a wide audience, it seems that interest in these products among the UK’s younger drivers is increasing.
Sales data from Tiger.co.uk for February to September 2012 shows that it is younger drivers that are increasingly taking out these policies. Compared to a similar study that looked at sales data over late 2011 and early 2012, sales of telematics insurance policies to those under the age of 24 are indexing higher against UK population than they were 8 months ago, suggesting that concerns about ”big brother” style insurance may be being allayed by affordability.
Sales of telematics motor insurance to older drivers remain strong however, with more mature motorists are still enjoying the benefits offered by these policies as evidenced by the fact that 60% of the sales of telematics insurance through Tiger.co.uk were to drivers between the ages of 25-54.
The sales figures show that telematics policies have quite a wide appeal among drivers. Between February and September 2012 policies based on telematics technology accounted for almost 14% of all policies that were sold compared to the first quarter of 2011 when they accounted for only 12%.
Andrew Goulborn, Commercial Director for Tiger.co.uk, commented: “This type of insurance product is growing in popularity across the board and the industry is predicting that this trend will continue.
We are seeing a growth in new telematics products coming on to the market as many of our partners are beginning to introduce them to their offering. We are now able to provide quotes from eight telematics insurance providers on Tiger.co.uk. It has been well documented that younger drivers and those who have a lower annual mileage can get good value for money from these products and it is interesting to see that it is not just younger drivers buying them. If you are considering taking out a telematics policy make sure that you check the policy detail as they are structured in different ways with varying restrictions. Take a look at our “Tiger Guide To Telematics Insurance Providers” that contains information on the brands and products that are available on Tiger.co.uk”