Tiger.co.uk has unveiled a significant growth in the number of UK drivers buying “black box” insurance products as a way to reduce car insurance costs. In the four month period from October 2012, sales of telematics insurance policies made up 17.9% of all policies sold through the car insurance comparison
site. This is up from 11.9% in the eight months before this period.
uses an in-car device to measure actual driving behaviour, using cornering, speed, acceleration, braking, mileage driven and other recorded data in order to calculate car insurance premiums. Safer drivers tend to benefit from lower premiums than they could obtain through standard car insurance policies which are based on data that is averaged across multiple driver groups and are therefore based on assumed driving behaviours.
The growth in popularity of these policies reported by Tiger.co.uk has been driven primarily by greater uptake amongst female motorists and younger drivers, following the launch of a plethora of new telematics products in the UK market. Women now make up almost 40% of telematics insurance policy sales on Tiger.co.uk, whilst drivers under 25s now account for 66% of all buyers.
Commenting on this, Andrew Goulborn, Tiger.co.uk’s Commercial Director, offered: “We believe that Tiger.co.uk offers UK insurance shoppers more telematics insurance brands than any other comparison site – including the four heavily advertised sites. We now have ten brands on Tiger.co.uk, double the number we had on the site a year ago and this offers our site users, particularly those looking for young drivers’ car insurance, some great prices and a choice of using well known brands like Bell, Hastings and the AA. We will be adding more telematics brands to the site over the next few months and we expect these new generation of insurance policies to account for over one-fifth of our sales by the end of 2013.”