ROCKET: Big boost for telematics insurance
Telematics motor insurance sales have increased by 61% since June 2012, research from the British Insurance Brokers’ Association (BIBA) has shown.
BIBA claim the huge behaviour-based policy increase, of 116,000, demonstrates drivers taking advantage of savings of around 25%.
The technology works by recording journeys or driving behaviour so that premiums can be accurately applied to a driver’s exact risk profile.
Graeme Trudgill, Executive Director of BIBA, said: “The rise of the new app smart phone technology will see sales of behaviour-based products continue to increase.
“BIBA’s new research demonstrates how young drivers are embracing technology and more and more brokers are launching products to meet the demand.”