Co-op telematics data shows young women safer drivers than men
31.12.69
The Co-operative Insurance firm has released details of the success of its telematics insurance scheme for young drivers.
The Co-op launched the initiative two years ago and says that the average young driver has received £188 ‘cashback’ through being rewarded for safe driving.
The Co-op was the first major insurer to launch a telematics scheme and it says almost 90 per cent of those with a young driver policy have had an average of £188 paid back to them for proving that they are a safe driver.
The scheme now has more than 30,000 customers. It is aimed at 17-25-year-olds and works by using a ‘Smartbox’ which measures driving behaviour including cornering, braking, speed, acceleration and night time driving.
Grant Mitchell, Head of Motor Insurance at The Co-operative, said: "The cost of insurance for young people is an on-going problem.
"However, our telematics scheme is a solution to this and is helping to make insurance more affordable for young motorists who drive safely.
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The Easy Way to Avail Cheap Auto Insurance For Young Drivers
Recently it has been made mandatory in almost all the countries that drivers whoever have the permission to drive on the highways or roads have to possess the auto insurance. Otherwise if they are caught on the roads without the insurance they will be punished and that may cost a huge on their pockets or they may even take to the jail. However, one thing must be mentioned here that may benefit the drivers while they are going to avail the auto insurance.
Age is an important consideration and it influences the rate of auto insurance. However, it is the sole responsibility of the clients or the drivers to check t5hses variation in rates of auto insurance that highly depends on their age, driving track record etc. The rates of premium on auto insurance vary depending on the age, sex and experience of the driver or more precise to say the track records of the drivers. In fact, auto insurance companies believe that the gender and age tell a lot about the fact that how the driver will handle his or her vehicle. Some drivers’ track record shows that they are highly prone to accident and they obviously have to pay a higher rate of premium for their auto insurance.
Further sexes also have an impact on the rates of premium of auto insurance. Female driver, who belong to the age group of 18 and 25 have to pay much lower premium compared to their male counterparts hailing from the same age group.
Researches prove that the young female drivers are less prone to accident compared to the male young drivers. But the condition changes if the female drivers are similarly prone to accident and they also have to bear the same rate of premium as of their male counterparts. Some people are of the impression that gender difference in terms of getting lower rates in auto insurance is only viable among the young drivers, but in reality the case is not so. In fact drivers belong to all age groups and of different gender based on their track record get the rates of car insurance.
