Co-op telematics data shows young women safer drivers than men
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.