Motorists can save up to thousands off their insurance premium
Black box and telematics car insurance premiums are becoming increasingly more popular in the UK, due to their well-publicised cost-saving benefits.
However, there is still a proportion of motorists that remain sceptical to the technology as they don’t want their driving to be ‘monitored.’
There is also a common misconception that this technology is reserved or only beneficial to young drivers.
This is due to the fact that many young drivers opt for a telematics policy as they pay the most for their cover compared to any other age group.
This is, however, incorrect, and many other age groups could also see benefits from a black box premium.
In fact, new research from Coverbox reveals that there has been an increase of 300 per cent on the uptake of telematics premiums for over 50s.
Motorists of this age bracket could also stand to make hefty savings on the average cost of a premium too.
With proof of good driving, nearly one in three (29 per cent) of these drivers saved £350 or more upon renewal of their policies.
Black box premiums take in a number of factors to determine the overall cost of your policy.
This includes their driving style to determine how safe they are on the roads, and therefore how likely they are to make a claim.
Drivers are given a driving score, which informs pricing, and rewards safer drivers with cheaper premiums.
Black box premiums can be lucrative and can see motorists save thousands off the cost of their insurance annually.
One example of this is Graham Gethan, 69, who turned to black box insurance after a change to his benefits saw his insurance costs skyrocket.
The boxes fitted to the car then monitor how you drive
Graham said, “ I had a stroke ten years ago which affected my mobility, and I was granted Disability Living Allowance to pay for my car and insurance.
“However, I was recently reassessed for my benefits, and this resulted in a huge reduction, meaning it would no longer cover the cost for my car or insurance.
“My mobility hadn’t improved at all, and without my car I would have lost all of my independence.
“I didn’t have any no claims discount at the time, and with quotes from around £1500 up to £3000 it looked like I wasn’t going to be able to afford to buy and run a car.
The motorist, however, opted to go for a black box when he found the premium to be significantly less than what he was being quoted elsewhere.
“I began looking on comparison websites with my son-in-law, and we came across Coverbox’s black box insurance.
“Initially I wasn’t keen on having the box in my car, but once I saw the price of £587 I knew this was the way to get me driving again.”
What’s more his premium dropped to just £340 after one year of good driving.
Graham added, “I would. If you want to reduce costs, be a safer driver and reassure your family then this is the way to do it.
“I’ve been driving for 57 years now, and it feels good to be rewarded with cheaper insurance for my experience and safer driving”
Martyne Miller, Associate Director at Coverbox said, “Unlike most black box insurers, we’ve always had a variety of ages on our books, but we have seen a marked increase in drivers over fifty choosing Coverbox telematics policies in recent years.
“This age group have realised they can really benefit from telematics technology; years of good experience on the road is often discounted following a claim or change in circumstance, meaning increased premiums.
“Sharing your driving with the insurer enables your premium and renewal price to be based on you, not your peer group.”