U.K.-based price comparison services provider, Confused.com, recently compiled a range of insurance providers willing to offer discounted insurance rates to customers for driving well, as measured by telematics technology. The five participating insurance providers – Autosaint, Coverbox, AA Drivesafe, Bell and insurethebox, which just started offering telematics tracking this month – will allow drivers to earn reduced rates after installing a telematics device in their car.
This focus on individually crafted insurance rates follows a recent ruling by the European Court of Justice which will ensure car insurance premiums must be gender neutral as of December 21, 2012. Telematics seems to be the perfect answer to this, as it can be implemented to track driver data such as miles driven and harsh acceleration and braking.
Drivers can install a telematics device at the expense of the insurance company. After that, a driver can decrease insurance premiums through better driving. Customers can even track their driving statistics online through a secure, personalized portal.
Telematics tracking also comes with added safety benefits. First, if an accident occurs, the device will inform that driver's insurance company, who can then contact emergency services if necessary. Secondly, the device acts as a tracker, making it easier to find a stolen vehicle.
"Telematics insurance is targeted at drivers who believe they can reduce their premiums by driving safely," Gareth Kloet, Head of Car Insurance at Confused.com, said in a release. "This can be of specific benefit to young drivers, who traditionally have been considered a higher risk than other drivers. Telematics allows insurers to offer premiums that reflect an individual driver's actual risk on the road not just assessing them by age or gender."
"Telematics is great for young drivers or anyone who wants to take control of their insurance costs and Confused.com’s car insurance comparison service makes it easy for customers to compare different policies and now offers even greater choice for insurance than before," added Kloet.
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Edited by Braden Becker