Know Your Money - a financial comparison and advice website that helps users make informed decisions when purchasing or applying for financial products, has announced that it is experiencing 70 percent month-on-month increase in traffic for telematics car insurance policies.
The company officials said that the search numbers for the telematics car insurance product have been sustained at a steady rate of growth between March and August 2012, with 70 percent representing the average monthly increase during that period.
Telematics car insurance is also known as 'black box' insurance, in which a device is installed into a customer's car which monitors the way that they drive. Those that drive safely are rewarded with cheaper policies.
Know Your Money joint founder, Jason Tassie said he was pleased to witness the upwards trends. He said that, "The growth in interest for telematics insurance products has been explosive so far this year. It's something that we're delighted to see here at Know Your Money.”
Adding, "Rising car insurance policies have priced many young people out of the market in recent years and it is unfair to punish the majority because of the actions of the few. Telematics car insurance policies have been proven to reduce car insurance costs significantly for young people and the early evidence suggests that road safety will improve too. We therefore see telematics as very much a product that is in line with our values as a consumer champion in the finance market."
Car drivers, and especially telematics policy holders, are trying their luck to get cheaper rates on their car insurance by sticking to number of driving standards. Their average speed, how much they drive and where, their breaking habits and how fast they go round corners will all be transmitted back to the insurer by the device. The company will then analyze the data to decide how much the customer pays.
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Edited by Brooke Neuman