Telematics motor insurance sales rise by 60% in 18 months

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The British Insurance Brokers’ Association (BIBA) has released figures showing that telematics motor insurance sales have increased by 116,000 since June 2012.

 

BIBA says that the 61% rise shows that young drivers – currently the main target of telematics private policy sellers – have accepted having their driving monitored in order to gain access to cheaper car insurance.

 

Behaviour based policies can offer savings on motor insurance of around 25% and some young drivers can save up to £1,000, according to the association.

 

Graeme Trudgill, BIBA’s executive director, said that the rise of the new App smart phone technology would see sales of telematics products continue to increase.

 

"BIBA’s new research demonstrates how young drivers are embracing technology and more and more brokers are launching products to meet the demand," he said.

 

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Mark Dugdale is the editor of Claims Media. Mark welcomes articles, letters or feedback from readers and can be reached via mark.dugdale@barkerbrooks.co.uk