40% rise in black box insurance policies

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According to a new study by the British Insurance Brokers' Association (BIBA), the number of drivers choosing a telematics insurance policy has increased by 40% in the last year alone.

There are now 455,000 drivers in the UK with a telematics 'black box' fitted in their car, Auto Express reports.

In comparison, this figure stood at 323,000 motorists at the end of 2014 while there were only 12,000 cars with black boxes fitted in 2009.

With the possibility of savings, black box policies are becoming an increasingly popular choice, particularly among young drivers.

The telematics device, fitted by the insurer, builds a risk profile of the driver based on the results of its monitoring and safer drivers will see discounts on their policy.

The device monitors aspects such as acceleration, braking, speed, and the time of the journey.

Graeme Trudgill, executive director at BIBA, said: "Telematics is becoming the motor insurance solution of choice among young drivers as they can take control of their own premiums by electing to have their driving behaviour monitored.

"Industry statistics show there is a 40% drop in crash risk when a new driver has a telematics policy. Telematics equipment also helps reduce theft claims, many doubling as vehicle tracker devices.

"We are delighted to see these figures increasing. The benefits of a greater take-up of telematics technology are many: more affordable premiums, safer roads, reduced uninsured driving and increase personal safety because some even operate as breakdown locator."

Would you consider a black box insurance policy?

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