04/07/2011
Telematics provider Cobra has welcomed the Transport Committee's report on the cost of motor insurance, in particular the idea that the driver rather than the car should be insured.
It says the technology to reduce casualty rates of young drivers, another key recommendation of the Transport Committee report is already available and can be rolled out by the insurance industry within months.
"The entire motor insurance industry needs a complete reform," said Andrew Smith, managing director of Cobra UK.
"Year after year the same problems are being discussed such as the growing number of personal injury claims and the rising young driver casualties, all of which cause premiums to rise."
"Telematics technology is already in place which can reduce accidents across all private and professional drivers, at the same time as improving standards of driving - even helping reduce peak time congestion on the UK's roads," said Smith.
Cobra's telematics technology already powers three driver based insurance packages. These are:
Pay How You Drive - the better your driving the lower your premiums
"Pay how you drive insurance will automatically deliver lower premiums for those drivers who drive sensibly and pay as you drive means drivers only pay for the journeys they undertake," said Smith.
"It will also incentivise drivers to use their car away from the morning, late afternoon and holiday driving peaks, which will not only reduce premiums but reduce congestion at peak times," he added.
One key Government focus is to reduce the casualty rate of young drivers, in particular publicising the technology available to assess how a car is driven.
"Pay how you drive insurance is a way of tempering a young driver's behaviour at the wheel that doesn't restrict their mobility. Our telematics technology is ready for insurance companies to adopt this approach and it could have an immediate impact on reducing the number of accidents caused by young drivers," he added.
Cobra already provides a telematics solution for the Coverbox pay as you drive insurance policy, which the Co-Operative is using to power its Young Driver Insurance.
Telematics technology measures all key outputs from a car's journey in real time such as times and distances, fuel consumption, mileage, average speed, top speed, the car's location, journey type, cornering dynamics and number of hard accelerations and decelerations.
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For further information call Steve Carman or Margaux Smale at Nobull Communications on 01628 526208, steve@ or margaux@nobull-communications.co.uk
Notes to editors:
More about Cobra
A leader in the provision of security and safety solutions for the automotive industry, Cobra is a Tier One partner to the main European and Asian car, commercial vehicle and motorcycle manufacturers, developing bespoke solutions for both factory and aftermarket installation. The company has a worldwide network of around 40 local commercial partners.
A pioneer of vehicle electronic solutions and at the forefront of vehicle security and safety technology, Cobra has been providing vehicle manufacturers with tried and tested products for line-fit since the 1970s.
Cobra's products include Cobra Alarms and Immobilisers, Cobra Parking Sensors, CobraTrak Stolen Vehicle Tracking, ROSEN In-car DVD systems, NSV Bluetooth® Handsfree Systems (compatible with all Bluetooth® enabled handsets), Rear View Reversing Cameras and Monitors, Cruise Control and Speed Limiters.
Cobra provides a range of telematics solutions to fleets, vehicle manufacturers, logistics providers and insurance companies. Cobra already provides a telematics solution for the Coverbox pay as you drive insurance policy, and the Co-Operative is using it to power its Young Driver Insurance.
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