- Telematics technology can drive forward insurance industry
reform
- Drivers are rewarded with lower premiums by improving their
driving
- Lower premiums guaranteed for low mileage and off peak
drivers
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 As You Drive - based on the time, distance and location of
journeys covered by the driver
- Pay Per Use - premiums are based on a driver's mileage
"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.
ends..
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.