03/10/2011
The UK motor industry could continue to lose its young car buyer base over the next decade if something isn't done to reduce car insurance costs for the under 20s according to telematics provider Cobra UK.
Only one in three (35%) of 17-21 year olds have a full licence, and out of the 65% who don't have a licence, 34% said insurance costs were preventing them from learning to drive according to the Department of Transport's National Travel Survey 2010.
Cobra believes it is time for insurers to switch to driver based rather than car based policies, powered by telematics technology which is already commercially available. It measures all key outputs from a car's journey in real time such as times and distances, fuel consumption, mileage, average speed, top speed, location, journey type, cornering dynamics and accelerations and decelerations.
"It's time for a major insurance rethink, especially for younger drivers," said Cobra UK Managing Director Andrew Smith.
"If insurance prices are deterring and preventing younger drivers getting on the first rung of the insurance ladder it's time to change things. Telematics is a proven technology that is already available and both insurer and driver can choose the best options that suit their circumstances which will help dramatically reduce premiums," he added.
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 time, distance and location of journeys covered by the driver
· Pay Per Use - based on a driver's mileage
Looking at the bigger picture, driver behaviour based insurance will also improve the driving standards among under 20s as the better they drive the lower their premiums, which fits in with the Government's aim of accident reduction among younger car owners.
"Manufacturers and their dealers have to sit down with the insurance companies to see how they can speed up the process of moving to a driver behaviour based insurance platform before we lose the new and used car buyers of the future," said Smith.
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 Behaviour Insurance.
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For further press information call Steve Carman, Kally Carder or Margaux Smale at Nobull Communications on 01628 526208 or kally@nobull-communications.co.uk
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