The little black box that could save you a fortune
Save a fortune on your car insurance
Are you worried about the rising costs of insurance premiums once you’ve passed your test? If so, then the little black box could potentially save you a fortune on your car insurance.
How does it work?
The telematics box which operates using current GPS technology, will tell insurance companies about your every move on the road, such as how fast you are travelling, whether you brake sharply or accelerate aggressively, or if you are the sort of person who likes to take your car out every Saturday night until the early hours of the morning. Insurance companies will then take the data collected which will help them to calculate your next insurance premium.
There are a number of companies offering this new technology such as iKube.
Traditionally women have been able to take advantage of lower insurance premiums over the years, as they are statistically safer drivers. However, as from December when a European Court of Justice ruling comes into effect, insurance companies will not be able to determine premiums based on sex.
Mixed views
This new technology has had mixed views from young drivers. Some people think it’s a great idea but others just don’t like the thought of their every move being tracked. But if you’re a good driver, then the little black box could potentially save millions of Britain’s female drivers hundreds of pounds.
The stats
Men attract 92% of all driving convictions and 98% of convictions for dangerous driving, but insurers will have to ignore that. According to the UK Treasury, taking gender out of the equation will result in a general levelling of premiums, with women under 45 collectively expected to fork out an extra £920 million a year, while men will pay £620 million less. Women under 25 could see their premiums leap by a quarter, while men the same age will save 10 per cent.
More information
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