BIBA Research Reveals More Than 750,000 Live Telematics Based Policies
The BIBA survey includes information from the leading telematics brands in the
These types of policies can offer savings of up to 25% for careful drivers. Data provided by the 'black-box' technology builds a personalised risk profile based on an individual's actual driving. Ongoing monitoring of driving behaviours encourages better, safer road use. Research from insurance provider ingenie shows that telematics-based feedback can halve a driver's risk of crashing over their first policy year.
In addition, BIBA member Marmalade, specialists in telematics insurance for young drivers, has seen exceptionally strong safety results. Studies show that 1 in 5 young drivers have an accident within the first 6 months of passing their test, yet with Marmalade that figure significantly improves to only 1 in 16, making their young drivers three times safer2.
In its 2017 Manifesto BIBA formally calls on Government to reduce the rate of IPT on telematics based motor insurance to zero. Trudgill added: "This step would help meet the
BIBA will be providing oral evidence to the Government's Petition Committee on 31 January regarding the cost of insurance for young drivers.
Trudgill concluded: "Telematics policies are a win for everyone, they make roads safer, provide cheaper premiums for young drivers and provide savings for Government."
Anyone seeking telematics insurance can use the free Find-A-Broker service at www.biba.org.uk or call the service on 0370 950 1790.
Notes to editors
1In its 2016 research more companies were transacting telematics policies and volunteering information. Historic telematics policies are detailed below.
2Based on Marmalade policies incepted
3 Figures updated at 2016
4. Telematics Policies
See table here: https://www.biba.org.uk/press-releases/biba-research-reveals-750000-live-telematics-based-policies/
2017 - 751,000 live policies (561, 500 on a like for like basis)
About the
BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff. General insurance brokers contribute 1% of GDP to the
BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.
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