Pakar info black box for monitor policyholder’s young drivers : An insurance company specialising in policies for younger drivers has used the latest in-car technology to help it to cut premiums by 17 per cent.
Young Marmalade uses telematics or “black box” satellite technology to monitor the policyholder’s driving behaviour, such as braking and acceleration, speed and at what time of day the car is driven. This is then used to calculate premiums; the better the car is driven, the lower the premium and vice-versa,
If the insurance underwriter is not happy with the driver’s performance, they can increase the premium or cancel it alltogether.
“We are delighted to be able to be cutting our premiums at a time when the rest of the insurance industry are increasing theirs,” said Nigel Lacy, co founder of Young Marmalade.
“It’s part of our on-going commitment to get more young people driving - and driving safely. Intelligent Marmalade has had a very positive impact on safety - analysis has shown that drivers are far more vigilant and careful.”
In light of skyrocketing premiums at other insurance providers, this latest offering will be good news for young drivers. Earlier this month a report revealed that comprehensive car insurance for young men had soared to £4,000 per annum.
Intelligent Marmalade says young men will pay on average £2,601 for its insurance premiums, and young women £1,642.