New data from Coverbox has revealed that young drivers are just as competent as older more experienced motorists, when using a black box telematics device.
The insurance company collected data from its users over the course of 2018 and found that drivers between 22 and 25 year's old performed as well as older drivers, enabling them to save an average of £257.29 on their insurance policy at renewal.
Good drivers across all ages (those scoring 75+/100 on the Coverbox Driver Scale) can expect to save £267 with telematics insurance, putting young drivers in the same league when it comes to rewards for good quality driving.
Coverbox believes these savings can “be largely attributed to the black box device, fitted as part of the telematics policy.”
A telematics policy requires the policyholder to commit to having a device fitted in their car, enabling them to demonstrate their safe driving practices and achieve the financial savings possible.
The driving data can be viewed on a personal online dashboard, allowing drivers to see where and how they can improve their driving and their driving score.
Coverbox’s associate director Martyne Miller said: “Young drivers have always faced an uphill struggle when it comes to buying traditional car insurance policies, with risk penalties and algorithms determining exceptionally high costs, despite the individual skill of the driver.
“A black box telematics policy can help to significantly reduce these costs, and the savings made by the young drivers on our books are the joint result of evidence led black box policies, and a willingness from young motorists to share their driving data to improve safety and be rewarded with savings.”