The telematics insurer took part in the young and novice driver inquiry headed by the Transport Select Committee
Telematics insurance pioneer, insurethebox has provided evidence in Parliament of how telematics could reduce young driver collisions.
With over 5 Billion miles of driving data, the insurer is in a unique position to share insight into potential measures aiming to improve young driver safety.
Earlier this year, the insurer reported how their Speed Reduction Programme has helped some 80,000 young drivers reduce their speed by 21%, resulting in a reduction of 7% in accident frequency. The insurer estimates this to have prevented 1,060 accidents and 34 serious injuries in the past four years.
insurethebox believe there are multiple measures available to help solve the problem of high collision rates in the 17-24 year old age group, such as exempting IPT on telematics insurance, zero drink-driving tolerance and restricting the number of passengers for young drivers.
Nika Lee, Group Head of Actuarial at insurethebox commented: “Exempting IPT on telematics would be reasonable; there is an evidential link between telematics insurance and young driver safety, therefore not only would we see reduced road casualties, the road safety benefits would also save government costs related to serious collisions and pressure on the emergency services.”
The insurer encourages its customers to avoid driving between 11pm-4am because of a higher accident risk, however; they recognize that setting curfews could result in drivers rushing home and speeding, therefore increasing the accident risk even more.
Nika Lee added: “We are greatly supportive of these inquiries and any initiatives launched to improve young driver safety; however, one measure is not going to solve the problem. We shouldn’t make young drivers feel they are locked down; instead we need to look at positive encouragement as well as telematics insurance costs.”
insurethebox offer comprehensive policies of 6,000, 8,000 and 10,000 miles. A pocket-sized black box is fitted to a customer’s car to monitor their driving behavior, reward good driving with Bonus Miles and calculate a personalised renewal premium. Customers also have access to an online portal where they can track their trips and monthly driving scores in order to improve.