Telematics insurance pioneer, insurethebox has revealed new data aiming to shed light on the potentially-deadly correlation between speed and accidents. According to the insurer’s 5.5 billion miles of driving data and related claims, those drivers who speed 20% of the time are 58% more likely to be involved in an accident[1].
The role of speed and its impact upon driver safety has been a predominant focus for road safety charities and advocates over the years – especially in relation to its correlation with driving-related fatalities. In 2019, there were a reported 1,752 fatalities of reported road accidents in the UK[2], and despite a 2% dip from the previous year, these numbers are admittedly still too high, from the viewpoint of insurethebox.
Whilst exact figures cannot be acquired for the extent of speed’s contribution towards fatalities, the telematics insurer’s analysis can confirm its definitive role in accident frequency. The risk for young drivers specifically is alarming – from the same analysis, it is revealed that 17 year olds who speed 20% of the time increase their likelihood of having an accident by almost double (96%)[3].
Further, the younger driver cohort (17-24-years-old) show a more severe peak in speeding at night in comparison to other ages, with the early hours of Sunday morning showing the strongest spike – indicative of so-called ‘party hours’. Customers aged over 25 display fewer instances of speeding overall, both on the weekends and weekdays – but similarly see obvious spikes on the weekend, especially between 3am to 11am[4].
Gary Stewart, Service Manager at insurethebox: “Speeding at any age, or in any circumstance can carry inherent dangers – drivers who persistently ignore imposed speed limits and fail to drive for the conditions, not only put their own lives at danger but those of their passengers, and other road users. Whatever the scenario, whatever the excuse – do not speed”.
Through a black box installed in the vehicle, insurethebox uses individual driver data to determine the risk profile of each policyholder and calculate their premiums. insurethebox shares driving data with each customer through a personalised online portal, empowering them to better manage their driving habits in order to reduce their insurance risk profile – and possibly their premiums. insurethebox policies offer an initial 6,000, 8,000 or 10,000 miles of cover and bonus miles can be earned for good driving behaviour.
ENDS
Enquiries to:
Nathan Manley/Pihla Hellgren
Email: press@insurethebox.com
insurethebox
Insure The Box Limited launched in June 2010 with its first product, insurethebox, and now holds over 5 billion miles of driving data and associated claims. As well as insurethebox and drive like a girl (another Insure The Box brand) it also administers other telematics offerings. Insurethebox is owned by Aioi Nissay Dowa Europe Limited, part of the major Japanese insurance group MS&AD Holdings, Inc. The group is taking a leading role in the development of technologies that will change the face of motor insurance and the way we view the car.
[1] Insure The Box Limited customers on cover for at least 5 months, driving data from 01/01/17 – 30/06/19. Speeding defined as significantly over the speed limit
[2] DfT Reported road casualties in Great Britain: 2019 annual report (30th September 2020).
[3] Insure The Box Limited customers on cover for at least 5 months, driving data from 01/01/17 – 30/06/19. Speeding defined as significantly over the speed limit.
[4] Insure The Box Limited customers’ driving data from 01/01/18 – 31/12/20. Speeding analysed as speeding instances per miles driven, where a speeding instance refers to 5+ seconds of significantly over the speed limit.